<SEC-DOCUMENT>0001213900-17-008237.txt : 20170804
<SEC-HEADER>0001213900-17-008237.hdr.sgml : 20170804
<ACCEPTANCE-DATETIME>20170804154734
ACCESSION NUMBER:		0001213900-17-008237
CONFORMED SUBMISSION TYPE:	F-1
PUBLIC DOCUMENT COUNT:		47
FILED AS OF DATE:		20170804
DATE AS OF CHANGE:		20170804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ReTo Eco-Solutions, Inc.
		CENTRAL INDEX KEY:			0001687277
		STANDARD INDUSTRIAL CLASSIFICATION:	ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-219709
		FILM NUMBER:		171008473

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEIJING REIT TECHNOLOGY CO. LTD.
		STREET 2:		X-702, 60 ANLI RD. CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100000
		BUSINESS PHONE:		(86) 535-6212280

	MAIL ADDRESS:	
		STREET 1:		C/O BEIJING REIT TECHNOLOGY CO. LTD.
		STREET 2:		X-702, 60 ANLI RD. CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100000
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1
<SEQUENCE>1
<FILENAME>ff12017_retoecosolutions.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As submitted to the Securities and
Exchange Commission on August&nbsp;4, 2017</B></P>



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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
No.&nbsp;333- </B>&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 18pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
F-1</B></FONT></P>

<P STYLE="font: 18pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>REGISTRATION
STATEMENT</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><I>UNDER
THE SECURITIES ACT OF 1933</I></B></FONT></P>



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<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>RETO
ECO-SOLUTIONS, INC.</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
Name of Registrant as Specified in its Charter)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>British
    Virgin Islands</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3290</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
    applicable</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State&nbsp;or&nbsp;Other&nbsp;Jurisdiction&nbsp;of
    Incorporation&nbsp;or&nbsp;Organization)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Primary&nbsp;Standard&nbsp;Industrial</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Classification Code&nbsp;Number)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S.&nbsp;Employer</B></FONT></P>
        <P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification&nbsp;Number)</B></FONT></P></TD></TR>
</TABLE>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>c/o Beijing
                           REIT Technology Development Co., Ltd. </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>X-702, 60 Anli Road, Chaoyang
        District, Beijing </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>People&rsquo;s Republic of
        China 100101</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(+86) 10-64820312</B></P></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Vcorp
                           Agent Services, Inc.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>25 Robert Pitt Dr., Suite
        204</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Monsey, New York 10952</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(888) 528-2677</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address, including zip code,
        and telephone number, including</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>area code, of principal executive
        offices)</B></P></TD>
    <TD><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, address, including
        zip code, and telephone</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>number, including area code,
        of agent for service)</B></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Copies
to: </I></B></FONT></P>

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<TR>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt  Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bradley
    A. Haneberg, Esq.</B></FONT></TD>
    <TD STYLE="font: 10pt  Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Clayton
    E. Parker, Esq.</B></FONT></TD></TR>
<TR STYLE="height: 11.65pt; vertical-align: top">
    <TD STYLE="height: 11.65pt"><P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Matthew
                                B. Chmiel, Esq. </B></FONT></P>
        <P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Haneberg
        Hurlbert PLC</B></FONT></P></TD>
    <TD STYLE="height: 11.65pt"><P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Matthew
                                L. Ogurick, Esq. </B></FONT></P>
        <P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Damien
        A. Grierson, Esq.</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt  Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>310
    Granite Avenue, Richmond, VA 23226</B></FONT></TD>
    <TD STYLE="font: 10pt  Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>K&amp;L
    Gates LLP</B></FONT></TD></TR>
<TR STYLE="height: 16.15pt; vertical-align: top">
    <TD STYLE="height: 16.15pt; font: 10pt  Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone:
    (804) 814-2209</B></FONT></TD>
    <TD STYLE="height: 16.15pt"><P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>200
                                South Biscayne Boulevard, Suite 3900</B></FONT></P>
        <P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Miami,
        Florida 33131</B></FONT></P></TD></TR>
<TR STYLE="height: 0pt; vertical-align: top">
    <TD STYLE="height: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; height: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone:
    (305) 539-3300</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 5pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 20pt; text-align: left">If any of the securities
being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
of 1933, check the following box. &#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 20pt; text-align: left">If this Form is filed
to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 20pt; text-align: left">If this Form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">Emerging growth company &nbsp;&nbsp;&#9746;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 5.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 20pt">If an emerging growth company that
prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards&dagger; provided pursuant
to Section 7(a)(2)(B) of the Securities Act. &#9746;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&dagger;
The term &ldquo;new or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become
effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until the Registration Statement
shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section&nbsp;8(a), may
determine. </B></FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font: 5pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALCULATION
OF REGISTRATION FEE </B></FONT></P>

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    <TD STYLE="width: 15%; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid; border-right: black 2px solid; text-align: center; border-top: Black 4px double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Title
    of Each Class of </B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Securities to be Registered</B>&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2px solid; border-right: black 2px solid; padding-left: 0.1in; text-align: center; border-top: Black 4px double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Amount&nbsp;to&nbsp;be</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Registered</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2px solid; border-right: black 2px solid; text-align: center; border-top: Black 4px double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Proposed
    Maximum </B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Aggregate Price </B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Per Share</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2px solid; border-right: black 2px solid; text-align: center; border-top: Black 4px double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Proposed&nbsp;Maximum</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Aggregate&nbsp;Offering</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Price<SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 4px double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Amount&nbsp;of</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Registration&nbsp;Fee<SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: black 2px solid; border-right: black 2px solid; padding-bottom: 1pt; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Shares, $0.001 per share to be sold by Registrant</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2px solid; border-right: black 2px solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,220,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2px solid; border-right: black 2px solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.50</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2px solid; border-right: black 2px solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17,710,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 2px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 4px double; border-right: black 2px solid; padding-bottom: 1pt; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 4px double; border-right: black 2px solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,220,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 4px double; border-right: black 2px solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.50</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 4px double; border-right: black 2px solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17,710,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 4px double; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,053<B><SUP>(2)</SUP></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt  Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         registration fee is based on an estimate of the proposed maximum offering price of the
                                         securities pursuant to Rule 457(a) under the Securities Act of 1933, as amended.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt  Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid
herewith</FONT>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>








<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; color: #D30018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is
not soliciting an offer to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; color: #D30018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #D30018"><B>SUBJECT
TO COMPLETION, DATED AUGUST 4, 2017</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>2,800,000
Common Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="retologo.jpg" ALT="" STYLE="width: 130px; height: 154px"></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>RETO
ECO-SOLUTIONS, INC.</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is the initial public offering
of ReTo Eco-Solutions, Inc. We are offering 2,800,000 of our common shares. We expect the initial public offering price will be
between $4.50 to $5.50 per common share. No public market currently exists for our common shares. We have applied for listing
of our common shares on the NASDAQ Capital Market under the symbol &ldquo;RETO&rdquo;. We believe that upon the completion of
the offering contemplated by this prospectus, we will meet the standards for listing on the NASDAQ Capital Market.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are an &ldquo;emerging growth company&rdquo;
as that term is used in the Jumpstart Our Business Startup Act of 2012, and, as such, have elected to comply with certain reduced
public company reporting requirements for this prospectus and future filings.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Investing in our common shares
involves significant risks. See &ldquo;Risk Factors&rdquo; beginning on page 12 of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Per&nbsp;Share</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Initial
    public offering price</B></FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Underwriting
    discounts and commissions <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Proceeds
    to us, before expenses</B></FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 24.45pt; text-indent: -24.5pt"><SUP>(1)</SUP>&nbsp; See &ldquo;Underwriting&rdquo;
for more information regarding underwriting compensation.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 24.45pt; text-indent: -24.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that the underwriters
sell more than 2,800,000 common shares, the underwriters have the option to purchase up to an additional 420,000 common shares
from us at the initial public offering price less the underwriting discount, within 45 days from the date of this prospectus.</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 24.45pt; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of the shares will be made
on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>These
securities have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission
nor has the Securities and Exchange Commission or any state securities commission passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal offense. </B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt  Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>VIEWTRADE
    SECURITIES, INC.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 </B></FONT></P>




<P STYLE="font: bold 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="toc"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: bold 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#a001_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS
    SUMMARY</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a002_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a003_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING
    STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a004_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE
    OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a005_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND
    POLICY</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a006_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXCHANGE
    RATE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a007_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a008_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DILUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a009_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POST-OFFERING
    OWNERSHIP</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="#a010_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT&rsquo;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a011_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE
    AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a012_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE
    HISTORY AND STRUCTURE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a013_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUR
    BUSINESS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a014_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGULATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a015_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a016_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RELATED
    PARTY TRANSACTIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a017_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL
    STOCKHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right">89</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a018_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF SHARE CAPITAL</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a019_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
    ELIGIBLE FOR FUTURE SALE</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a020_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAX
    MATTERS APPLICABLE TO U.S. HOLDERS OF OUR COMMON SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a021_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><P STYLE="margin: 0">UNDERWRITING</P>


</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a023_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES
    RELATED TO THIS OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a024_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a025_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a026_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTERESTS
    OF NAMED EXPERTS AND COUNSEL</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a027_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE
    OF COMMISSION POSITION ON INDEMNIFICATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a028_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017 (25 days after the commencement of this offering), all dealers effecting transaction in these securities, whether or not
participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation
of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</B></P>



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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should rely only on the information
contained in this prospectus and any free writing prospectus we may authorize to be delivered to you. We have not, and the underwriters
have not, authorized anyone to provide you with information different from, or in addition to, that contained in this prospectus
and any related free writing prospectus. We and the underwriters take no responsibility for, and can provide no assurances as
to the reliability of, any information that others may give you. This prospectus is not an offer to sell, nor is it seeking an
offer to buy, these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this
prospectus is only accurate as of the date of this prospectus, regardless of the time of delivery of this prospectus and any sale
of our common shares. Our business, financial condition, results of operations and prospects may have changed since that date.</P>



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<center><div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%"><P STYLE="font: bold 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a001_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS
SUMMARY</FONT></P>

<P STYLE="font: bold 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
summary highlights information that we present more fully in the rest of this prospectus. This summary does not contain all of
the information you should consider before buying common shares in this offering. You should read the entire prospectus carefully,
including the &ldquo;Risk Factors&rdquo; section and the financial statements and the notes to those statements, before deciding
whether to invest in this offering.</I></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Company </B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We are a manufacturer
and distributor of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings)
and fly-ash, as well as equipment used for the production of these eco-friendly construction materials. In addition, we provide
consultation, design, project implementation and construction of urban ecological environments including those for the purpose
of capturing, controlling and reusing rainwater, commonly called &ldquo;sponge cities&rdquo;. We also provide parts, engineering
support, consulting, technical advice and service, and other project-related solutions for our manufacturing equipment and environmental
protection projects.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We believe our products
are eco-friendly as they contain approximately 70% of reclaimed fly-ash and iron tailings in place of traditional cement and aggregates.
The use of reclaimed fly-ash and iron tailings assists in the protection of the environment by saving space in landfills and fly-ash
ponds used for the disposal of these materials and assists in the remediation and reclamation of abandoned or closed mining sites.
In addition, our eco-friendly construction materials consume less energy during manufacturing than other traditional building
materials. We believe our eco-friendly construction materials, with their characteristics, including superior water permeability,
and competitive prices, will be in greater demand than traditional materials as governments and others increase their focus on
reducing the environmental impact of their activities.</P>



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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Presently, our clients
are located in mainland China, and internationally in Canada, the United States, Mongolia, Middle East, India, South Asia, North
Africa and Brazil. We seek to establish long-term relationships with our clients by producing and delivering high-quality products
and equipment and then providing technical support and consulting after equipment is delivered and projects are completed. We
engage in marketing and sales through integrated marketing, services marketing and Internet marketing. We are actively pursuing
additional markets for our products, equipment and projects, internationally in the Philippines, Laos, Morocco, Tunisia, Cuba,
Kenya, Maldives, Argentina, Mexico and Malaysia and in additional provinces of China.</P>



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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Beijing REIT Technology
Development Co., Ltd. (&ldquo;Beijing REIT&rdquo;) was founded in 1999 by our Chief Executive Officer, Hengfang Li. Mr. Li has
approximately 17 years of experience in the construction materials and construction materials manufacturing equipment industries.
Our principal office is located in Beijing, China. As of June 30, 2017 we employed 221 people on a full-time basis, comprised
of 24 employees in management, 32 employees in sales and marketing, 28 employees in research and development, 94 employees in
manufacturing and installation and 43 employees in administration.</P>


<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We are able to provide
a full spectrum of products and services, from producing eco-friendly construction materials and manufacturing equipment used
to produce construction materials, to project consulting, design and installation. We utilize our research and development efforts
to differentiate us from our competitors. For example, we released our first fully automatic block production line in 1999, and
have made advances in our technology, such as intelligent automatic systems, which allows us to access our customers&rsquo; equipment
remotely to troubleshoot problems. Some of our competitors do not have automatic production lines.</P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Industry
and Market Background</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Construction
Market and Opportunity</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">China is the world&rsquo;s
largest construction market and its construction market is expected to continue to grow for the near future, despite economic
growth slowing in China. Further, while China&rsquo;s construction industry only grew around 2% in 2016, China is expected to
maintain its position as the world&rsquo;s largest construction market for the near future and its share of the global construction
market is expected to reach 26% by 2025. This growth results in large part from the continued increased urbanization in China
and its National New-type Urbanization Plan, which envisions 60% of China&rsquo;s population living in cities by 2020. This urbanization
trend is a key factor in the Chinese government&rsquo;s emphasis on green building to conserve resources. Focusing on buildings
is a key element of its national strategy. We believe our eco-friendly construction materials will be in greater demand than traditional
materials as the Chinese construction market continues to grow and the Chinese government increases its focus on reducing the
environmental impact of building activities.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in; text-align: left">The construction industries
in emerging markets are expected to grow at faster rates than advanced economies. From 2016-2020, the construction industries
in advanced economies are expected to grow at 2.2% per year while emerging markets are expected to record a 5.3% annual expansion
rate during the same period. The construction markets in the Middle East and African regions are predicted to be the fastest growing
in 2016-2020, overtaking the Asia-Africa region. Asia-Pacific&rsquo;s share of the global construction industry, which includes
China, is expected to continue to rise, reaching close to 49% in 2020, up from 40% in 2010. Currently, we have international customers
for our equipment used to produce construction materials located in Asia, the Middle East, North Africa and North America and
hope to expand our international presence</P>



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<center><div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Sponge
Cities</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the recent slowing of the growth of China&rsquo;s construction industry, we believe there is a significant market opportunity
to expand our business due to, among other things, China&rsquo;s recent environmental initiatives.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">In 2013 more than 230
cities in China were affected by flooding. To help combat this problem with a quicker, less expensive and less disruptive solution,
Chinese scientists and politicians have proposed an increased use of &ldquo;sponge cities&rdquo; or features of sponge cities.
A sponge city is an urban environment where rain is captured, controlled and reused, rather than funneling water away. In China,
a &ldquo;sponge city&rdquo; refers to the &ldquo;sustainable concept of city including flood control and water conservation,&rdquo;
according to the Opinions of the General Office of the State Council. The recycled water can be used for such purposes as refilling
aquifers and for irrigation.</P>





<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">In March 2016, China
announced its 13<SUP>th</SUP> Five Year Plan (2016-2020), which, among other matters, attempts to plug gaps in China&rsquo;s drinking
water safety laws, including those relating to water protection and water conservation. The 13<SUP>th </SUP>Five Year Plan highlighted
water conservation as its first priority in the nation&rsquo;s infrastructure network. It emphasized water resource management,
water ecology remediation and environmental water protection.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
implement portions of the 13<SUP>th</SUP> Five Year Plan (2016-2020), China&rsquo;s Ministry of Housing and Urban Rural Development
(MOHURD), and the Ministries of Finance and Water released the &lsquo;Construction Guideline for Sponge City&rsquo; at the end
of 2014. The program is partially funded by the Ministry of Finance. The initiative aims to maximize water retainment and minimize
the effects of drought and flooding. It will utilize buildings, roads, green spaces and other ecosystems to absorb rainwater,
increase reservoir permeability and control storm water run-off to be reused in urban settings.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We have worked on several
notable sponge city projects. Among them, we acted as one of the general contractors for the construction of a sponge-city project
in Changjiang County, Hainan Province that was constructed using our eco-friendly construction materials. In addition, we acted
as a consultant for the construction of another sponge-city project in Haikou City, Hainan Province. We believe that we will continue
to be involved in sponge city construction and that the demand for sponge city construction will continue to be strong. As of
2015, the Chinese government had chosen 16 cities across the country, to become pilot sponge cities. The government is expected
to, over the next three years, allocate each sponge city between 400 to 600 million RMB (approximately $85 million to $128 million)
in government sponsored funds to construct ponds, filtration pools and wetlands, as well as to build permeable roads and public
spaces that enable stormwater to soak into the ground. As such, we expect that sponge city construction will drive the demand
for our eco-friendly construction materials and our equipment that is used to manufacture these materials.</P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Products
and Projects</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Eco-Friendly
Construction Materials</I></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We produce eco-friendly
construction materials (aggregates, bricks, pavers and tiles) through our subsidiary, REIT Mingsheng Environment Protection Construction
Materials (Changjiang) Co., Ltd. (&ldquo;REIT Changjiang&rdquo;), which operates our plant in Changjiang County, Hainan Province.
We refer to our construction materials as eco-friendly because we produce them from reclaimed fly-ash and iron mine tailings.
Traditional bricks in China consist primarily of clay, which is mixed with water and silt, pressed into a mold for shaping, then
fired in a kiln, or furnace. We use reclaimed fly-ash and iron tailings primarily as a substitute for clay. Through vibration
technology, with these raw materials inputted, the finished products can come out with different shape and types. Since the whole
production is cured without fire, this process has the benefits of less space required for production and less pollution generated
to the environment.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samples
of our eco-friendly construction materials include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ground
works materials</I></B><FONT STYLE="line-height: 107%">. Essential materials for sponge cities to assist in water absorption,
flood control and water retention. These construction materials can be used for urban roads, pedestrian streets and sidewalks,
city squares, landmarks, parking lots, and docks.</FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><B><I>Landscape retaining materials</I></B>.
These construction materials are mainly used for gardens, roads, bridges, city squares, retaining walls and slope construction.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><B><I>Hydraulic engineering
materials.</I></B>. Construction material for sponge city construction, they can be used for hydraulic ecological projects such
as slope protection and river transformation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><B><I>Wall materials</I></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">.
These construction materials are used for insulation, decoration, and for building walls.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Eco-friendly
Construction Materials Manufacturing Equipment</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We produce manufacturing
equipment used to create eco-friendly construction materials. We have sold equipment to customers in China, South Asia, North
America, the Middle East and North Africa. The equipment consists of large-scale fully automated production equipment with hydraulic
integration. The equipment can be used to produce various types of eco-friendly construction materials that can be used for a
variety of projects such as ground works, hydraulic engineering, landscape retention and wall projects.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<center><div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Projects</I></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Beginning in 2014, we
entered the field of urban ecological construction (sponge city construction), including consulting, design and construction.
We act as general contractor for the construction of sponge-city projects and are responsible for the planning, construction and
design of such projects. We subcontract with architects and subcontractors in order to complete the projects. We also act as a
consultant for sponge city construction.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Competitive Strengths </B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the following competitive strengths differentiate us from our competitors and contribute to our ongoing success.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 0.5in"><B><I>Eco-friendly
products</I></B><I>. </I>Unlike many of our competitors, who still use traditional materials, we use reclaimed fly-ash and iron
tailings in our construction materials production. In doing so, we help reduce environmental waste.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 0.5in"><B><I>Effective
operational management</I></B>. We have fully trained, experienced and skilled employees that are working in concert to ensure
the quality of our construction materials and manufacturing equipment. Our management team, led by our Chief Executive Officer,
Mr. Hengfang Li, has extensive industry experience and a demonstrated ability to efficiently manage costs, adapt to changing market
conditions, and develop new products.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 0.5in"><B><I>Focus
on research and development</I></B>. We are committed to researching and developing new construction materials, and to the design
and manufacturing of the equipment used to produce these materials. In addition, we were recognized as a National High-Tech Enterprise
in 2011, which was issued by four authorized departments (Beijing Municipal Bureau of Finance, State Tax Bureau of Beijing, Beijing
Municipal Bureau of Local Tax and Beijing Municipal Committee of Science and Technology). In order to obtain a High-Tech Enterprise
certification, companies are required to own the proprietary IP rights of the core technology used in their products and services
in China.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 0.5in"><B><I>Production
Advantages</I></B>. Our construction materials manufacturing plant is located in close proximity to raw material sources that
are used in the manufacturing process. Accordingly, we have an abundant supply of raw materials and believe the cost of these
raw materials is lower than the costs for the same materials paid by our competitors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 0.5in"><B><I>We
provide a full range of eco-friendly project solutions and are not limited to the manufacture of eco-friendly construction materials
or manufacturing equipment. </I></B>We provide consulting, design and implementation services relating to sponge-city projects
for customers, in addition to manufacturing eco-friendly construction materials and equipment. This one-stop solution allows us
to capture revenue from all stages of sponge-city projects. In addition, the ability to provide total solutions allows us to service
a broader group of customers, including municipalities and local governments, because we are able to construct sponge-city projects.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 0.5in"><B><I>Experienced
Management Team and Personnel with a Demonstrated Track Record</I></B>. Our management team, led by our Chief Executive Officer
Hengfang Li, has extensive industry experience and a demonstrated track record of managing costs, adapting to changing market
conditions, and developing new products.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><B>Our Strategies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
objective is to become the leading provider of eco-friendly construction materials and equipment. To achieve this goal, we are
pursuing the following strategies:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 31.5pt; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seizing
    the opportunity presented by China&rsquo;s current environmental initiatives through construction and consulting of sponge-city
    projects;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expanding
                                         our remediation projects in mining regions;</FONT></P>


</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt  Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continue
                                         to develop new construction materials and manufacturing equipment;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt  Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broadening
                                         our business network internationally; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt  Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><P STYLE="margin: 0">pursue
                                         strategic partnerships with domestic and overseas partners.</P>


</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Challenges and Risks</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We recommend that you
consider carefully the risks discussed below and under the heading &ldquo;Risk Factors&rdquo; beginning on page 13 of this prospectus
before purchasing our common shares. If any of these risks occur, our business, prospects, financial condition, liquidity, results
of operations and ability to make distributions to our shareholders could be materially and adversely affected. In that case,
the trading price of our common shares could decline and you could lose some or all of your investment. These risks include, among
others, the following:&nbsp;</P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to compete in a competitive environment;</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<center><div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
        <TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         sale of our eco-friendly construction materials are subject to geographic market risks;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to adapt to create new eco-friendly construction materials and manufacturing
                                         equipment;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                         may be exposed to intellectual property infringement and other claims by third parties;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to maintain an effective system of internal control over financial reporting;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our&nbsp;&nbsp;ability
    to produce innovative products and technologies;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt  Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">negative
                                         publicity surrounding U.S.-listed Chinese companies may unfairly harm our reputation
                                         and adversely affect our ability to access capital markets to grow our business; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt  Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         regulatory and legal system in China is complex and developing, and future regulations
                                         may impose additional requirements on our business.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Foreign
Private Issuer Status </B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated in the British Virgin Islands, and more than 50 percent of our outstanding voting securities are not directly
or indirectly held by residents of the United States. Therefore, we are a &ldquo;foreign private issuer&rdquo; as defined in Rule
405 under the Securities Act and Rule 3b-4(c) under the Exchange Act. As a result, we are not subject to the same requirements
as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient
and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports
or proxy statements. We will not be required to disclose detailed individual executive compensation information. Furthermore,
our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will
not be subject to the insider short-swing profit disclosure and recovery regime.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
Information</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">On August 7, 2015, RETO
Eco-Solutions, Inc. (&ldquo;ReTo Eco-Solutions&rdquo;) was incorporated in the British Virgin Islands. On the same day, the company
issued 10,000 common shares at $0.001 per share to its incorporator with cash proceeds of $10.</P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ownership
and Purpose </I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ReTo
Eco-Solutions, Inc.</B> &ndash; ReTo Eco-Solutions is our British Virgin Islands holding company.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>REIT Holdings (China) Limited (&ldquo;REIT
Holdings&rdquo;) </B>&ndash; REIT Holdings is our wholly-owned Hong Kong subsidiary.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beijing
REIT </B>&ndash; Beijing REIT is an operating company in China and a wholly- owned subsidiary of REIT Holdings. Its business scope
includes research and development and solutions for solid waste (construction waste, fly-ash and mining waste) disposal and reuse.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Xinyi REIT Ecological Technology Co.,
Ltd (&ldquo;REIT Ecological&rdquo;)</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash; REIT
Ecological is a wholly-owned subsidiary of REIT Holdings, its business scope will include research and development and solutions
for solid wastes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>REIT Technology Development (America),
Inc. (&ldquo;REIT US&rdquo;)</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&ndash;
REIT US is a company incorporated in the United States and a wholly-owned subsidiary of Beijing REIT. Its business scope includes
customer relationship management with the Company&rsquo;s North American customers, marketing in North America and maintaining
relationships with our partners, such as Alchemy Geopolymer Solutions, LLC</FONT>.</P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Beijing REIT Ecological Engineering and
Technology Co., Ltd. (&ldquo;REIT Technology&rdquo;)</B> &ndash; REIT Technology is an operating company in China and a wholly-owned
subsidiary of Beijing REIT. Its business scope includes the development and construction of municipal eco-friendly sponge city
projects.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gu-an
REIT Machinery Manufacturing Co., Ltd. (&ldquo;Gu&rsquo;an REIT&rdquo;) </B>&ndash; Gu&rsquo;an REIT is an operating company in
China and a wholly owned subsidiary of Beijing REIT. Its business scope includes the development, manufacture and distribution
of specialized equipment to manufacture construction materials.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Langfang
Ruirong Mechanical and Electrical Equipment Co., Ltd. (&ldquo;Ruirong&rdquo;)</B> &ndash; Ruirong is an operating company in China
and a wholly-owned subsidiary of Beijing REIT. Its business scope includes manufacturing assembly parts used in specialized equipment
to manufacture construction materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REIT
Mingsheng Environment Protection Construction Materials (Changjiang) Co., Ltd. (&ldquo;REIT Changjiang&rdquo;)</B> <FONT STYLE="line-height: 107%"><I>&ndash;
</I>REIT Changjiang is an operating company in China and a subsidiary of Beijing REIT that is owned 84.32% by Beijing REIT and
15.68% by Venture Business International Limited (&ldquo;VBI&rdquo;), a British Virgin Islands company. Its business scope includes
hauling and processing construction and mining waste, with which it produces eco-friendly building products (aggregates, bricks,
pavers and tiles) for environmental-friendly uses.</FONT></FONT></P>

</div>
</center>
<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<center><div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nanjing
Dingxuan Environment Protection Technology Development Co., Ltd. (&ldquo;Dingxuan&rdquo;)</B> &ndash; Dingxuan is an operating
company in China and a wholly owned-subsidiary of Beijing REIT. Its business scope includes technical support and consulting services
for environmental protection projects.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hainan
REIT Construction Project Co., Ltd</B>. (&ldquo;<B>REIT Construction&rdquo;)</B> &ndash; REIT Construction is an operating company
in China and wholly owned subsidiary of REIT Changjiang. Its business scope includes the development and construction of municipal
eco-friendly sponge city projects.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REIT
Xinyi New Material Co., Ltd.</B> (&ldquo;<B>REIT Xinyi&rdquo;)</B> &ndash; REIT Xinyi is an operating company in China and a 70%
owned subsidiary of Beijing REIT. Its business scope will include the manufacture of specialized equipment to produce recycled
building products (aggregates, bricks, pavers and tiles) for eco-friendly building.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>REIT Q GREEN Machines Private Limited
</B>(&ldquo;<B>REIT India&rdquo;)</B> &ndash; REIT India is an operating company in India and a 51% owned subsidiary of Beijing
REIT. We expect to expand our business in the Indian market through this joint venture with Q Green Techcon Private Limited, an
Indian company (&ldquo;Q GREEN&rdquo;). Its business scope will include the manufacture of specialized equipment to produce recycled
building products (aggregates, bricks, pavers and tiles) for eco-friendly building.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><B><I>Corporate
Organizational Chart</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="flowchart.jpg" ALT=""></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Corporate
History </I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
REIT was established on May 12, 1999 under the laws of China with registered capital of RMB 24 million (approximately $3.5 million)
and additional paid-in capital of RMB 100 million (approximately $15.4 million) contributed by four individual shareholders. Since
its formation in 1999, Beijing REIT has established several other wholly-owned subsidiaries:</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gu&rsquo;an
                                         REIT incorporated on May 12, 2008;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
                                         Technology incorporated on April 24, 2014;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruirong
                                         incorporated on May 12, 2014;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dingxuan
                                         incorporated on October 17, 2014; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
                                         US incorporated on February 27, 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"></FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt  Times New Roman, Times, Serif"></P>

</div>
</center>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">REIT Changjiang was
incorporated in Hainan Province, China, on November 22, 2011 with the original registered capital of RMB 100 million (approximately
$16 million). Its original shareholders were Hainan Wenchang Mingsheng Investment Co., Ltd. (&ldquo;Hainan Wenchang&rdquo;), which
owned 40% and Zhongrong Huanneng Investment (Beijing) Co., Ltd. (&ldquo;Zhongrong&rdquo;), which owned 60%. On July 16, 2013,
as result of a capital transfer, Zhongrong increased its equity ownership to 79.5% and Hainan Wenchang&rsquo;s equity ownership
was decreased to 20.5%. Zhongrong was owned by the same four individual shareholders of Beijing REIT by trust.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">On February 2, 2015,
Hainan Wenchang transfered its 20.5% equity ownership to Beijing REIT. On April 20, 2015, Beijing REIT and Zhongrong signed a
joint venture agreement with VBI, to turn REIT Changjiang into a joint venture business. In connection with this joint venture
agreement, on June 18, 2015, VBI contributed an additional RMB 18.6 million (approximately $2.8 million) to increase the registered
capital of REIT Changjiang from RMB 100 million to RMB 118.6 million. On January 10, 2016, Zhongrong signed an equity transfer
agreement with Beijing REIT, pursuant to which the shareholders of Zhongrong agreed to transfer all of its equity interests in
REIT Changjiang to Beijing REIT. As a result of the above reorganizations, Beijing REIT now holds an 84.32% equity interest in
REIT Changjiang and VBI holds the remaining 15.68% equity interest. Zhongrong and Beijing REIT are considered under common control
since they are owned by the same four individual shareholders. The above-mentioned transactions were considered as a reorganization.</P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">On June 1, 2015, REIT
Construction was incorporated as a wholly-owned subsidiary of REIT Changjiang.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">On July 14, 2015,
Beijing REIT established a new subsidiary, REIT Xinyi. Beijing REIT owns a 70% equity interest in REIT Xinyi, and the remaining
30% is owned by a minority shareholder <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Xinyi Transportation
Investment Co., Ltd. (&ldquo;Xinyi Transportation&rdquo;).</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">On August 7, 2015,
ReTo Eco-Solutions issued 10,000 common shares at $0.001 per share to its incorporator with cash proceeds of $10.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">In February 2016,
Beijing REIT established a joint venture, REIT India, together with an Indian company Q Green. The total registered capital of
REIT India is $100,000, and Beijing REIT owns a 51% interest.</P>

<P STYLE="font: 7pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">On February 7, 2016,
Beijing REIT and its individual original shareholders entered into an equity transfer agreement, pursuant to which these shareholders
agreed to transfer all of their ownership interests in Beijing REIT with a carrying value of RMB 24 million (or $3,466,260) to
REIT Holdings (the &ldquo;Transfer&rdquo;). After this equity transfer, Beijing REIT became a Wholly Foreign-Owned Enterprise
(&ldquo;WOFE&rdquo;) and amended the registration with the State Administration for Industry and Commerce (&ldquo;SAIC&rdquo;)
on March 21, 2016. As part of this equity transfer, the Company issued a total of 17,830,000 of its common shares at $0.25 per
share to all of the Company&rsquo;s original shareholders or former shareholders in Beijing REIT. Among total proceeds of $4,457,500
from the share issuance, the Company paid $3,466,260 (approximately RMB 24 million) to the original shareholders of Beijing REIT
as the consideration for the transfer of their equity interests in Beijing REIT. Since these shares were issued to the original
shareholders of Beijing REIT, the transaction is considered as a part of the reorganization.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">On September 30, 2016
Liu Kejia, Tech Sources International Enterprises Limited, Hengfang Li, ReTo Eco-Solutions and REIT Changjiang entered into a
Convertible Debt Investment Agreement. Pursuant to the Convertible Debt Investment Agreement a previously provided loan from Liu
Kejia in a principal amount of RMB 21,240,000 (approximately $3,273,000) was converted into 800,000 common shares of ReTo Eco-Solutions
in satisfaction of all amounts outstanding under such loan. The loan was used to improve REIT Chanjiang&rsquo;s construction materials
manufacturing plant.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Further, in December
2016 ReTo Eco-Solutions sold Good Venture Industrial Limited 900,000 common shares for RMB 23,400,000 (approximately $3,600,000).
As of December 31, 2016, the Company has not received the funds from the investor. The shares issued are held in escrow. As of
date of this report, this transaction has not closed.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">On March 2, 2017, REIT Ecological was established
in Xinyi as a wholly-owned subsidiary of REIT Holdings, with a registered capital of $30 million.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Implications
of Being an Emerging Growth Company </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &ldquo;emerging growth company,&rdquo; as defined in the JOBS Act, and we are eligible to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo;
including not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act,
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved. We have not made a decision whether to take advantage of any or all of these exemptions. If
we do take advantage of any of these exemptions, we do not know if some investors will find our common shares less attractive
as a result. The result may be a less active trading market for our common shares and the price of our common shares may be more
volatile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Section&nbsp;107 of the JOBS Act also provides that an &ldquo;emerging growth company&rdquo; can take advantage of the
extended transition period provided in Section&nbsp;7(a)(2)(B) of the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;)
for complying with new or revised accounting standards. In other words, an &ldquo;emerging growth company&rdquo; can delay the
adoption of certain accounting standards until those standards would otherwise apply to private companies. However, we are choosing
to &ldquo;opt out&rdquo; of such extended transition period, and as a result, we will comply with new or revised accounting standards
on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section&nbsp;107 of the
JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting
standards is irrevocable.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will remain an &ldquo;emerging growth company&rdquo; until the earliest of (i)&nbsp;the last day of the first fiscal year in which
our annual gross revenues exceed US$1 billion, (ii) the last day of our fiscal year following the fifth anniversary of the completion
of this offering; (iii)&nbsp;the date that we become a &ldquo;large accelerated filer&rdquo; as defined in Rule 12b-2 under the
Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), which would occur if the market value of our common shares that
is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter,
or (iv)&nbsp;the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.&nbsp;</FONT></P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 45%; padding-left: 12pt; text-indent: -12pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Common
    shares offered by us:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 54%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">2,800,000
    </FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Common
    shares outstanding immediately prior to this offering:</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">19,540,000</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Common
    shares outstanding immediately after this offering:</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">22,340,000</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt"><P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -12pt">Option to purchase additional
        common shares from us</P></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0">420,000 </P>
        <P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Offering
    price per common share:</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Use
    of proceeds:</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                    expect to receive net proceeds of approximately $11.9 million this offering (or 13.8 million
                                    if the underwriters&rsquo; option to purchase additional common shares from us is exercised
                                    in full), </FONT>assuming an initial public offering price of $5.00 per share, the midpoint
                                    of the estimated price range set forth on the cover page of this prospectus, and <FONT STYLE="font-family: Times New Roman, Times, Serif">after
                                    deducting the underwriting discounts and commissions and estimated offering expenses payable
                                    by us. The net proceeds from this offering must be remitted to China before we will be able
                                    to use the funds to grow our business.</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">We intend to use the net proceeds of this offering
        as follows after we complete the remittance process:</P></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;
                                    approximately $5.0 million for working capital of Beijing REIT and REIT Changjiang for the
                                    purchase of raw materials, marketing and research and development;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;
        We may use approximately $3.5 million for acquisitions of complementary businesses, in the area of production of eco-friendly
        construction materials similar to REIT Changjiang or REIT Xinyi. However, we have no current understandings, agreements
        or commitments for any specific material acquisitions at this time;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;
        approximately $2.9 million for the new plant construction for REIT Xinyi;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;
        approximately $500,000 in escrow for indemnity claims of the underwriters, which sum could be returned to us after two
        years from the date of this offering; and</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;
        any balance for additional working capital.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">See
    &ldquo;Use of Proceeds&rdquo;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Risk
    factors:</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Investing
    in these securities involves a high degree of risk. As an investor, you should be able to bear a complete loss of your investment.
    You should carefully consider the information set forth in the &ldquo;Risk Factors&rdquo; section of this prospectus before
    deciding to invest in our common shares.</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">Proposed
    NASDAQ Capital Market symbol:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;RETO&rdquo;&nbsp;</P></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">Unless we specifically state otherwise, the information
in this prospectus assumes no exercise of the underwriters&rsquo; option to purchase additional common shares from us in this
offering.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus
Conventions</B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Except
where the context otherwise requires, &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;company&rdquo;, &ldquo;Company&rdquo;, &ldquo;our&rdquo;
and &ldquo;ReTo&rdquo; collectively refer to:</I></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>ReTo
                                         Eco-Solutions, Inc., a British Virgin Islands holding company (&ldquo;ReTo Eco-Solutions&rdquo;);</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>REIT
                                         Holdings (China) Limited, a Hong Kong limited company (&ldquo;REIT Holdings&rdquo;),
                                         and a wholly-owned subsidiary of ReTo Eco-Solutions;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>Beijing
                                         REIT Technology Development Co., Ltd., a China limited company (&ldquo;Beijing REIT&rdquo;)
                                         and a wholly-owned subsidiary of REIT Holdings; </I></FONT></TD></TR>                                                                                                              <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><I>Xinyi
                                         REIT Ecological Technology Co., Ltd (&ldquo;REIT Ecological&rdquo;) and a wholly-owned
                                         subsidiary of REIT Holdings;</I></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>Gu&rsquo;an
                                         REIT Machinery Manufacturing Co., Ltd., a China limited company (&ldquo;Gu&rsquo;an REIT&rdquo;)
                                         and a wholly-owned subsidiary of Beijing REIT; </I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Beijing
    REIT Ecological Engineering and Technology Co., Ltd., a China limited company (&ldquo;REIT Technology&rdquo;) and a wholly-owned
    subsidiary of Beijing REIT;</I></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>Langfang
                                         Ruirong Mechanical and Electrical Equipment Co., Ltd., a China limited company (&ldquo;Ruirong&rdquo;)
                                         and a wholly-owned subsidiary of Beijing REIT;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>Nanjing
                                         Dingxuan Environment Protection Technology Development Co., Ltd., a China limited company
                                         (&ldquo;Dingxuan&rdquo;) and a wholly-owned subsidiary of Beijing REIT;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>REIT
                                         Technology Development (America), Inc., a California corporation (&ldquo;REIT US&rdquo;)
                                         and a wholly-owned subsidiary of Beijing REIT;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>REIT
    MingSheng Environment Protection Construction Materials (Changjiang) Co., Ltd., a China limited company (&ldquo;REIT Changjiang&rdquo;)
    and a 84.32% owned subsidiary of Beijing REIT;</I></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>Hainan
                                         REIT Construction Project Co., Ltd., a China limited company (&ldquo;REIT Construction&rdquo;)
                                         and a wholly-owned subsidiary of REIT Changjiang; and</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>REIT
                                         Xinyi New Material Co., Ltd, a China limited company (&ldquo;REIT Xinyi&rdquo;) and a
                                         70% owned subsidiary of Beijing REIT;</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>REIT
    Q GREEN Machines Private Limited, an India limited company (&ldquo;REIT India&rdquo;) and a 51% owned subsidiary of Beijing
    REIT.</I></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>China
                                         Operating Companies</I> or <I>China Operating Company</I> refer to, collectively or individually,
                                         as the case may be, to <I>Beijing REIT, REIT Ecological, Gu&rsquo;an REIT, REIT Technology,
                                         Ruirong, Dingxuan, REIT Changjiang, REIT Construction and REIT Xinyi.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references to &ldquo;RMB,&rdquo; and &ldquo;Renminbi&rdquo; are to the legal currency of China, and all references to &ldquo;USD,&rdquo;
and &ldquo;U.S. Dollars&rdquo; are to the legal currency of the United States.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">This prospectus contains
translations of certain RMB amounts into U.S. dollar amounts at a specified rate solely for the convenience of the reader
unless otherwise noted, all translations made in this prospectus are based on a rate of RMB 6.9448 to $1.00, which was the
exchange rate on December&nbsp;31, 2016. Unless otherwise stated, we have translated balance sheet amounts with the exception
of equity at December&nbsp;31, 2016 at RMB&nbsp;6.9448 to $1.00 as compared to RMB 6.4917 to $1.00 at December&nbsp;31, 2015.
We have stated equity accounts at their historical rate. The average translation rates applied to income statement accounts
for the year ended December&nbsp;31, 2016 and the year ended December&nbsp;31, 2015 were RMB 6.6441 and
RMB&nbsp;6.2288, respectively. We make no representation that the RMB or U.S. dollar amounts referred to in this prospectus
could have been or could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. On
August 3, 2017, the exchange rate was RMB 6.7225 to $1.00. See &ldquo;Risk Factors&nbsp;&ndash; Fluctuation of the Renminbi
could materially affect our financial condition and results of operations&rdquo; for discussions of the effects of
fluctuating exchange rates on the value of our common shares. Any discrepancies in any table between the amounts identified
as total amounts and the sum of the amounts listed therein are due to rounding.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the sake of clarity, this prospectus follows the English naming convention of first name followed by last name, regardless of
whether an individual&rsquo;s name is Chinese or English. For example, the name of our Chief Executive Officer will be presented
as &ldquo;Hengfang Li,&rdquo; even though, in Chinese, his name would be presented as &ldquo;Li Hengfang.&rdquo;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have relied on statistics provided
by a variety of publicly-available sources regarding China&rsquo;s expectations of growth, which have not been independently verified
by us, the underwriters or any of their respective affiliates or advisers. We did not, directly or indirectly, sponsor or participate
in the publication of such materials, and these materials are not incorporated in this prospectus other than to the extent specifically
cited in this prospectus. We have sought to provide current information in this prospectus and believe that the statistics provided
in this prospectus remain up-to-date and reliable.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary
Consolidated Financial Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the tables below, we provide you with summary consolidated financial data of our Company. This information is derived from our
audited consolidated financial statements for the years ended December 31, 2016 and 2015, included elsewhere in this prospectus.
Historical results are not necessarily indicative of the results that may be expected for any future period. When you read this
historical summary consolidated financial data, it is important that you read it along with the historical statements and notes
and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; included elsewhere
in this prospectus.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For
    the Years Ended<BR>
    December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; font-weight: bold; border-bottom: Black 1.5pt solid">Consolidated Statements
    of Income and Comprehensive Income Data:</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif">Revenues</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right">32,424,269</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right">17,384,373</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Cost of goods sold</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">18,272,017</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">9,265,313</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Gross profit</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">14,152,252</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">8,119,060</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Total operating expenses</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">5,963,222</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">4,528,236</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Income from operations</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">8,189,030</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">3,590,824</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Other income (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(1,450,389</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(1,032,329</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(283,205</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">92,880</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Total other expense, net</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(1,733,594</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(939,449</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Income before income taxes</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">6,455,436</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">2,651,375</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Provision for income taxes</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">1,952,356</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">295,760</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Net income</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">4,503,080</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">2,355,615</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Less: net income attributable to non-controlling interest</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">399,559</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">41,270</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Net income attributable to RETO Eco-Solutions, Inc.</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">4,103,521</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">2,314,345</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Other comprehensive loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation
    loss</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(1,699,975</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(905,144</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Comprehensive income</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">2,803,105</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">1,450,471</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Less: comprehensive income (loss) attributable to non-controlling
    interest</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(26,394</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">(65,195</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Comprehensive income attributable to RETO Eco-Solutions,
    Inc.</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">2,829,499</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">1,515,666</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">Earnings per share &ndash; basic and diluted</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">0.25</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">0.13</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif">Weighted average number of shares - basic and diluted</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">18,043,836</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right">17,840,000</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



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<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As
    of December 31, 2016</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; border-bottom: Black 1.5pt solid">Consolidated Balance
    Sheet Data:</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Actual</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Pro
    Forma</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman, Times, Serif; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">1,594,594</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">17,064,594</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total current assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">21,144,455</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">36,614,455</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total non-current assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">41,516,544</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">41,516,544</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">62,660,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">78,130,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">34,358,331</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">34,358,331</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total equity</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">28,302,668</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">43,772,668</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total liabilities and equity</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">62,660,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">78,130,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
pro forma column in the consolidated balance sheet data table above reflects the sale of 2,800,000 common shares in this offering
at an assumed initial public offering price of $5.00 per share, the midpoint of the estimated price range set forth on the cover
page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by
us. In addition, pro forma adjustment also includes the impact from the issuance of 900,000 shares in escrow as of December 31,
2016 to pre-IPO investors for total consideration of $3.6 million.</FONT></P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a002_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
FACTORS</FONT></P>

<P STYLE="font: bold 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Investment
in our securities involves a high degree of risk.&nbsp;You should carefully consider the risks described below together with all
of the other information included in this prospectus before making an investment decision.&nbsp;The risks and uncertainties described
below represent our known material risks to our business.&nbsp;If any of the following risks actually occurs, our business, financial
condition or results of operations could suffer. In that case, you may lose all or part of your investment.&nbsp;You should not
invest in this offering unless you can afford to lose your entire investment.</I></FONT></P>

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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Business </B></FONT></P>

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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Wage
increases in China may prevent us from sustaining our competitive advantage and could reduce our profit margins. </I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Labor costs in China have increased with China&rsquo;s
economic development. Rising inflation in China is also putting pressure on wages. Wage costs for our employees form a significant
part of our costs. For instance, in both 2016 and 2015, our compensation and benefit costs for our employees were approximately
$1 million per year. In addition, we are required by Chinese laws and regulations to pay various statutory employee benefits,
including pensions, housing funds, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance
to designated governmental agencies for the benefit of our employees. We expect that our labor costs, including wages and employee
benefits, will continue to increase, particularly as we seek to expand our operations. In addition, the future issuance of equity-based
compensation to our professional staff and other employees would also result in additional stock dilution for our shareholders.
Unless we are able to pass on these increased labor costs to our customers by increasing prices for our products and projects,
our profitability and results of operations may be materially and adversely affected. Furthermore, the Chinese government has
promulgated new laws and regulations to enhance labor protections in recent years, such as the Labor Contract Law and the Social
Insurance Law. As the interpretation and implementation of these new laws and regulations are still evolving, our employment practice
may not at all times be deemed in compliance with the new laws and regulations. If we are subject to penalties or incur significant
liabilities in connection with labor disputes or investigation, our business and profitability may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
revenue will decrease if the industries in which our customers operate experience a protracted slowdown. </I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers generally operate in the construction industry. Therefore, we are subject to general changes in economic conditions
impacting this industry segment of the economy. If the construction industry does not grow or if there is a contraction in this
industry, demand for our business would decrease. Demand for our business is typically affected by a number of overarching economic
factors, including interest rates, environmental laws and regulations, the availability and magnitude of private and governmental
investment in infrastructure projects and the health of the overall economy. If there is a decline in economic activity in China
or the other markets in which we operate, or there is a protracted slowdown in industries upon which we rely for our sales, demand
for our projects and products and our revenue would likewise decrease, which could have a materially adverse effect on our business.</FONT></P>

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<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Any
decline in the availability or increase in the cost of raw materials could materially impact our earnings.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
construction material products, manufacturing equipment and projects depend heavily on the ready availability of various raw materials.
The availability of raw materials may decline, and their prices may fluctuate greatly. If our suppliers are unable or unwilling
to provide us with raw materials on terms favorable to us, we may be unable to produce certain products, equipment or complete
projects. The inability to produce certain products or projects for customers could result in a decrease in profit and damage
to our corporate reputation. In the event our raw material costs increase, we may not be able to pass these higher costs on to
our customers in full or at all.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
rely on a limited number of vendors, and the loss of any significant vendor could harm our business, and the loss of any one of
such vendors could have a material adverse effect on our business.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We consider our major vendors to be those vendors
that accounted for more than 10% of overall purchases in any given fiscal period. For the years ended December 31, 2016 and 2015,
the Company purchased approximately 41% and 39%, and 10% and 5%, of its raw materials from two major suppliers &ndash; Changjiang
Huasheng Tianya Cement Co., Ltd. and Liu Li, a natural person, respectively. We have not entered into long-term contracts with
our significant vendors and instead rely on individual contracts with such vendors. Although we believe that we can locate replacement
vendors readily on the market for prevailing prices, any difficulty in replacing a vendor on terms acceptable to us could negatively
affect our company&rsquo;s performance to the extent it results in higher prices or a slower supply chain.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
face substantial inventory risk, which if such risk is not addressed could have a material adverse effect on our business.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must order materials for our products and projects and build inventory in advance of production. We typically acquire materials
through a combination of purchase orders, supplier contracts and open orders, in each case based on projected demand.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
inventory includes raw materials, work-in progress products and finished goods. As of December 31, 2016, our inventory was $1.3
million. Inventory turnover for the fiscal 2016 was 35 days. As our markets are competitive and subject to rapid technology and
price changes, there is a risk that we will forecast incorrectly and order or produce incorrect amounts of products or not fully
utilize firm purchase commitments. If we were unsuccessful in accurately quantifying appropriate levels of inventory, our business,
financial condition and results of operation may be materially and adversely affected.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Any
disruption in the supply chain of raw materials and our products could adversely impact our ability to produce and deliver products
which could have a material adverse effect on our business.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to optimize our product manufacturing, we must manage our supply chain for raw materials and delivery of our products. Supply
chain fragmentation and local protectionism within China further increase supply chain disruption risks. Local administrative
bodies and physical infrastructure built to protect local interests may pose transportation challenges for raw material transportation
as well as product delivery. In addition, profitability and volume could be negatively impacted by limitations inherent within
the supply chain, including competitive, governmental, legal, natural disasters, and other events that could impact both supply
and price. Any of these occurrences could cause significant disruptions to our supply chain, manufacturing capability and distribution
system that could adversely impact our ability to produce and deliver products. If we are unsuccessful in maintaining efficient
operation of our supply chain, our business, financial condition and results of operation may be materially and adversely affected.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
do not maintain a reserve for warranty or defective products and installation claims. Our costs could increase if we experience
a significant number of claims, which could have a material adverse effect on our business.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generally obtain customers&rsquo; acceptance when we deliver products, equipment or projects. In practice, we allow our customers
to reserve approximately 5-20% of the agreed purchase or installation price as a security retention for a period of one or two
years after we deliver or implement a solution. We consider this one or two years term to be a warranty period for our products
or projects sold. Historically, we have not experienced significant customer complaints concerning our products or projects, and
none of our customers have claimed damages for any loss incurred due to quality problems. In addition to our one to two years
reserve, China&rsquo;s Product Quality Law generally allows customers two years to seek compensation for damages caused by product
quality deficiencies in cases in which a product lacks an expiration period.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect our customer support teams and our quality assurance and manufacturing monitoring procedures to continue to keep claims
at a level that does not support a need for a financial reserve. However, if we experience significant increases in claims or
customers&rsquo; failure to pay the final 5-20% of a purchase/installation price as a result of quality concerns, our financial
results could be adversely affected.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
face certain risks in collecting our accounts receivable, the failure to collect could have a material adverse effect on our business.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">With the
recent expansion of our business, our accounts receivable has increased significantly. At the end of December 31, 2016 and 2015,
our accounts receivable were $15,207,029 and $9,116,558, respectively. These amounts represented 47% of our total revenues in
2016 and 52% of our total revenues in 2015</FONT>. For the year ended December 31, 2016 accounts receivable turnover was 137 days,
decreased from 148 days for the same period in 2015<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we believe that we have developed a robust receivables management system and have not incurred a situation where an account receivable
has become uncollectable, as our business continues to scale, we believe that our accounts receivable balance will continue to
grow. This, in turn, increases our risks for bad debts and uncollectible receivables. To the extent we incur additional bad debts
and/or uncollectible receivables, our business, financial condition and results of operation may be materially and adversely affected.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
return on investment in client projects may be different from our projections. </I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
return on investment in client projects will take some time to materialize. At the initial stages of project investment and construction,
the depreciation of newly added materials and fixed assets will negatively affect our operating results. In addition, the projects
may be subject to changes in market conditions during the installation and implementation phases. Changes in industry</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">policy,
the progress of the projects, project management, raw materials supply, market conditions and other variables may affect the profitability
and the time in which we profit on projects, which may be different from our initial forecast, thus affecting the actual return
on investment of the projects.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
sale of our eco-friendly construction materials are subject to geographic market risks, which could adversely affect our revenues
and profitability.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Currently, all of our eco-friendly construction
materials are sold in China&rsquo;s Hainan Province. Accordingly, we are subject to risks related to the economy of this geographic
market. In addition to economic conditions, the geographic concentration suggests that regional specific legislation, taxes and
disasters such as earthquakes could disproportionately affect us and our financial performance. A downturn in the demand for eco-friendly
construction materials or economic conditions in Hainan Province could result in a material decline in our business, financial
condition and results of operation.</P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have experienced rapid growth in recent periods. If we fail to manage our growth effectively, we may be unable to execute our
business plan and address competitive challenges, which could have a material adverse effect on our business. </I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our total revenues increase from $17.4
million in 2015 to $32.4 million in 2016. This growth has resulted, and will continue to result, in substantial demands on our
managerial, administrative, operational, financial and other resources. Furthermore, we intend to grow by expanding our business,
increasing market penetration of our existing products, developing new products and increasing our targeting of domestic and international
markets. To manage this growth, we must develop and improve our existing administrative and operational systems and our financial
and management controls and further expand, train and manage our work force.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we continue these efforts, we may incur substantial costs and expend substantial resources due to, among other things, different
technology standards, legal considerations and cultural differences. We will be required to dedicate additional financial resources
and personnel to optimize our operational infrastructure and to recruit more personnel to train and manage our growing employee
base. If we cannot successfully implement these measures efficiently and cost-effectively, we may be unable to satisfy a growth
in demand for our products and projects, which will&nbsp;impair our revenue growth and hurt our overall financial performance.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
cannot assure you that our growth strategy will be successful, which may result in a negative impact on our growth, financial
condition, results of operations and cash flow.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to grow by expanding our business, increasing market penetration of our existing products, developing new products and
increasing our targeting of domestic and international markets. However, many obstacles to this expansion exist, including increased
competition from similar businesses, our ability to improve our products and product mix to realize the benefits of our research
and development efforts, unexpected costs and costs associated with marketing efforts. As such, we cannot assure you that we will
be able to successfully overcome these potential challenges and establish our business in additional markets. Our inability to
implement this growth strategy successfully may have a negative impact on our growth, future financial condition, and results
of operations or cash flows.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we fail to protect our intellectual property rights, it could harm our business and competitive position.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We own thirty-nine patents (seven of which
are owned jointly with <FONT STYLE="background-color: white">Luoyang Water-Conservancy Surveying &amp; Design Co., Ltd. (&ldquo;Luoyang&rdquo;),
an independent third party</FONT>), and four software copyrights in China covering our construction material products and manufacturing
equipment, and we rely on a combination of patent, trademark and trade secret laws and non-disclosure agreements and other methods
to protect our intellectual property rights.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process of seeking patent protection on future patents can be lengthy and expensive, our patent applications may fail to result
in patents being issued, and our existing and future patents may be insufficient to provide us with meaningful protection or commercial
advantage. Our patents and patent applications may also be challenged, invalidated or circumvented.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Implementation
of Chinese intellectual property-related laws has historically been lacking, primarily because of ambiguities in Chinese laws
and enforcement difficulties. Accordingly, intellectual property rights and confidentiality protections in China may not be as
effective as in the United States or other western countries. Furthermore, policing unauthorized use of proprietary technology
is difficult and expensive, and we may need to resort to litigation to enforce or defend patents issued to us or to determine
the enforceability, scope and validity of our proprietary rights or those of others. Such litigation and an adverse determination
in any such litigation, if any, could result in substantial costs and diversion of resources and management attention, which could
harm our business and competitive position.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be exposed to intellectual property infringement and other claims by third parties which, if successful, could disrupt our
business and have a material adverse effect on our financial condition and results of operations.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends, in large part, on our ability to use and develop our technology and know-how without infringing third party intellectual
property rights. We face a high risk of being the subject of claims for intellectual property infringement, invalidity or indemnification
relating to other parties&rsquo; proprietary rights because we sell our products and manufacturing equipment internationally and
litigation is becoming more common in China. Our current or potential competitors, many of which have substantial resources and
have made substantial investments in competing technologies, may have or may obtain patents that will prevent, limit or interfere
with our ability to make, use or sell our branded products in either China or other countries, including the United States and
other countries in Asia. In addition, the defense of intellectual property suits, including patent infringement suits, and related
legal and administrative proceedings can be costly, time consuming and may significantly divert the efforts and resources of our
technical and management personnel. Furthermore, an adverse determination in any such litigation or proceedings to which we may
become a party could cause us to:</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 1.05pt; padding-left: 5.4pt"><P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pay
                                         damage awards;</FONT></P>
        <P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; padding-left: 5.4pt"><P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
                                         licenses from third parties;</FONT></P>
        <P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; padding-left: 5.4pt"><P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pay
                                         ongoing royalties;</FONT></P>
        <P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; padding-left: 5.4pt"><P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">redesign
                                         our branded products; or</FONT></P>
        <P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be
    restricted by injunctions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of these events could effectively prevent us from pursuing some or all of our business and result in our customers or potential
customers deferring or limiting their purchase or use of our branded products, which could have a material adverse effect on our
financial condition and results of operations.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Confidentiality
agreements with employees and third parties may not prevent unauthorized disclosure of proprietary information and trade secrets.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to patents, we rely on confidentiality agreements to protect our technical know-how and other proprietary information.
In addition, our officers and each of our main technical and management employees have signed a confidentiality agreement. Nevertheless,
there can be no guarantee that an employee or a third party will not make an unauthorized disclosure of our proprietary confidential
information. This might happen intentionally or inadvertently. It is possible that a competitor will make use of such information,
and that our competitive position will be compromised, in spite of any legal action we might take against persons making such
unauthorized disclosures.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
use of unqualified individual subcontractors may result in substantial liability.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">We, REIT Construction and REIT Technology
sometimes subcontract portions of our projects to third parties. According to Construction Law and Qualification Standard for
Labor Subcontracting in Construction Business of China, individual contractors are not in a position to obtain any qualification
of labor subcontracting. Accordingly, contracts subcontracted out by REIT Construction and REIT Technology to individual contractors
may be declared void and unenforceable by applicable courts. Article 29 of the Construction Law requires that &ldquo;the overall
contractors and subcontractors shall bear joint responsibilities to project owners for the subcontracted projects&rdquo;. It is
possible that we may subcontract projects to individuals or parties without required qualifications. If the construction completed
by unqualified individual subcontractors does not meet required quality standards and an accident occurs, we may jointly bear
the consequences pursuant to the Article 67 of the Construction Law. Also, according to Article 54 of the Regulation on the Quality
Management of Construction Projects, the liabilities for the consequences could be indemnifying the damages and paying a penalty
ranging from 500,000 RMB (approximately $72,000) up to 1.0 million RMB. (approximately $144,000).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we experience a significant disruption in, or a breach in security of, our information technology systems or if we fail to implement,
manage or integrate new systems, software and technologies successfully, it could harm our business.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
information technology (&ldquo;IT&rdquo;) systems are an integral part of our business. We depend on our IT systems to process
transactions, manage logistics, keep financial records, prepare our financial reporting and operate other critical functions.
Security breaches, cyber-attacks or other serious disruptions of our IT systems can create systemic disruptions, shutdowns or
unauthorized disclosure of confidential information. If we are unable to prevent or adequately respond to such breaches, attacks
or other disruptions, our operations could be adversely affected or we may suffer financial or reputational damage.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our ability to effectively implement our business plan in a rapidly evolving market requires effective planning, reporting
and analytical processes and systems. We are improving and expect that we will need to continue to improve and further integrate
our IT systems, reporting systems and operating procedures on an ongoing basis. If we fail to do so effectively, it could adversely
affect our ability to achieve our objectives.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Product
defects and unanticipated use or inadequate disclosure with respect to our products could adversely affect our business, reputation
and financial performance.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing
or design defects (including in products or components that we source from third parties), unanticipated use of, or inadequate
disclosure of risks relating to, the use of products or equipment that we make and sell may lead to personal injury, death or
property damage. These events could lead to recalls or alerts relating to our products, result in the removal of a product or
equipment from the market or result in product liability claims being brought against us. Product and equipment recalls, removals
and liability claims can lead to significant costs, as well as negative publicity and damage to our reputation that could reduce
demand for our products and equipment.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Outstanding
bank loans may reduce our available funds.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have approximately $17.2 million
in bank loans and bank notes payable outstanding as of December 31, 2016. The loans are held at multiple banks, and all of the
debt is guaranteed by third-party guaranty companies and certain company officers. There can be no guarantee that we will be able
to pay all amounts when due or refinance the amounts on terms that are acceptable to us or at all. If we are unable to make our
payments when due or to refinance such amounts, our property could be foreclosed and our business could be negatively affected.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
future growth depends on new products, equipment and new technology innovation, and failure to invent and innovate could adversely
impact our business prospects.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future growth depends in part on maintaining our competitive advantage with current products and equipment in new and existing
markets, as well as our ability to develop new products, equipment and technologies to serve such markets. To the extent that
competitors develop competitive products, equipment and technologies, or new products, equipment or technologies that achieve
higher customer satisfaction, our business prospects could be adversely impacted. In addition, regulatory approvals for new products,
equipment or technologies may be required, and these approvals may not be obtained in a timely or cost effective manner, which
could adversely impact our business prospects.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Changes
in demand for our products, equipment and business relationships with key customers and suppliers may negatively affect operating
results.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
achieve our objectives, we must develop and sell products and equipment that are subject to the demands of our customers. This
is dependent on many factors, including managing and maintaining relationships with key customers, responding to the rapid pace
of technological change and obsolescence, which may require increased investment by us or result in greater pressure to commercialize
developments rapidly or at prices that may not fully recover the associated investment, and the effect on demand resulting from
customers&rsquo; research and development, capital expenditure plans and capacity utilization. If we are unable to keep up with
our customers&rsquo; demands, our sales, earnings and operating results may be negatively affected.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be unable to deliver our backlog on time, which could affect future sales and profitability and our relationships with customers.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to meet customer delivery schedules for backlog is dependent on a number of factors including sufficient manufacturing
plant capacity, adequate supply channel access to raw materials and other inventory required for production, an adequately trained
and capable workforce, project engineering expertise for certain large projects and appropriate planning and scheduling of manufacturing
resources. Many of the contracts we enter into with our customers require long manufacturing lead times. Failure to deliver in
accordance with customer expectations could subject us to contract cancellations and financial penalties, and may result in damage
to existing customer relationships and could have a material adverse effect on our business, financial condition and results of
operations. We cannot assure you that our backlog will result in revenue on a timely basis or at all, or that any cancelled contracts
will be replaced.</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
operations are subject to various hazards that may cause personal injury or property damage and increase our operating costs,
and which may exceed the coverage of our insurance.</I></B></FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt  Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are inherent risks to our operations. Our workers are subject to the usual hazards associated with providing services on construction
sites, while our plant personnel are subject to the hazards associated with moving and storing large quantities of heavy raw materials
and finished products. Operating hazards can cause personal injury and loss of life, damage to or destruction of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">property,
plant and equipment and environmental damage. Although we conduct training programs designed to reduce these risks, we cannot
eliminate these risks. We rely on state mandated social insurance for work-related injuries of our employees. However, any claim
that exceeds the scope of our insurance coverage, if successful and of sufficient magnitude, could result in the incurrence of
substantial costs and the diversion of resources, which could have a material adverse effect on us. In addition, we do not have
any business liability, disruption, litigation or property insurance coverage for our operations. Any uninsured occurrence of
loss or damage to property, or litigation or business disruption may also materially and adversely affect our ability to operate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may incur material costs and losses as a result of claims our products do not meet regulatory requirements or contractual specifications.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations involve providing products that must meet building code or other regulatory requirements and contractual specifications
for durability, stress-level capacity, weight-bearing capacity and other characteristics. If we fail or are unable to provide
products meeting these requirements and specifications, we may face economic penalties, including price adjustments, rejection
of deliveries and/or termination of contracts, and our reputation could be damaged. If a significant product-related claim or
claims are made and resolved against us in the future, such resolution may have a material adverse effect on our business, financial
condition, results of operations and cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
operations may incur substantial liabilities to comply with environmental laws and regulations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
construction materials manufacturing operations are subject to laws and regulations relating to the release or disposal of materials
into the environment or otherwise relating to environmental protection. Our failure to have complied with the applicable laws
may result in the assessment of administrative, civil and criminal penalties, the incurrence of investigatory or remedial obligations
and the imposition of injunctive relief. Resolution of these matters may require considerable management time and expense. In
addition, changes in environmental laws and regulations occur frequently and any changes that result in more stringent or costly
manufacturing, storage, transport, disposal or cleanup requirements could require us to make significant expenditures to reach
and maintain compliance and may otherwise have a material adverse effect on our industry in general and on our own results of
operations, competitive position or financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
depend on our key personnel, and our business and growth prospects may be severely disrupted if we lose their services. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future success depends heavily upon the continued service of our key executives. In particular, we rely on the expertise and experience
of Li Hengfang, our founder, Chairman and Chief Executive Officer. We rely on his industry expertise and experience in our business
operations, and in particular, his business vision, management skills, and working relationship with our employees, our other
major shareholders, the regulatory authorities, and many of our clients. If he became unable or unwilling to continue in his present
position, or if he joined a competitor or formed a competing company in violation of his employment agreement, we may not be able
to replace him easily, our business may be significantly disrupted and our financial condition and results of operations may be
materially adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not maintain key man life insurance on any of our senior management or key personnel. The loss of any one of them would have
a material adverse effect on our business and operations. Competition for senior management and our other key personnel is intense
and the pool of suitable candidates is limited. We may be unable to locate a suitable replacement for any senior management or
key personnel that we lose. In addition, if any member of our senior management or key personnel joins a competitor or forms a
competing company, they may compete with us for customers, business partners and other key professionals and staff members of
our Company. Although each of our senior management and key personnel has signed a confidentiality and non-competition agreement
in connection with his or her employment with us, we cannot assure that we will be able to successfully enforce these provisions
in the event of a dispute between us and any member of our senior management or key personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we compete for qualified personnel with other industry competitors, and we face competition in attracting skilled personnel
and retaining the members of our senior management team. These personnel possess technical and business capabilities, including
expertise relevant to the construction materials industry, which are difficult to replace. There is intense competition for experienced
senior management with technical and industry expertise in the construction materials industry, and we may not be able to retain
our key personnel. Intense competition for these personnel could cause our compensation costs to increase, which could have a
material adverse effect on our results of operations. Our future success and ability to grow our business will depend in part
on the continued service of these individuals and our ability to identify, hire and retain additional qualified personnel. If
we are unable to attract and retain qualified employees, we may be unable to meet our business and financial goals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
senior management lacks experience in managing a public company and complying with laws applicable to operating as a U.S. public
company domiciled in the British Virgin Islands and failure to comply with such laws could have a material adverse effect on our
business. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the completion of this offering, the China Operating Companies have operated as private companies located in China and REIT
US has operated as a private company located in the United States. In connection with this offering, we formed ReTo Eco-Solutions
in the British Virgin Islands and REIT Holdings in Hong Kong. ReTo Eco-Solutions is structured as the parent company of REIT Holdings,
which is the parent company of Beijing REIT and REIT Ecological. Beijing REIT operates as the parent company to the other China
Operating Companies, REIT US and owns 51% of REIT India, a joint venture in India. In the process of taking these steps to prepare
our company for this initial public offering, Beijing REIT&rsquo;s senior management became the senior management of ReTo Eco-Solutions.
None of ReTo Eco-Solutions senior management has experience managing a public company or managing a British Virgin Islands company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of this offering, our company will become subject to laws, regulations and obligations that do not currently apply to
it, and our senior management currently has no experience in complying with such laws, regulations and obligations. For example,
ReTo Eco-Solutions will need to comply with the British Virgin Islands laws applicable to companies that are domiciled in that
country. The senior management is only experienced in operating the business of Beijing REIT in compliance with Chinese laws.
Similarly, by virtue of this offering, ReTo Eco-Solutions will be required to file annual and current reports in compliance with
U.S. securities and other laws. These obligations can be burdensome and complicated, and failure to comply with such obligations
could have a material adverse effect on ReTo. In addition, we expect that the process of learning about such new obligations as
a public company in the United States will require our senior management to devote time and resources to such efforts that might
otherwise be spent on the operation of our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have limited business insurance coverage. Any future business liability, disruption or litigation we experience might divert management
focus from our business and could significantly impact our financial results. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Availability
of business insurance products and coverage in China is limited, and most such products are expensive in relation to the coverage
offered. We have determined that the risks of disruption, cost of such insurance and the difficulties associated with acquiring
such insurances on commercially reasonable terms make it impractical for us to maintain such insurances. As a result, we do not
have any business liability, disruption or litigation insurance coverage for our operations in China. Accordingly, a business
disruption, litigation or natural disaster may result in substantial costs and divert management&rsquo;s attention from our business,
which would have an adverse effect on our results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may require additional financing in the future and our operations could be curtailed if we are unable to obtain required additional
financing when needed. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the funds raised by the Company in this initial public offering, we may need to obtain additional debt or equity financing
to fund future capital expenditures. While we do not anticipate seeking additional financing in the immediate future, any additional
equity financing may result in dilution to the holders of our outstanding shares of capital stock. Additional debt financing may
impose affirmative and negative covenants that restrict our freedom to operate our business, including covenants that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limit
                                         our ability to pay dividends or require us to seek consent for the payment of dividends;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase
                                         our vulnerability to general adverse economic and industry conditions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
                                         us to dedicate a portion of our cash flow from operations to payments on our debt, thereby
                                         reducing the availability of our cash flow to fund capital expenditures, working capital
                                         and other general corporate purposes; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limit
                                         our flexibility in planning for, or reacting to, changes in our business and our industry.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot guaranty that we will be able to raise funds in this offering or obtain additional financing on terms that are acceptable
to us, or any financing at all, and the failure to obtain sufficient financing could adversely affect our business operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Potential
disruptions in the capital and credit markets may adversely affect our business, including the availability and cost of short-term
funds for liquidity requirements, which could adversely affect our results of operations, cash flows and financial condition.
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential
changes in the global economy may affect the availability of business and consumer credit. We may need to rely on the credit markets,
particularly for short-term borrowings from banks in China, as well as the capital markets, to meet our financial commitments
and short-term liquidity needs if internal funds from our operations are not available to be allocated to such purposes. Disruptions
in the credit and capital markets could adversely affect our ability to draw on such short-term bank facilities. Our access to
funds under such credit facilities is dependent on the ability of the banks that are parties to those facilities to meet their
funding commitments, which may be dependent on governmental economic policies in China. Those banks may not be able to meet their
funding commitments to us if they experience shortages of capital and liquidity or if they experience excessive volumes of borrowing
requests from us and other borrowers within a short period of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
disruptions in the credit and capital markets could result from uncertainty, changing or increased regulations, reduced alternatives
or failures of financial institutions could adversely affect our access to the liquidity needed for our business. Any disruption
could require us to take measures to conserve cash until the markets stabilize or until alternative credit arrangements or other
funding for our business needs can be arranged. Such measures may include deferring capital expenditures, and reducing or eliminating
discretionary uses of cash. These events would adversely impact our results of operations, cash flows and financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
bank accounts in China are not insured or protected against loss. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
China Operating Companies maintain cash accounts with various banks located in China. Such cash accounts are not insured or otherwise
protected. Should any bank holding such cash deposits become insolvent, or if the China Operating Companies are otherwise unable
to withdraw funds, those entities would lose the cash on deposit with that particular bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Changes
in China&rsquo;s environmental laws and policies may affect our financial condition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
eco-friendly construction materials and projects are primarily used in the construction industry. Our business is in line with
China&rsquo;s current focus on environmental protection policies, specifically the 13<SUP>th</SUP> Five Year Plan (2016-2020).
However, should China alter its environmental policies towards less regulation, we believe demand for our eco-friendly construction
materials and equipment will decrease, adversely impacting our results of operations, cash flows and financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Relating to Our Corporate Structure </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
will likely not pay dividends in the foreseeable future.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">We have not previously paid any cash dividends,
and we do not anticipate paying any dividends on our common shares in the foreseeable future.&nbsp;Although we have achieved net
profitability in 2015 and 2016, we cannot assure that our operations will continue to result in sufficient revenues to enable
us to operate at profitable levels or to generate positive cash flows from operating activities.&nbsp; Dividend policy is subject
to the discretion of our board of directors and will depend on, among other things, our earnings, financial condition, capital
requirements and other factors.&nbsp;If we determine to pay dividends on any of our common shares in the future, we will be dependent,
in large part, on receipt of funds from Beijing REIT and REIT Ecological for our cash needs, including the funds necessary to
pay dividends and other cash distributions, if any, to our shareholders, to service any debt we may incur and to pay our operating
expenses. The payment of dividends by entities organized in China is subject to limitations as described herein. Under British
Virgin Islands law, we may only pay dividends from surplus (the excess, if any, at the time of the determination of the total
assets of our Company over the sum of our liabilities, as shown in our books of account, plus our capital), and we must be solvent
before and after the dividend payment in the sense that we will be able to satisfy our liabilities as they become due in the ordinary
course of business; and the realizable value of assets of our Company will not be less than the sum of our total liabilities,
other than deferred taxes as shown on our books of account, and our capital. If we determine to pay dividends on any of our common
shares in the future, as a holding company, we will be dependent on receipt of funds from Beijing REIT and REIT Ecological. See
&ldquo;Dividend Policy.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Chinese enterprise income tax law, dividends payable by a foreign investment entity to its foreign investors are subject
to a withholding tax of 10%. Similarly, dividends payable by a foreign investment entity to its Hong Kong investor who owns 25%
or more of the equity of the foreign investment entity is subject to a withholding tax of 5%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment of dividends by entities organized in China is subject to limitations, procedures and formalities. Regulations in China
currently permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and
regulations in China. Beijing REIT and REIT Ecological are also required to set aside at least 10% of its after-tax profit based
on Chinese accounting standards each year to its compulsory reserves fund until the accumulative amount of such reserves reaches
50% of its registered capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer to this reserve must be made before distribution of any dividend to shareholders. The surplus reserve fund is non-distributable
other than during liquidation and can be used to fund previous years&rsquo; losses, if any, and may be utilized for business expansion
or converted into registered capital, provided that the remaining reserve balance after such issue is not less than 25% of the
registered capital. As of December&nbsp;31, 2016 and 2015, the accumulated appropriations to statutory reserves amounted to $1,033,524
and $349,663, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
business may be materially and adversely affected if any of our China Operating Companies declare bankruptcy or become subject
to a dissolution or liquidation proceeding.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Enterprise Bankruptcy Law of China provides that an enterprise may be liquidated if the enterprise fails to settle its debts as
and when they fall due and if the enterprise&rsquo;s assets are, or are demonstrably, insufficient to clear such debts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
China Operating Companies hold certain assets that are important to our business operations. If any of our China Operating Companies
undergoes a voluntary or involuntary liquidation proceeding, unrelated third-party creditors may claim rights to some or all of
these assets, thereby hindering our ability to operate our business, which could materially and adversely affect our business,
financial condition and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may rely on dividends paid by China Operating Companies to satisfy our cash needs.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">We may rely on dividends and other distributions
on equity paid by our China Operating Companies for our cash needs, including the funds necessary to pay dividends and other cash
distributions, if any, to our shareholders, to service any debt we may incur and to pay our operating expenses. As of May 2017,
two loans governing part of the current debts incurred by Beijing REIT and REIT Changjiang have restrictions on their abilities
to pay dividends, and any future financing arrangements may impose such restrictions as well. Further, the payment of dividends
by entities organized in China is subject to limitations as described herein. Under British Virgin Islands law, we may only pay
dividends from surplus (the excess, if any, at the time of the determination of the total assets of our company over the sum of
our liabilities, as shown in our books of account, plus our capital), and we must be solvent before and after the dividend payment
in the sense that we will be able to satisfy our liabilities as they become due in the ordinary course of business; and the realizable
value of assets of our company will not be less than the sum of our total liabilities, other than deferred taxes as shown on our
books of account, and our capital. If we determine to pay dividends on any of our common shares in the future, as a holding company,
we will be dependent on receipt of funds from Beijing REIT and REIT Ecological. See &ldquo;Dividend Policy.&rdquo;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Beijing
REIT and REIT Ecological are required to allocate a portion of its after-tax profits, to the statutory reserve fund, and as determined
by its board of directors, to the staff welfare and bonus funds, which may not be distributed to equity owners.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Pursuant to Company Law of P.R. China (2013
Revision), Wholly Foreign-Owned Enterprise Law of the P.R. China (2016 Revision) and Implementing Rules for the Law of the People&rsquo;s
Republic of China on Wholly Foreign-Owned Enterprises (2014 Revision), Beijing REIT and REIT Ecological are required to allocate
a portion of its after-tax profits, to the statutory reserve fund, and in accordance with its Articles of Association, to the
staff welfare and bonus funds. No lower than 10% of an enterprise&rsquo;s after tax-profits should be allocated to the statutory
reserve fund. When the statutory reserve fund account balance is equal to or greater than 50% of both Beijing REIT and REIT Ecological&rsquo;s
registered capital, no further allocation to the statutory reserve fund account is required. According to the Articles of Association
of Beijing REIT and REIT Ecological, their board of directors determines the amount contributed to the staff welfare and bonus
funds. The staff welfare and bonus fund is used for the collective welfare of the staff of Beijing REIT and REIT Ecological. These
reserves represent appropriations of retained earnings determined according to Chinese law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">As of the date of this prospectus, the amounts
of staff welfare and bonus funds have not yet been determined, and we have not committed to establishing such amounts at this
time. Under current Chinese laws, Beijing REIT and REIT Ecological are required to set aside staff welfare and bonus funds amounts,
but has not yet done so. Beijing REIT and REIT Ecological have not done so because Chinese authorities grant companies flexibility
in making a determination. Chinese law requires such a determination to be made in accordance with the company&rsquo;s organizational
documents and both Beijing REIT and REIT Ecological&rsquo;s organizational documents do not require the determination to be made
within a particular timeframe. Although we have not yet been required by Chinese authorities to make such determinations or set
aside such amounts, Chinese authorities may require Beijing REIT and REIT Ecological to rectify its noncompliance and we may be
fined if we fail to do so after receiving a warning within its set time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Chinese law provides that a foreign-invested company must allocate a portion of after-tax profits to the statutory reserve fund
and the staff welfare and bonus funds reserve prior to the retention of profits or the distribution of profits to its foreign
shareholders. Therefore, if for any reason, the dividends from Beijing REIT and REIT Ecological cannot be repatriated to us or
not in time, our cash flow may be adversely impacted or we may become insolvent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
failure to obtain prior approval of the China Securities Regulatory Commission (&ldquo;CSRC&rdquo;) for the listing and trading
of our common shares on a foreign stock exchange could delay this offering or could have a material adverse effect upon our business,
operating results, reputation and trading price of our common shares. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August&nbsp;8, 2006, six Chinese regulatory agencies, including the Ministry of Commerce of the People&rsquo;s Republic of China
(&ldquo;MOFCOM&rdquo;), jointly issued the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors
(the New &ldquo;M&amp;A Rule&rdquo;). The New M&amp;A Rule contains provisions that require that an offshore special purpose vehicle
(&ldquo;SPV&rdquo;) formed for listing purposes and controlled directly or indirectly by Chinese companies or individuals shall
obtain the approval of the CSRC prior to the listing and trading of such SPV&rsquo;s securities on an overseas stock exchange.
On September&nbsp;21, 2006, the CSRC published procedures specifying documents and materials required to be submitted to it by
an SPV seeking CSRC approval of overseas listings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
the application of the New M&amp;A Rule remains unclear with no consensus currently existing among leading Chinese law firms regarding
the scope and applicability of the CSRC approval requirement. Our Chinese counsel, Kaitong Law Firm, has given us the following
advice, based on their understanding of current Chinese laws and regulations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         the time of our equity interest acquisition, as the acquiree, Beijing REIT was not related
                                         to or connected with the acquirer, REIT Holdings. Accordingly, we did not need the approval
                                         from MOFCOM. In addition, we have received all relevant approvals and certificates required
                                         for the acquisition;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 24.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         CSRC approval under the New M&amp;A Rule only applies to overseas listings of SPVs that
                                         have used their existing or newly issued equity interest to acquire existing or newly
                                         issued equity interest in Chinese domestic companies, or the SPV-domestic company share
                                         swap, due to the fact there has not been any SPV-domestic company share swap in our corporate
                                         history, ReTo Eco-Solutions does not constitute a SPV that is required to obtain approval
                                         from the CSRC for overseas listing under the New M&amp;A Rule; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1in; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         spite of the lack of clarity on this issue, the CSRC has not issued any definitive rule
                                         or interpretation regarding whether offerings like the one contemplated by this prospectus
                                         are subject to the New M&amp;A Rule.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CSRC has not issued any such definitive rule or interpretation, and we have not chosen to voluntarily request approval under the
New M&amp;A Rule. If the CSRC requires that we obtain its approval prior to the completion of this offering, the offering will
be delayed until we obtain CSRC approval, which may take several months. There is also the possibility that we may not be able
to obtain such approval. If prior CSRC approval was required, we may face regulatory actions or other sanctions from the CSRC
or other Chinese regulatory authorities. These authorities may impose fines and penalties upon our operations in China, limit
our operating privileges in China, delay or restrict the repatriation of the proceeds from this offering into China, or take other
actions that could have a material adverse effect upon our business, financial condition, results of operations, reputation and
prospects, as well as the trading price of our common shares. The CSRC or other Chinese regulatory agencies may also take actions
requiring us, or making it advisable for us, to terminate this offering prior to closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Substantial
uncertainties exist with respect to the enactment timetable and final content of draft China Foreign Investment Law and how it
may impact the viability of our current corporate structure, corporate governance and business operations. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOFCOM
published a discussion draft of the proposed Foreign Investment Law in January&nbsp;2015 (the&nbsp;&ldquo;Draft FIL&rdquo;). The
Draft FIL embodies an expected Chinese regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing
international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments.
MOFCOM is currently soliciting comments on this draft and substantial uncertainties exist with respect to its enactment timetable,
final content, interpretation and implementation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
other things, the Draft FIL expands the definition of foreign investment and introduces the principle of &ldquo;actual control&rdquo;
in determining whether a company is considered a foreign-invested enterprise (&ldquo;FIE&rdquo;). The Draft FIL specifically provides
that entities established in China but &ldquo;controlled&rdquo; by foreign investors will be treated as FIEs, whereas an entity
set up in a foreign jurisdiction would nonetheless be, upon market entry clearance, treated as a Chinese domestic investor provided
that the entity is &ldquo;controlled&rdquo; by Chinese entities and/or citizens. Once an entity is determined to be an FIE, it
will be subject to the foreign investment restrictions or prohibitions set forth in a &ldquo;negative list,&rdquo; to be separately
issued by the State Council later. Unless the underlying business of the FIE falls within the negative list, which calls for market
entry clearance, prior approval from the government authorities as mandated by the existing foreign investment legal regime would
no longer be required for establishment of the&nbsp;FIE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The development, manufacture and sales
of construction materials products and manufacturing equipment are not currently subject to foreign investment restrictions set
forth in the Catalogue of Industries for Guiding Foreign Investment (Amended in 2017), or the Catalogue,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">issued by the National Development and Reform
Commission and the Ministry of Commerce on June 28, 2017 and became effective on July 28, 2017. The Draft FIL, if enacted as proposed,
will not materially impact the viability of our current corporate structure, corporate governance and business operations in many
aspects. However, should the development, manufacture and sales of construction materials products and manufacturing equipment
become subject to foreign investment restrictions set forth in the Catalogue of Industries for Guiding Foreign Investment then
the viability of our current corporate structure, corporate governance and business operations may be materially impacted in many
aspects.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Doing Business in China </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>If we become directly subject to
the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant
resources to investigate and resolve the matter which could harm our business operations, this offering and our reputation and
could result in a loss of your investment in our shares, especially if such matter cannot be addressed and resolved favorably.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Recently, U.S. public companies that have
substantially all of their operations in China have been the subject of intense scrutiny, criticism and negative publicity by
investors, financial commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity
has centered around financial and accounting irregularities, a lack of effective internal controls over financial accounting,
inadequate corporate governance policies or a lack of adherence thereto and, in some cases, allegations of fraud. As a result
of the scrutiny, criticism and negative publicity, the publicly traded stock of many U.S. listed Chinese companies has sharply
decreased in value and, in some cases, has become virtually worthless. Many of these companies are now subject to shareholder
lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear
what effect this type of scrutiny, criticism and negative publicity might have on our Company, our business and this offering.
If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have
to expend significant resources to investigate such allegations and/or defend the Company. This situation may be a major distraction
to our management. If such allegations are not proven to be groundless, our Company and business operations could be severely
hampered and your investment in our shares could be rendered worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Fluctuations in exchange rates could
adversely affect our business and the value of our securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Changes in the value of the RMB against
the U.S. dollar, Euro and other foreign currencies are affected by, among other things, changes in China&rsquo;s political and
economic conditions. Any significant revaluation of the RMB may have a material adverse effect on our revenues and financial condition,
and the value of, and any dividends payable on our shares in U.S. dollar terms. For example, to the extent that we need to convert
U.S. dollars into RMB for our operations, appreciation of the RMB against the U.S. dollar would have an adverse effect on RMB
amount we would receive from the conversion. Conversely, if we decide to convert our RMB into U.S. dollars for the purpose of
paying dividends on our common shares or for other business purposes, appreciation of the U.S. dollar against the RMB would have
a negative effect on the U.S. dollar amount available to us. In addition, fluctuations of the RMB against other currencies may
increase or decrease the cost of imports and exports, and thus affect the price-competitiveness of our products against products
of foreign manufacturers or products relying on foreign inputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since July 2005, the RMB is no longer pegged
to the U.S. dollar. Although the People&rsquo;s Bank of China regularly intervenes in the foreign exchange market to prevent significant
short-term fluctuations in the exchange rate, the RMB may appreciate or depreciate significantly in value against the U.S. dollar
in the medium to long term. Moreover, it is possible that in the future Chinese authorities may lift restrictions on fluctuations
in the RMB exchange rate and lessen intervention in the foreign exchange market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">We reflect the impact of currency translation
adjustments in our financial statements under the heading &ldquo;Total foreign currency translation loss.&rdquo; For the years
ended December 31, 2016 and 2015, we had a negative adjustment of $1,699,975 and a negative adjustment of $905,144, respectively,
for foreign currency translations. Very limited hedging transactions are available in China to reduce our exposure to exchange
rate fluctuations. To date, we have not entered into any hedging transactions. While we may enter into hedging transactions in
the future, the availability and effectiveness of these transactions may be limited, and we may not be able to successfully hedge
our exposure at all. In addition, our foreign currency exchange losses may be magnified by China exchange control regulations
that restrict our ability to convert RMB into foreign currencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Since the majority of our operations
and assets are located in China, shareholders may find it difficult to enforce a U.S. judgment against the assets of our Company,
our directors and executive officers. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than REIT US and REIT India, our
operations and assets are located in China. In addition, our executive officers and directors are non-residents of the U.S., and
substantially all the assets of such persons are located outside the U.S. As a result, it could be difficult for investors to
effect service of process in the U.S., or to enforce a judgment obtained in the U.S. against us or any of these persons. See &ldquo;Enforceability
of Civil Liabilities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We must remit the offering proceeds
to China before they may be used to benefit our business in China, this process may take a number of months and we will be unable
to use the proceeds to grow our business in the meantime. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Chinese law, the proceeds of this
offering must be sent back to China, and the process for sending such proceeds back to China may take several months after the
closing of this offering. In order to remit the offering proceeds to China, we will take the following actions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>First,
                                         we will open a special foreign exchange account for capital account transactions. To
                                         open this account, we must submit to State Administration of Foreign Exchange approval
                                         (&ldquo;SAFE&rdquo;) certain application forms, identity documents, transaction documents,
                                         form of foreign exchange registration of overseas investments by domestic residents,
                                         and foreign exchange registration certificate of the invested company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>Second,
                                         we will remit the offering proceeds into this special foreign exchange account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>Third,
                                         we will apply for settlement of the foreign exchange. In order to do so, we must submit
                                         to SAFE certain application forms, identity documents, payment order to a designated
                                         person, and a tax certificate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The timing of the process is difficult
to estimate because the efficiencies of different SAFE branches can vary materially. Ordinarily, the process takes several months
to complete. We may be unable to use these proceeds to grow our business until we receive such proceeds in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Fluctuation of the RMB may indirectly
affect our financial condition by affecting the volume of cross-border money flow. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we use the United States dollar
for financial reporting purposes, all of the transactions effected by the China Operating Companies are denominated in China&rsquo;s
currency, the RMB. The value of the RMB fluctuates and is subject to changes in China&rsquo;s political and economic conditions.
We do not currently engage in hedging activities to protect against foreign currency risks. Even if we choose to engage in such
hedging activities, we may not be able to do so effectively. Future movements in the exchange rate of the RMB could adversely
affect our financial condition as we may suffer financial losses when transferring money raised outside of China into the country
or paying vendors for services performed outside of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>If any dividend is declared in the
future and paid in a foreign currency, you may be taxed on a larger amount in U.S. dollars than the U.S. dollar amount that you
will actually ultimately receive. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event we pay dividends in the future,
you will be taxed on the U.S. dollar value of your dividends, if any, at the time you receive them, even if you actually receive
a smaller amount of U.S. dollars when the payment is in fact converted into U.S. dollars. Specifically, if a dividend is declared
and paid in a foreign currency, the amount of the dividend distribution that you must include in your income as a U.S. holder
will be the U.S. dollar value of the payments made in the foreign currency, determined at the spot rate of the foreign currency
to the U.S. dollar on the date the dividend distribution is includible in your income, regardless of whether the payment is in
fact converted into U.S. dollars. Thus, if the value of the foreign currency decreases before you actually convert the currency
into U.S. dollars, you may be taxed on a larger amount in U.S. dollars than the U.S. dollar amount that you will actually ultimately
receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We may become a passive foreign investment
company, which could result in adverse U.S. tax consequences to U.S. investors. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the nature of our business activities,
we may be classified as a passive foreign investment company (&ldquo;PFIC&rdquo;), by the U.S. Internal Revenue Service (&ldquo;IRS&rdquo;),
for U.S. federal income tax purposes. Such characterization could result in adverse U.S. tax consequences to you if you are a
U.S. investor. For example, if we are a PFIC, a U.S. investor will become subject to burdensome reporting requirements. The determination
of whether or not we are a PFIC is made on an annual basis and will depend on the composition of our income and assets from time
to time. Specifically, we will be classified as a PFIC for U.S. tax purposes if either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>75%
                                         or more of our gross income in a taxable year is passive income; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>the
                                         average percentage of our assets by value in a taxable year that produce or are held
                                         for the production of passive income (which includes cash) is at least 50%.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The calculation of the value of our assets
is based, in part, on the then market value of our common shares, which is subject to change. In addition, the composition of
our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We cannot assure
that we will not be a PFIC for any taxable year. See &ldquo;Taxation &ndash; United States Federal Income Taxation-Passive Foreign
Investment Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Introduction of new laws or changes
to existing laws by the Chinese government may adversely affect our business. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chinese legal system is a codified
legal system made up of written laws, regulations, circulars, administrative directives and internal guidelines. Unlike common
law jurisdictions such as the U.S., decided cases (which may be taken as precedent) do not form part of the legal structure of
China and thus have no binding effect. Furthermore, in line with its transformation from a centrally planned economy to a more
market-oriented economy, the Chinese government is still in the process of developing a comprehensive set of laws and regulations.
As the legal system in China is still evolving, laws and regulations or their interpretation may be subject to further changes.
Such uncertainty and prospective changes to the Chinese legal system could adversely affect our results of operations and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We may be subject to foreign exchange
controls in China, which could limit our use of funds raised in this offering, which could have a material adverse effect on our
business. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Beijing REIT and REIT Ecological are subject
to Chinese rules and regulations on currency conversion. In China, SAFE regulates the conversion of the RMB into foreign currencies.
Currently, FIEs are required to apply to SAFE for &ldquo;Registration of Establishment as FIEs&rdquo;. Beijing REIT and REIT Ecological
are FIE, with such registration, Beijing REIT and REIT Ecological are allowed to open foreign currency accounts including the
&ldquo;current account&rdquo; and the &ldquo;capital account&rdquo;. Currently, conversion within the scope of the &ldquo;current
account&rdquo; and general &ldquo;capital account&rdquo; can be effected without requiring the approval of SAFE. However, conversion
of currency in some restricted &ldquo;capital account&rdquo; (e.g. for capital items such as direct investments, loans, securities,
etc.) still requires the approval of SAFE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">In particular, if Beijing REIT and REIT
Ecological borrow foreign currency through loans from ReTo Eco-Solutions or other foreign lenders, these loans must be registered
with SAFE. If Beijing REIT and REIT Ecological are financed by means of additional capital contributions, certain Chinese government
authorities, including MOFCOM, or the local counterparts of SAFE and MOFCOM, must approve these capital contributions. These restrictions
could limit our use of funds raised in this offering, which could have an adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Governmental control of currency
conversion may affect the value of your investment. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chinese government imposes controls
on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China,
which may take as long as six months in the ordinary course. We receive the majority of our revenues in Renminbi. Under our current
corporate structure, our income is derived from payments from Beijing REIT and REIT Ecological. Shortages in the availability
of foreign currency may restrict the ability of Beijing REIT and REIT Ecological to remit sufficient foreign currency to pay dividends
or other payments to us, or otherwise satisfy their foreign currency denominated obligations. Under existing Chinese foreign exchange
regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related
transactions, can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements.
However, approval from appropriate government authorities is required where Renminbi is to be converted into foreign currency
and remitted out of China to pay capital expenses such as the repayment of bank loans denominated in foreign currencies. The Chinese
government may also at its discretion restrict access in the future to foreign currencies for current account transactions. If
the foreign exchange control system prevents us from obtaining sufficient foreign currency to satisfy our currency demands, we
may not be able to pay dividends in foreign currencies to our shareholders. See &ldquo;Regulations &ndash; Regulations on Foreign
Currency Exchange and Dividend Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Fluctuation of the Renminbi could
materially affect our financial condition and results of operations. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The value of the Renminbi against the U.S.
dollar and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions.
On July 21, 2005, the Chinese government changed its decade-old policy of pegging the value of the Renminbi to the U.S. dollar.
Under the new policy, the Renminbi is permitted to fluctuate within a narrow and managed band against a basket of certain foreign
currencies. This change in policy has resulted in an appreciation of the Renminbi against the U.S. dollar. While the international
reaction to the Renminbi revaluation has generally been positive, there remains international pressure on the Chinese government
to adopt an even more flexible currency policy, which could result in a further and more rapid appreciation of the Renminbi against
the U.S. dollar. Any material revaluation of Renminbi may materially and adversely affect our cash flows, revenues, earnings and
financial position, and the value of, and any dividends payable on, our common shares in U.S. dollars. For example, an appreciation
of Renminbi against the U.S. dollar would make any new Renminbi denominated investments or expenditures more costly to us, to
the extent that we need to convert U.S. dollars into Renminbi for such purposes. See &ldquo;Exchange Rate Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Recent changes in China&rsquo;s labor
law restrict our ability to reduce our workforce in China in the event of an economic downturn and may increase our production
costs which could have a material adverse effect on our business. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To clarify certain details in connection
with the implementation of the Labor Contract Law, the China State Council promulgated the Implementing Rules for the Labor Contract
Law on September 18, 2008, which came into effect immediately. The legislation formalized workers&rsquo; rights concerning overtime
hours, pensions, layoffs, employment contracts and the role of trade unions. Among other things, this new law provides for specific
standards and procedures for the termination of an employment contract and places the burden of proof on the employer. In addition,
the law requires the payment of a statutory severance pay upon the termination of an employment contract in most cases, including
the case of the expiration of a fixed-term employment contract. Further, the law requires an employer to conclude an &ldquo;employment
contract without a fixed-term&rdquo; with any employee who either has worked for the same employer for 10 consecutive years or
more or has had two consecutive fixed-term contracts with the same employer. An &ldquo;employment contract without a fixed term&rdquo;
can no longer be terminated on the ground of the expiration of the contract, although it can still be terminated pursuant to the
standards and procedures set forth under the new law. Because of the lack of precedent for the enforcement of such a law, the
standards and procedures set forth under the law in relation to the termination of an employment contract have raised concerns
among foreign investment enterprises in China that such an &ldquo;employment contract without a fixed term&rdquo; might in fact
become a &ldquo;lifetime, permanent employment contract.&rdquo; Finally, under the new law, downsizing of either more than 20
people or more than 10% of the workforce may occur only under specified circumstances, such as a restructuring undertaken pursuant
to China&rsquo;s Enterprise Bankruptcy Law, or where a company suffers serious difficulties in production and/or business operations,
or where there has been a material change in the objective economic circumstances relied upon by the parties at the time of the
conclusion of the employment contract, thereby making the performance of such employment contract not possible. To date, there
has been very little guidance or precedent as to how such specified circumstances for downsizing will be interpreted and enforced
by the relevant Chinese authorities. All of our employees working for us exclusively within China are covered by the new law and
thus, our ability to adjust the size of our operations when necessary in periods of recession or less severe economic downturns
may be curtailed. Accordingly, if we face future periods of decline in business activity generally or adverse economic periods
specific to our business, this new law can be expected to exacerbate the adverse effect of the economic environment on our results
of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Our business benefits from certain
government subsidies and incentives. Expiration, reduction or discontinuation of, or changes to, these incentives will increase
our burden and reduce our net income, which could have a material adverse effect on our business and operations. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have received subsidies from some governmental
agencies after meeting certain conditions, such as developing certain technologies, which are chosen as annual key research and
development, or obtaining certain technological certifications. In particular, our subsidiary REIT Changjiang received RMB 4 million
in 2015 as an incentive to upgrade our current production capacity of eco-friendly construction materials to an annual output
of 1.06 million cubic meters. REIT Changjiang was subject to further research and development obligations, therefore, this incentive
was recognized as deferred income in 2015, but none in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, Beijing REIT obtained the Hi-Tech
Enterprise certificate and is entitled to a preferential income tax rate of 15% for 2015 and 2016<FONT STYLE="color: #18376A">.
</FONT>The 15% tax rate is less than the standard 25% income tax rate in China. In addition, since the products manufactured by
REIT Changjiang qualify as eco-friendly construction materials, 10% of its revenue is exempt from income tax in fiscal 2015. The
Company did not receive the similar exemption in fiscal 2016. The estimated tax savings as a result of the Company&rsquo;s tax
benefits for the years ended December 31, 2016 and 2015 amounted to $196,303 and $369,478, respectively. The local Chinese government
authorities may reduce or eliminate these incentives through new legislation at any time in the future. In the event Beijing REIT
is no longer entitled to receive this tax exemption, its applicable tax rate will increase from 15% to up to 25%, the standard
business income tax rate in China. In addition, the termination of one-time subsidies for eco-friendly construction materials
could increase the burden of manufacturing and selling these materials in the future. The reduction or discontinuation of any
of these economic incentives could negatively affect our business and operations.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Labor laws in China may adversely
affect our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">China&rsquo;s Labor Contract Law imposes
significant liabilities on employers and affects the cost of an employer&rsquo;s decision to reduce its workforce. Further, it
requires certain terminations be based upon seniority and not merit. In the event we decide to significantly change or decrease
our workforce, the Labor Contract Law could adversely affect our ability to enact such changes in a manner that is most advantageous
to our business or in a timely and cost-effective manner, thus materially and adversely affecting our financial condition and
results of operations. The Labor Contract Law also mandates that employers provide social welfare packages to all employees, increasing
our labor costs. To the extent competitors from outside China are not affected by such requirements, we could be at a comparative
disadvantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Chinese regulations relating to the
establishment of offshore special purpose companies by Chinese residents may subject our Chinese resident shareholders to personal
liability and limit our ability to inject capital into our Chinese subsidiaries, limit our subsidiaries&rsquo; ability to increase
its registered capital, distribute profits to us, or otherwise adversely affect us. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 4, 2014, China&rsquo;s SAFE issued
the Circular of the State Administration of Foreign Exchange on Issues concerning Foreign Exchange Administration over the Overseas
Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles, or Circular 37, which became
effective as of July 4, 2014. According to Circular 37, prior registration with the local SAFE branch is required for Chinese
residents to contribute domestic assets or interests to offshore companies, known as SPVs. Moreover, Circular 37 applies retroactively.
As a result, Chinese residents who have contributed domestic assets or interests to a SPV, but failed to complete foreign exchange
registration of overseas investments as required before July 4, 2014 shall send a letter to SAFE and its branches for explanation.
SAFE and its branches shall, under the principle of legality and legitimacy, conduct supplementary registration, and impose administrative
punishment on those in violation of the administrative provisions on the foreign exchange pursuant to the law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have requested our shareholders who
are Chinese residents to make the necessary applications, filings and amendments as required under Circular 37 and other related
rules. We attempt to comply, and attempt to ensure that our shareholders who are subject to these rules comply, with the relevant
requirements. However, we cannot provide any assurances that all of our shareholders who are Chinese residents will comply with
our request to make or obtain any applicable registrations or comply with other requirements required by Circular 37 or other
related rules. The failure or inability of our Chinese resident shareholders to make any required registrations or comply with
other requirements may subject such shareholders to fines and legal sanctions and may also limit our ability to contribute additional
capital into or provide loans to (including using the proceeds from this offering) Beijing REIT and REIT Ecological, limiting
both Beijing REIT and REIT Ecological&rsquo;s ability to pay dividends or otherwise distributing profits to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We may be subject to fines and legal
sanctions by SAFE or other Chinese government authorities if we or our employees who are Chinese citizens fail to comply with
Chinese regulations relating to employee stock options granted by offshore listed companies to Chinese citizens. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 15, 2012, SAFE promulgated
the Circular of the State Administration of Foreign Exchange on Issues Concerning the Administration of Foreign Exchange Used
for Domestic Individuals&rsquo; Participation in Equity Incentive Plans of Companies Listed Overseas, or Circular 7. Under Circular
7, Chinese citizens who are granted share options by an offshore listed company are required, through a qualified Chinese agent
of the offshore listed company, to register with SAFE and complete certain other procedures, including applications for foreign
exchange purchase quotas and opening special bank accounts. We and our Chinese employees who have been granted share options are
subject to Circular 7. Failure to comply with these regulations may subject us or our Chinese employees to fines and legal sanctions
imposed by SAFE or other Chinese government authorities and may prevent us from further granting options under our share incentive
plans to our employees. Such events could adversely affect our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Failure to comply with the Individual
Foreign Exchange Rules relating to the overseas direct investment or the engagement in the issuance or trading of securities overseas
by our Chinese resident stockholders may subject such stockholders to fines or other liabilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Other than Circular
37, our ability to conduct foreign exchange activities in China may be subject to the interpretation and enforcement of the Implementation
Rules of the Administrative Measures for Individual Foreign Exchange promulgated by SAFE in January 2007 (as amended and supplemented,
the &ldquo;Individual Foreign Exchange Rules&rdquo;). Under the Individual Foreign Exchange Rules, any Chinese individual seeking
to make a direct investment overseas or engage in the issuance or trading of negotiable securities or derivatives overseas must
make the appropriate registrations in accordance with SAFE provisions. Chinese individuals who fail to make such registrations
may be subject to warnings, fines or other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">We may not be
fully informed of the identities of all our beneficial owners who are Chinese residents. For example, because the investment in
or trading of our shares will happen in an overseas public or secondary market where shares are often held with brokers in brokerage
accounts, it is unlikely that we will know the identity of all of our beneficial owners who are Chinese residents. Furthermore,
we have no control over any of our future beneficial owners and we cannot assure you that such Chinese residents will be able
to complete the necessary approval and registration procedures required by the Individual Foreign Exchange Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">It is uncertain
how the Individual Foreign Exchange Rules will be interpreted or enforced and whether such interpretation or enforcement will
affect our ability to conduct foreign exchange transactions. Because of this uncertainty, we cannot be sure whether the failure
by any of our Chinese resident stockholders to make the required registration will subject our subsidiaries to fines or legal
sanctions on their operations, delay or restriction on repatriation of proceeds of this offering into the China, restriction on
remittance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">of dividends or other punitive actions
that would have a material adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Changes in China&rsquo;s political
and economic policies could harm our business. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Substantially all of our business operations
are conducted in China. Accordingly, our results of operations, financial condition and prospects are subject to economic, political
and legal developments in China. China&rsquo;s economy differs from the economies of most developed countries in many respects,
including with respect to the amount of government involvement, level of development, growth rate, control of foreign exchange
and allocation of resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chinese economy has historically been
a planned economy subject to governmental plans and quotas and has, in certain aspects, been transitioning to a more market-oriented
economy. Although we believe that the economic reform and the macroeconomic measures adopted by the Chinese government have had
a positive effect on the economic development China, we cannot predict the future direction of these economic reforms or the effects
these measures may have on our business, financial position or results of operations. In addition, the Chinese economy differs
from the economies of most countries belonging to the Organization for Economic Cooperation and Development (&ldquo;OECD&rdquo;).
These differences include, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>economic
                                         structure;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>level
                                         of government involvement in the economy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>level
                                         of development;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>level
                                         of capital reinvestment;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>control
                                         of foreign exchange;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>methods
                                         of allocating resources; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>balance
                                         of payments position.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of these differences, our business may not develop
in the same way or at the same rate as might be expected if the Chinese economy were similar to those of the OECD member countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since 1979, the Chinese government has
promulgated many new laws and regulations covering general economic matters. Despite these efforts to develop a legal system,
China&rsquo;s system of laws is not yet complete. Even where adequate law exists in China, enforcement of existing laws or contracts
based on existing law may be uncertain or sporadic, and it may be difficult to obtain swift and equitable enforcement or to obtain
enforcement of a judgment by a court of another jurisdiction. The relative inexperience of China&rsquo;s judiciary, in many cases,
creates additional uncertainty as to the outcome of any lawsuit. In addition, interpretation of statutes and regulations may be
subject to government policies reflecting domestic political changes. Our activities in China will also be subject to administration
review and approval by various national and local agencies of the Chinese government. Because of the changes occurring in China&rsquo;s
legal and regulatory structure, we may not be able to secure the requisite governmental approval for our activities. Although
we have obtained all required governmental approvals to operate our business as currently conducted, to the extent we are unable
to obtain or maintain required governmental approvals, the Chinese government may, in its sole discretion, prohibit us from conducting
our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>If relations between the United States
and China worsen, our share price may decrease and we may have difficulty accessing U.S. capital markets. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At various times during recent years, the
United States and China have had disagreements over political and economic issues. Controversies may arise in the future between
these two countries. Any political or trade controversy between the United States and China could adversely affect the market
price of our common shares and our ability to access U.S. capital markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>The Chinese government could change
its policies toward private enterprise or even nationalize or expropriate private enterprises, which could result in the total
loss of our investment in that country. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is subject to political and
economic uncertainties and may be adversely affected by political, economic and social developments in China. Over the past several
years, the Chinese government has pursued economic reform policies including the encouragement of private economic activity and
greater economic decentralization. The Chinese government may not continue to pursue these policies or may alter them to our detriment
from time to time with little, if any, prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Changes in policies, laws and regulations
or in their interpretation or the imposition of confiscatory taxation, restrictions on currency conversion, restrictions or prohibitions
on dividend payments to shareholders, devaluations of currency or the nationalization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or other expropriation of private enterprises could have a
material adverse effect on our business. Nationalization or expropriation could even result in the total loss of our investment
in China and in the total loss of any investment in us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Because our operations are substantially
located in China, information about our operations is not readily available from independent third-party sources. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Because the China Operating Companies
are based in China and REIT India will be based in India, our shareholders may have greater difficulty in obtaining information
about them on a timely basis than would shareholders of a U.S.-based company. The majority of our operations will continue to
be conducted in China and shareholders may have difficulty in obtaining information about from sources other than the companies
themselves. Information available from newspapers, trade journals, or local, regional or national regulatory agencies such as
issuance of construction permits and contract awards for development projects will not be readily available to shareholders and,
where available, will likely be available only in Chinese. Shareholders will be dependent upon management for reports of their
progress, development, activities and expenditure of proceeds.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Chinese economic growth slowdown
may cause negative effect to our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Since 2010, the annual growth rate of
the Chinese economy has declined, from approximately 10.3% gross domestic product in 2010 to 6.7% in 2016. This situation has
impacted many types of service industries, such as restaurant and tourism, and some manufacturing industries. Our business operations
in China rely primarily on the construction industry, which is influenced by economic growth slowdowns. If China&rsquo;s economic
growth continues to slow down, then our business could be materially adversely affected if such slow down results in reduced activity
by the construction industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Associated with this Offering and Ownership of Our
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We are an &ldquo;emerging growth
company,&rdquo; and we cannot be certain if choosing to elect the reduced reporting requirements applicable to emerging growth
companies will make our common shares less attractive to investors. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an &ldquo;emerging growth company,&rdquo;
as defined in the Jumpstart Our Business Startups Act, or the JOBS Act. For as long as we continue to be an emerging growth company,
we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are
not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404
of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements
and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval
of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years, although
we could lose that status sooner if our revenues exceed $1 billion, if we issue more than $1 billion in non-convertible debt in
a three year period, or if the market value of our common shares held by non-affiliates exceeds $700 million as of any June 30
before that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict
if investors will find our common shares less attractive because we may rely on these exemptions. If some investors find our common
shares less attractive as a result, there may be a less active trading market for our common shares and our stock price may be
more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the JOBS Act, emerging growth companies
can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We
have irrevocably elected not to avail our Company of this exemption from new or revised accounting standards and, therefore, will
be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>If we are unable to implement and
maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and
completeness of our financial reports and the market price of our common shares may decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a public company, we will be required
to maintain internal control over financial reporting and to report any material weaknesses in such internal control. In addition,
beginning with our 2017 annual report on Form 20-F to be filed in 2018, we will be required to furnish a report by management
on the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We are
in the process of designing, implementing, and testing the internal control over financial reporting required to comply with this
obligation, which process is time consuming, costly, and complicated. In addition, our independent registered public accounting
firm will be required to attest to the effectiveness of our internal control over financial reporting beginning with our annual
report on Form 20-F following the date on which we are no longer an &ldquo;emerging growth company,&rdquo; which may be up to
five full years following the date of this offering. If we identify material weaknesses in our internal control over financial
reporting, if we are unable to comply with the requirements of Section 404 in a timely manner or assert that our internal control
over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion
as to the effectiveness of our internal control over financial reporting when required, investors may lose confidence in the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">accuracy and completeness of our financial reports and the
market price of our common shares could be negatively affected, and we could become subject to investigations by the stock exchange
on which our securities are listed, the Securities and Exchange Commission, or the SEC, or other regulatory authorities, which
could require additional financial and management resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>There may not be an active, liquid
trading market for our common shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to this offering, there has been
no public market for our common shares. An active trading market for our common shares may not develop or be sustained following
this offering. You may not be able to sell your shares at the market price, if at all, if trading in our shares is not active.
The initial public offering price was determined by negotiations between us and the underwriters based on a number of factors.
The initial public offering price may not be indicative of prices that will prevail in the trading market.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>The market price of our common shares
may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public
offering price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial public offering price for our
common shares will be determined through negotiations between the underwriters and us and may vary from the market price of our
common shares following our initial public offering. If you purchase our common shares in our initial public offering, you may
not be able to resell those shares at or above the initial public offering price. We cannot assure you that the initial public
offering price of our common shares, or the market price following our initial public offering, will equal or exceed prices in
privately negotiated transactions of our shares that have occurred from time to time prior to our initial public offering. The
market price of our common shares may fluctuate significantly in response to numerous factors, many of which are beyond our control,
including:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>actual
                                         or anticipated fluctuations in our quarterly operating results;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>the
                                         financial projections we may provide to the public, any changes in these projections
                                         or our failure to meet these projections;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>actions
                                         of securities analysts who initiate or maintain coverage of us, changes in financial
                                         estimates by any securities analysts who follow our Company, or our failure to meet these
                                         estimates or the expectations of investors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>announcements
                                         by us or our competitors of significant products or features, technical innovations,
                                         acquisitions, strategic partnerships, joint ventures, or capital commitments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>price
                                         and volume fluctuations in the overall stock market, including as a result of trends
                                         in the economy as a whole;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>lawsuits
                                         threatened or filed against us; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>other
                                         events or factors, including those resulting from war or incidents of terrorism, or responses
                                         to these events.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the securities markets have
from time to time experienced price and volume fluctuations that are not related to the operating performance of particular companies.
As a result, to the extent shareholders sell our shares in a negative market fluctuation, they may not receive a price per share
that is based solely upon our business performance. We cannot guarantee that shareholders will not lose some or all of their investment
in our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>If a limited number of participants
in this offering purchase a significant percentage of the offering, the effective public float may be smaller than anticipated
and the price of our common shares may be volatile which could subject us to securities litigation and make it more difficult
for you to sell your shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a company conducting a relatively small
public offering, we are subject to the risk that a small number of investors will purchase a high percentage of the offering.
While the underwriters are required to sell shares in this offering to at least 300 round lot shareholders (a round lot shareholder
is a shareholder who purchases at least 100 shares) in order to ensure that we meet NASDAQ Capital Market initial listing standards,
we have not otherwise imposed any obligations on the underwriters as to the maximum number of shares they may place with individual
investors. If, in the course of marketing the offering, the underwriters were to determine that demand for our shares was concentrated
in a limited number of investors and such investors determined to hold their shares after the offering rather than trade them
in the market, other shareholders could find the trading and price of our shares affected (positively or negatively) by the limited
availability of our shares. If this were to happen, investors could find our shares to be more volatile than they might otherwise
anticipate. Companies that experience such volatility in their stock price may be more likely to be the subject of securities
litigation. In addition, if a large portion of our public float were to be held by a few investors, smaller investors may find
it more difficult to sell their shares.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>If we are unable to comply with certain
conditions, our common shares may not trade on the NASDAQ Capital Market.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have applied to list our common shares
on the NASDAQ Capital Market, which provides that we pay the balance of our entry fee and show that we satisfy NASDAQ&rsquo;s
initial listing requirements. If we are unable to meet these final conditions our shares may not trade on the NASDAQ Capital Market.
Even when we receive conditional approval to have our shares trade on the NASDAQ Capital Market, investors should be aware that
they will be required to commit their investment funds before we provide NASDAQ with confirmation that we have met the final conditions.
However, investor funds will be held in escrow with Signature Bank and we will not close this offering unless we meet the listing
conditions. In addition, we have relied on an exemption to the blue sky registration requirements afforded to &ldquo;covered securities&rdquo;.
Securities listed on the NASDAQ Capital Market are &ldquo;covered securities.&rdquo; If we were unable to meet the NASDAQ conditions
for listing, then we would be unable to rely on the covered securities exemption to blue sky registration requirements and we
would need to register the offering in each state in which we planned to sell shares. Consequently, we will not complete this
offering until we have met the required listing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>If we are listed on the NASDAQ Capital
Market and our financial condition deteriorates, we may not meet continued listing standards on the NASDAQ Capital Market. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The NASDAQ Capital Market also requires
companies to fulfill specific requirements in order for their shares to continue to be listed. In order to qualify for continued
listing on the NASDAQ Capital Market, we must meet the following criteria:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
                                         shareholders&rsquo; equity must be at least $2,500,000; or the market value of our listed
                                         securities must be at least $35,000,000; or our net income from continuing operations
                                         in our last fiscal year (or two of the last three fiscal years) must have been at least
                                         $500,000;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-style: normal">The
                                         market value of our publically held shares must be at least $1,000,000; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-style: normal">The
                                         minimum bid price for our shares must be at least $1.00 per share; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-style: normal">We
                                         must have at least 300 shareholders; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-style: normal">We
                                         must have at least 500,000 publically held shares; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-style: normal">We
                                         must have at least 2 market makers; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal">&#9679;</FONT></TD><TD><FONT STYLE="font-style: normal">We
                                         must have adopted NASDAQ-mandated corporate governance measures, including a board of
                                         directors comprised of a majority of independent directors, an Audit Committee comprised
                                         solely of independent directors and the adoption of a code of ethics among other items.
                                         </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If our shares are listed on the NASDAQ
Capital Market but are delisted from the NASDAQ Capital Market at some later date, our shareholders could find it difficult to
sell our shares. In addition, if our common shares are delisted from the NASDAQ Capital Market at some later date, we may apply
to have our common shares quoted on the Bulletin Board or in the &ldquo;pink sheets&rdquo; maintained by the National Quotation
Bureau, Inc. The Bulletin Board and the &ldquo;pink sheets&rdquo; are generally considered to be less efficient markets than the
NASDAQ Capital Market. In addition, if our common shares are not so listed or are delisted at some later date, our common shares
may be subject to the &ldquo;penny stock&rdquo; regulations. These rules impose additional sales practice requirements on broker-dealers
that sell low-priced securities to persons other than established customers and institutional accredited investors and require
the delivery of a disclosure schedule explaining the nature and risks of the penny stock market. As a result, the ability or willingness
of broker-dealers to sell or make a market in our common shares might decline. If our common shares are not so listed or are delisted
from the NASDAQ Capital Market at some later date or become subject to the penny stock regulations, it is likely that the price
of our shares would decline and that our shareholders would find it difficult to sell their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We will incur increased costs as
a result of being a public company, which could have a material adverse effect on our profitability. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a public company, we will incur legal,
accounting and other expenses that we did not incur as a private company. For example, we must now engage U.S. securities law
counsel and U.S. GAAP auditors that we did not need prior to this offering, and we will have annual payments for listing on a
stock exchange, if we are so listed. In addition, the Sarbanes-Oxley Act, as well as new</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">rules subsequently implemented by the SEC and NASDAQ, has required
changes in corporate governance practices of public companies. We expect these new rules and regulations to increase our legal,
accounting and financial compliance costs and to make certain corporate activities more time-consuming and costly. In addition,
we will incur additional costs associated with our public company reporting requirements. While it is impossible to determine
the amounts of such expenses in advance, we expect that we will incur expenses of between $500,000 and $1,000,000 per year that
we did not experience prior to commencement of this offering. Added costs of this nature will naturally reduce our profitability
and could have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>The requirements of being a public
company may strain our resources and divert management&rsquo;s attention, which could have a material adverse effect on our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a public company, we will be subject
to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act,
the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules
and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will nonetheless
increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase
demand on our systems and resources, particularly after we are no longer an &ldquo;emerging growth company.&rdquo; The Exchange
Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of disclosure of information
in this prospectus and in filings required of a public company, our business and financial condition will become more visible,
which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims
are successful, our business and operating results could be harmed, and even if the claims do not result in litigation or are
resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management
and adversely affect our business, brand and reputation and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We also expect
that being a public company and these new rules and regulations will make it more expensive for us to obtain director and officer
liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage.
These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly
to serve on our audit committee and compensation committee, and qualified executive officers</FONT><FONT STYLE="font-size: 12pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>The obligation to disclose information
publicly may put us at a disadvantage to competitors that are private companies which could have an adverse effect on our results
of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon completion of this offering, we will
be a reporting company in the United States. As a reporting company, we will be required to file periodic reports with the Securities
and Exchange Commission upon the occurrence of matters that are material to our Company and shareholders. In some cases, we will
need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a
private company. Our competitors may have access to this information, which would otherwise be confidential. This may give them
advantages in competing with our Company. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws that our
competitors, which are mostly private Chinese companies, are not required to follow. To the extent compliance with U.S. laws increases
our expenses or decreases our competitiveness against such companies, our public listing could affect our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Our classified board structure may
prevent a change in control of our Company. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors is divided into
three classes of directors. Directors of the first class hold office for a term expiring at the next annual meeting of shareholders,
directors of the second class hold office for a term expiring at the second succeeding annual meeting of shareholders and directors
of the third class hold office for a term expiring as the third succeeding annual meeting shareholders. Directors of each class
are chosen for three-year terms upon the expiration of their current terms. The staggered terms of our directors may reduce the
possibility of a tender offer or an attempt at a change in control, even though a tender offer or change in control might be in
the best interest of our shareholders. See &ldquo;Management &ndash; Board of Directors and Board Committees.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Shares eligible for future sale may
adversely affect the market price of our common shares, as the future sale of a substantial amount of outstanding common shares
in the public marketplace could cause the price of our common shares to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market price of our shares could
decline as a result of sales of substantial amounts of our shares in the public market, or the perception that these sales could
occur. In addition, these factors could make it more difficult for us to raise funds through future offerings of our common shares.
An aggregate of 18,640,000 were outstanding as of the date of this filing, and after giving effect to this offering, 22,340,000
shares will be outstanding immediately after this offering <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(including
900,000 shares in escrow as of May 31, 2017 issued to pre-IPO investors for total consideration of $3.6 million). All of the shares
sold in the offering, including any shares sold upon exercise of the underwriters&rsquo; option to purchase additional common
shares, will be freely transferable without restriction or further registration under the Securities Act. The remaining shares
will be &ldquo;restricted securities&rdquo; as defined in Rule 144. These shares may be sold in the future without registration
under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act. See &ldquo;Shares Eligible
for Future Sale.&rdquo;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>You will experience immediate and
substantial dilution as a result of sales of shares under this offering. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The assumed initial public offering price
of $5.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
substantially higher than the pro forma net tangible book value per share of our common shares. If you purchase shares in this
offering, you will incur immediate dilution of approximately 68.3% or approximately $3.42 in the pro forma net tangible book value
per share from the price per share that you pay for the shares, based on the assumed initial public offering price of $5.00 per
share and 2,800,000 shares to be offered in this offering. Accordingly, if you purchase shares in this offering, you will incur
immediate and substantial dilution of your investment. See &ldquo;Dilution.&rdquo;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We have not finally determined the
uses of the proceeds from this offering, and we may use the proceeds in ways with which you may not agree. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While we have identified the priorities
to which we expect to put the proceeds of this offering, our management will have considerable discretion in the application of
the net proceeds received by us. In addition, in the event we are unable to purchase the equipment or the assembly line required
for production, we have reserved the right to re-allocate funds currently allocated to that purpose to our general working capital.
If that were to happen, then our management would have discretion over even more of the net proceeds to be received by our company
in this offering. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being
used appropriately. You must rely on the judgment of our management regarding the application of the net proceeds of this offering.
The net proceeds may be used for corporate purposes that do not improve our efforts to achieve profitability or increase our stock
price. The net proceeds from this offering may be placed in investments that do not produce profit or increase value. See &ldquo;Use
of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>$500,000 from the proceeds of this
offering will be placed in escrow for two years from the date of this offering for the purpose of indemnifying the underwriters
and may not be used during the two years, or potentially at all, for further developing our business which could adversely impact
our earnings and cash flows.</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">We have entered into an indemnity escrow agreement,
whereby, we have agreed to place $500,000 from the proceeds of this offering into an escrow account in the United States for a
period of two years following this offering for the purpose of satisfying an initial $500,000 in bona fide indemnity claims of
the underwriters. Accordingly, we will not be able to use $500,000 from the proceeds of this offering to develop our business
operations for two years, or at all, if we are required to indemnify the underwriters, which could adversely impact our earnings
and cash flows, thereby having an adverse effect on our financial condition, results of operations, and per share trading price
of our common shares.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>The $500,000 of indemnity funds will
be placed in a non-interest bearing escrow account and we are free to invest the $500,000 in securities with certain limitations,
which may result in a loss of investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the terms of the indemnity
escrow agreement, the $500,000 will be placed in a non-interest bearing account; in addition, we are free to invest the escrowed
indemnity funds in securities under certain limitations. Investments in securities carry the risk of the loss of capital. Depending
upon the investment strategies employed and market conditions, the investment of the escrowed indemnity funds in securities may
be adversely affected by unforeseen events involving such matters as political crises, changes in interest rates and forced redemptions
of securities. Further, no guarantee or representation can be made that our investment strategy will be successful. Accordingly,
we may lose all or some of our investment of the $500,000 and be unable to use a portion, or all of the escrowed indemnity funds,
on our business, which will adversely impact our financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Our employees, officers and/or directors
will control a sizeable amount of our common shares, limiting your influence on shareholder decisions. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the conclusion of this offering, our
employees, officers and/or directors will, in the aggregate, beneficially own approximately 40% of our outstanding shares, based
on the number of shares held by them as of December 31, 2016. As a result, our employees, officers and directors will possess
substantial ability to impact our management and affairs and the outcome of matters submitted to shareholders for approval. These
shareholders, acting individually or as a group, could exert substantial influence over matters such as electing directors and
approving mergers or other business combination transactions. This concentration of ownership and voting power may also discourage,
delay or prevent a change in control of our Company, which could deprive our shareholders of an opportunity to receive a premium
for their shares as part of a sale of our Company and might reduce the price of our common shares. These actions may be taken
even if they are opposed by our other shareholders, including those who purchase shares in this offering. See &ldquo;Principal
Stockholders.&rdquo;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>As the rights of stockholders under
British Virgin Islands law differ from those under U.S. law, you may have fewer protections as a shareholder</I>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our corporate affairs will be governed
by our Amended and Restated Memorandum and Articles of Association, the British Virgin Islands Business Companies Act, 2004 (the
&ldquo;BVI Act&rdquo;), and the common law of the British Virgin Islands. The rights of shareholders to take legal action against
our directors, actions by minority stockholders and the fiduciary responsibilities of our directors under British Virgin Islands
law are to a large extent governed by the common law of the British Virgin Islands and by the BVI Act. The common law of the British
Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from
English common law, which has persuasive, but not binding, authority on a court in the British Virgin Islands. The rights of our
shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are not as clearly established
as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular, the British
Virgin Islands has a less developed body of securities laws as compared to the United States, and some states (such as Delaware)
have more fully developed and judicially interpreted bodies of corporate law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of all of the above, holders
of our shares may have more difficulty protecting their interests through actions against our management, directors or major shareholders
than they would as shareholders of a U.S. company. For a discussion of material differences between the provisions of the BVI
Act and the laws applicable to companies incorporated in the United States and their shareholders, see &ldquo;Description of Share
Capital &ndash; Differences in Corporate Law.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>British Virgin Islands companies
may not be able to initiate shareholder derivative actions in a federal court of the United States and may have to proceed with
such action in the British Virgin Islands, thereby limiting shareholders&rsquo; ability to protect their interests</I>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">British Virgin Islands companies may not
have standing to initiate a shareholder derivative action in a federal court of the United States and may have to proceed with
such action in the British Virgin Islands. The circumstances in which any such action may be brought, and the procedures and defenses
that may be available with respect to any such action, may result in the rights of shareholders of a British Virgin Islands company
being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may have
fewer alternatives available to them if they believe that corporate wrongdoing has occurred. The British Virgin Islands courts
are also unlikely to recognize or enforce against us judgments of courts in the United States based on certain liability provisions
of U.S. securities law; and to impose liabilities against us, in original actions brought in the British Virgin Islands, based
on certain liability provisions of U.S. securities laws that are penal in nature. There is no statutory recognition in the British
Virgin Islands of judgments obtained in the United States, although the courts of the British Virgin Islands will generally recognize
and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. This means that
even if shareholders were to sue us successfully, they may not be able to recover anything to make up for the losses suffered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>The laws of the British Virgin Islands
provide little protection for minority shareholders, so minority shareholders will have little or no recourse if the shareholders
are dissatisfied with the conduct of our affairs</I>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the law of the British Virgin Islands,
there is little statutory law for the protection of minority shareholders other than the provisions of the BVI Act dealing with
shareholder remedies. The principal protection under statutory law is that shareholders may bring an action to enforce the constituent
documents of the corporation, in our case, our Memorandum and Articles of Association. Shareholders are entitled to have the affairs
of the company conducted in accordance with the general law and the Memorandum and Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are common law rights for the protection
of shareholders that may be invoked, largely dependent on English company law, since the common law of the British Virgin Islands
for business companies is limited. Under the general rule pursuant to English company law known as the rule in <U>Foss v. Harbottle</U>,
a court will generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders
who express dissatisfaction with the conduct of the company&rsquo;s affairs by the majority or the board of directors. However,
every shareholder is entitled to have the affairs of the company conducted properly according to law and the constituent documents
of the corporation. As such, if those who control the company have persistently disregarded the requirements of company law or
the provisions of the company&rsquo;s Memorandum and Articles of Association, then the courts will grant relief. Generally, the
areas in which the courts will intervene are the following: (1) an act complained of which is outside the scope of the authorized
business or is illegal or not capable of ratification by the majority; (2) acts that constitute fraud on the minority where the
wrongdoers control the company; (3) acts that infringe on the personal rights of the shareholders, such as the right to vote;
and (4) where the company has not complied with provisions requiring approval of a special or extraordinary majority of shareholders,
which are more limited than the rights afforded minority shareholders under the laws of many states in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We are a &ldquo;foreign private issuer,&rdquo;
and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the
same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more
difficult for you to evaluate our performance and prospects. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a foreign private issuer and, as
a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to
reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies.
For example, we will not be required to issue quarterly reports or proxy statements and we do not intend to file quarterly reports.
We will not be required to disclose detailed individual executive compensation information and we do not intend to disclose detailed
executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings
under Section 16 of the Exchange Act and will not be subject to the insider short-swing profit disclosure and recovery regime
and we do not intend to file Section 16 reports for officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a foreign private issuer, we will also
be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of
investors are not privy to specific information about an issuer before other investors. However, we do plan to disclose material
information to all investors at this time<I>. </I>In addition, we will still be subject to the anti-fraud and anti-manipulation
rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign
private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information
about us and at the same time as the information provided by U.S. domestic reporting companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a003_v1"></A>FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have made statements in this prospectus,
including under &ldquo;Prospectus Summary,&rdquo; &ldquo;Risk Factors,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations,&rdquo; &ldquo;Our Business&rdquo; and elsewhere that constitute forward-looking
statements. Forward-looking statements involve risks and uncertainties, such as statements about our plans, objectives, expectations,
assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as &ldquo;anticipate,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;continuing,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;expect,&rdquo;
&ldquo;we believe,&rdquo; &ldquo;we intend,&rdquo; &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;could&rdquo;
and similar expressions denoting uncertainty or an action that may, will or is expected to occur in the future. These statements
involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ
materially from any future results, performances or achievements expressed or implied by the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Examples of forward-looking statements
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>the
                                         timing of the development of future business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>projections
                                         of revenue, earnings, capital structure and other financial items;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>statements
                                         regarding the capabilities of our business operations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>statements
                                         of expected future economic performance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>statements
                                         regarding competition in our market; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>assumptions
                                         underlying statements regarding us or our business.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ultimate correctness of these forward-looking
statements depends upon a number of known and unknown risks and events. We discuss our known material risks under the heading
&ldquo;Risk Factors&rdquo; above. Many factors could cause our actual results to differ materially from those expressed or implied
in our forward-looking statements. Consequently, you should not place undue reliance on these forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The forward-looking statements speak only
as of the date on which they are made, and, except as required by law, we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated
events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we cannot assess the impact
of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a004_v1"></A>USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After deducting the underwriting
discounts and commissions and estimated expenses of this offering payable by us, we expect net proceeds from this offering of
approximately $11.9 million (or $13.8 million if the underwriters&rsquo; option to purchase additional common shares from us is
exercised in full), based on an assumed initial public offering price of $5.00 per share, the midpoint of the estimated price
range set forth on the cover page of this prospectus. The net proceeds from this offering must be remitted to China before we
will be able to use the funds to grow our business. The procedure to remit funds may take several months after completion of this
offering, and we will be unable to use the offering proceeds in China until remittance is completed. See &ldquo;Risk Factors &ndash;
We must remit the offering proceeds to China before they may be used to benefit our business in China, and this process may take
a number of months.&rdquo;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to use the net proceeds of this
offering as follows after we complete the remittance process:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85.65pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 18pt; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approximately
    $5.0 million for working capital of Beijing REIT and REIT Changjiang for the purchase of raw materials, marketing and research
    and development;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85.65pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 18pt; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approximately
    $3.5 million for acquisitions of other complimentary businesses, in the area of production of eco-friendly construction materials
    similar to REIT Changjiang or REIT Xinyi. However, we have no current understandings, agreements or commitments for any specific
    material acquisitions at this time;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85.65pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 18pt; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approximately
    $2.9 million for the new plant construction for REIT Xinyi;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85.65pt; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 18pt; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%">approximately
    $500,000 in escrow for indemnity claims of the underwriters, which sum could be returned to us after two years from the date
    of this offering; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85.65pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 18pt; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    balance for additional working capital.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The precise amounts and percentage of proceeds
we devote to particular categories of activity, and their priority of use, will depend on prevailing market and business conditions
as well as on the nature of particular opportunities that may arise from time to time. Accordingly, we reserve the right to change
the use of proceeds that we presently anticipate and describe herein. Pending remitting the offering proceeds to China, we intend
to invest our net proceeds in short-term, interest bearing, and investment-grade obligations. These investments may have a material
adverse effect on the U.S. federal income tax consequences of an investment in our common shares. It is possible that we may become
a passive foreign investment company for U.S. federal income taxpayers, which could result in negative tax consequences to you.
These consequences are discussed in more detail in &ldquo;Material Tax Matters Applicable to U.S. Holders of Our Common Shares.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification Escrow Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">We have agreed with the underwriters to establish
an escrow account in the United States and to fund such account with $500,000 from this offering that may be utilized by the underwriters
to fund any bona fide indemnification claims of the underwriters arising during a two-year period following the offering. The
escrow account will not be interest bearing, and we will be free to invest the assets in certain securities during the two-year
period. All funds that are not subject to an indemnification claim will be returned to us after the two-year period expires.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a005_v1"></A>DIVIDEND POLICY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have never declared or paid any cash
dividends on our common shares. We anticipate that we will retain any earnings to support operations and to finance the growth
and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future. Any future determination
relating to our dividend policy will be made at the discretion of our board of directors and will depend on a number of factors,
including future earnings, capital requirements, financial conditions and future prospects and other factors the board of directors
may deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under British Virgin Islands law, we may
only pay dividends from surplus (the excess, if any, at the time of the determination of the total assets of our company over
the sum of our liabilities, as shown in our books of account, plus our capital), and we must be solvent before and after the dividend
payment in the sense that we will be able to satisfy our liabilities as they become due in the ordinary course of business; and
the realizable value of assets of our company will not be less than the sum of our total liabilities, other than deferred taxes
as shown on our books of account, and our capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we determine to pay dividends on any
of our common shares in the future, as a holding company, we will be dependent on receipt of funds from Beijing REIT and REIT
Ecological. Current Chinese regulations permit our China Operating Companies to pay dividends to REIT Holdings only out of their
accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. Further, as of May 2017,
two loans governing part of the current debts incurred by Beijing REIT and REIT Changjiang have restrictions on their abilities
to pay dividends, and any future financing arrangements may impose such restrictions as well. In addition, each of our subsidiaries
in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such
reserve reaches 50% of its registered capital. Our China Operating Companies are also required to further set aside a portion
of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the
discretion of its board of directors. Although the statutory reserves can be used, among other ways, to increase the registered
capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable
as cash dividends except in the event of liquidation. Our subsidiaries in China are required to set aside statutory reserves and
have done so.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, pursuant to the China Enterprise
Income Tax Law (&ldquo;EIT Law&rdquo;) and its implementation rules, dividends generated after January 1, 2008 and distributed
to us by Beijing REIT and REIT Ecological are subject to withholding tax at a rate of 10% unless otherwise exempted or reduced
according to treaties or arrangements between the Chinese central government and governments of other countries or regions where
the non-Chinese-resident enterprises are incorporated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under existing Chinese foreign exchange
regulations, payments of current account items, including profit distributions, interest payments and trade and service-related
foreign exchange transactions, can be made in foreign currencies without prior approval of the State Administration of Foreign
Exchange, or SAFE, by complying with certain procedural requirements. Specifically, under the existing exchange restrictions,
without prior approval of SAFE, cash generated from the operations in China may be used to pay dividends to our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>




<P STYLE="margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a006_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXCHANGE
RATE INFORMATION</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">Our business is conducted in China, and the
financial records of the China Operating Companies are maintained in RMB, their functional currency. However, we use the U.S.
dollar as our reporting currency; therefore, periodic reports made to shareholders will include current period amounts translated
into U.S. dollars using the then-current exchange rates. Our financial statements have been translated into U.S. dollars in accordance
with Accounting Standards Codification (&ldquo;ASC&rdquo;) 830-10, &ldquo;Foreign Currency Matters.&rdquo; We have translated
our asset and liability accounts using the exchange rate in effect at the balance sheet date. We translated our statements of
income using the average exchange rate for the period. We reported the resulting translation adjustments under other comprehensive
income. The consolidated balance sheet amounts, with the exception of equity at December 31, 2016 and 2015 were translated at
RMB 6.9448 and RMB 6.4917 to $1.00, respectively. The equity accounts were stated at their historical rates. The average translation
rates applied to consolidated statements of income and cash flows for the years ended December 31, 2016 and 2015 were RMB 6.6441
and RMB 6.2288 to $1.00, respectively.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">We make no representation that any RMB
or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any
particular rate, or at all. The Chinese government imposes control over its foreign currency reserves in part through direct
regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade. On August 3, 2017, the
Forex exchange rate was RMB 6.7225 to $1.00. We do not currently engage in currency hedging transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information concerning exchange rates between the RMB and the U.S. dollar for the periods indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forex
Exchange Rate </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information concerning exchange rates between the RMB and the U.S. dollar for the periods indicated.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(RMB&nbsp;per&nbsp;U.S.&nbsp;Dollar)</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Period&nbsp;End</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Average
                                         (1)</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 68%">2012</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 12%">6.3090</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 12%">6.3115</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">2013</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6.1090</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6.1938</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">2014</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6.1484</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6.1458</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">2015</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6.4917</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6.2288</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">2016</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6.9448</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">6.6441</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><B>(RMB&nbsp;per&nbsp;U.S.&nbsp;Dollar)</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><B>Period&nbsp;High</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><B>Period&nbsp;Low</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 69%"><B>February 2017</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 12%"><B>6.8842</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 13%"><B>6.8541</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>March 2017</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>6.9155</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>6.8681</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>April 2017</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>6.9087</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>6.8451</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>May 2017</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>6.8098</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>6.9060</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>June 2017</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>6.8382</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;6.7768</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">July 2017 </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><B>6.8045</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>6.7247</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="margin: 0pt 0">August 2017 (through August 4)</P>


</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>6.7247</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>6.7191</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
                                         averages were calculated by using the average of the midpoint exchange rate of each day
                                         during the relevant year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">The
following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this
report:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Year-end spot rate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">US$1=RMB&nbsp;6.9448</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">US$1=RMB&nbsp;6.4917</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">US$1=RMB 6.6441</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">US$1=RMB 6.2288</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a007_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAPITALIZATION</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table sets forth our capitalization as of May 31, 2017 on an actual basis and on a pro forma basis giving effect to
the sale of 2,800,000 shares at an assumed initial public offering price of $5.00 per share, the midpoint of the estimated price
range set forth on the cover page of this prospectus, and to reflect the application of the proceeds after deducting the underwriting
discounts and commissions and estimated offering expenses payable by us.</FONT></P>





<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should read this table in conjunction
with our financial statements and related notes appearing elsewhere in this prospectus and &ldquo;Use of Proceeds&rdquo; and &ldquo;Description
of Share Capital.&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pre-
and Post-Offering Capitalization</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">May 31, 2017</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Actual
    </B>&nbsp; &nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pro
    Forma<SUP>(1)</SUP>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Long
    term bank loans, including current portion</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">9,244,549</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">9,244,549</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Common shares, $0.001 par value;
    200,000,000 shares authorized; 18,640,000 shares issued and outstanding as of May&nbsp;31, 2017, actual; 22,340,000 shares
    issued and outstanding, pro forma</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">18,640</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">22,340</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Additional
    paid-in capital</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">23,741,828</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">39,208,128</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Statutory
    reserve</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,475,799</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,475,799</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Accumulated
    earnings</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,128,808</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,128,808</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accumulated
    other comprehensive loss</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,323,556</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,323,556</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Total RETO
    Eco Solutions, Inc. stockholders&rsquo; equity</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">27,041,519</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">42,511,519</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Noncontrolling
    interest</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">5,955,477</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">5,955,477</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total
    stockholders&rsquo; equity</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">32,996,996</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">48,466,996</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total
    capitalization</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">42,241,545</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">57,711,545</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; line-height: 107%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><SUP>(1)</SUP></FONT></TD>
    <TD><P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0">Pro forma additional paid in capital reflects
        the net proceeds we expect to receive, after deducting the underwriting discounts and commissions and other expenses payable
        by us. We expect to receive net proceeds of approximately $11,870,000, after deducting the underwriting discounts and
        commissions and estimated offering expenses, at the assumed initial public offering price of $5.00, the midpoint of the
        estimated price range set forth on the cover page of this prospectus, calculated as follows: $14,000,000 gross offering
        proceeds, less underwriting discounts and commissions of $1,120,000, estimated offering expenses of $800,000, and a non-accountable
        expense allowance of $210,000. In addition, Pro forma adjustment also includes the impact from the issuance of 900,000
        shares in escrow as of May&nbsp;31, 2017 to pre-IPO investors for total consideration of $3.6 million.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in">If the underwriters&rsquo; option to purchase additional common shares from us were
exercised in full, pro forma (i) common shares would be 22,760,000 shares, (ii) additional paid-in capital would be $41,108,208,
(iii) total stockholders&rsquo; equity would be $50,367,496 and (iv) total capitalization would be $59,612,045.</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: -24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a008_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DILUTION</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you invest in our common shares, your
interest will be diluted to the extent of the difference between the initial public offering price per common share and the pro
forma net tangible book value per common share after the offering. Dilution results from the fact that the per common share offering
price is substantially in excess of the book value per common share attributable to the existing shareholders for our presently
outstanding common shares. Our net tangible book value attributable to shareholders (including 900,000 shares in escrow as of
May 31, 2017 issued to pre-IPO investors for total consideration of $3.6 million) at May 31, 2017 was $23,510,016 or approximately
$1.20 per common share. Net tangible book value per common share as of May 31, 2017 represents the amount of total tangible assets
less goodwill, acquired intangible assets, total liabilities and non-controlling interest, divided by the number of common shares
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
completion of this offering, our post offering pro forma net tangible book value, which gives effect to receipt of the net proceeds
from the offering and issuance of additional shares in the offering, but does not take into consideration any other changes in
our net tangible book value after May 31, 2017, will be approximately $35,380,016 or $1.58 per common share. This would result
in dilution to investors in this offering of approximately $3.42 per common share or approximately 68.3% from the assumed initial
public offering price of $5.00 per common share, the midpoint of the estimated price range set forth on the cover page of this
prospectus. Net tangible book value per common share would increase to the benefit of present shareholders by $0.38 per share
attributable to the purchase of the common shares by investors in this offering.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the estimated net tangible book value per common share after the offering and the dilution to persons
purchasing common shares based on the foregoing offering assumptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 62%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Post-Offering<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumed
    offering price per common share</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.00</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    tangible book value per common share before the offering</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.20</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    per common share attributable to payments by new investors</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.38</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma net tangible book value per common share after the offering</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.58</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution
    per common share to new investors</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.42</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 106%"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0">Assumes net
                                         proceeds of $&nbsp;11,870,000 from offering of common shares, calculated as follows:
                                         $14,000,000&nbsp;offering, less underwriting discounts and commissions of $1,120,000
                                         estimated offering expenses of $800,000, and a non-accountable expense allowance of $210,000.</P>
        <P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the underwriters exercise
        their option to purchase additional common shares in full, the pro forma net tangible book value per common share would
        be $1.64 per share, and the dilution per common share to new investors in this offering would be $3.36 per share.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P></TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a009_v1"></A>POST-OFFERING
OWNERSHIP</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table illustrates our
pro forma proportionate ownership, upon completion of the offering, by present shareholders and investors in this offering, compared
to the relative amounts paid by each. The table reflects payment by present shareholders as of the date the consideration was
received and by investors in this offering at the assumed initial public offering price of $5.00, the midpoint of the estimated
price range set forth on the cover page of this prospectus, before deducting the underwriting discounts and commissions and estimated
offering expenses payable by us. The table further assumes no changes in net tangible book value other than those resulting from
the offering.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares
    Purchased</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total
    Consideration</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average&nbsp;Price</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount&nbsp;(#)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Percent&nbsp;(%)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount&nbsp;($)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Percent&nbsp;(%)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Per Share ($)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">Existing
    shareholders</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">19,540,000</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">87</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">23,510,016</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">66</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">1.20</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -12pt; padding-left: 12pt">New
    investors</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,800,000</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">13</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">11,870,000</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">34</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">4.24</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-indent: -12pt; padding-left: 12pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">22,340,000</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">35,380,016</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">1.58</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A $1.00 increase (or decrease) in the assumed initial public
offering price of $5.00 per share would increase (or decrease) total consideration paid by new investors by $2.8 million, assuming
that the number of shares offered by us on the cover page of this prospectus remains the same.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt/107% Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt/107% Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Includes
    900,000 shares in escrow as of December 31, 2016 issued to pre-IPO investors for total consideration of $3.6 million.</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
giving effect to the sale of common shares in this offering by us, if the underwriters exercise in full their option to purchase
additional common shares from us, our existing shareholders would own 86% and purchasers of common shares in this offering would
own 14% of the total number of common shares outstanding upon completion of this offering.</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a010_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase"><B>Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our
consolidated financial statements and related notes that appear in this prospectus. In addition to historical consolidated financial
information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our
actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute
to these differences include those discussed below and elsewhere in this prospectus, particularly in the &ldquo;Risk Factors&rdquo;
section.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Overview
of Company</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a manufacturer and distributor of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining
waste (iron tailings) and fly-ash, as well as equipment used for the production of these eco-friendly construction materials.
In addition, we provide project implementation and construction of urban ecological environments including those for the purpose
of capturing, controlling and reusing rainwater, commonly called &ldquo;sponge cities&rdquo;. We also provide parts, engineering
support, consulting, technical advice and service, and other project-related solutions for our manufacturing equipment and environmental
protection projects. We mainly conduct our operations in China through our wholly owned subsidiary, REIT Ecological, Beijing REIT
and its subsidiaries in China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
REIT was established on May 12, 1999 under the laws of China, with the registered capital of RMB 24 million (approximately $3.5
million) and additional paid in capital of RMB 100 million (approximately $15.4 million) contributed by four individual shareholders.
Over the years, Beijing REIT has established several other wholly-owned subsidiaries consisting of: Gu&rsquo;an REIT incorporated
on May 12, 2008; REIT Technology incorporated on April 24, 2014; Ruirong incorporated on May 12, 2014; Dingxuan incorporated on
October 17, 2014; and REIT US incorporated in the United States on February 27, 2014. Gu&rsquo;an REIT is the main operating entity
focusing on the development, manufacture and distribution of specialized equipment to manufacture construction materials, while
the other four subsidiaries are relatively new and have limited activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
Changjiang was incorporated in Hainan Province, China, on November 22, 2011 with the original registered capital of RMB 100 million
(approximately $16 million). REIT Changjiang is owned 84.32% by Beijing REIT and 15.68% by Venture Business International (&ldquo;VBI&rdquo;),
a British Virgin Islands company. REIT Changjiang is engaged in hauling and processing construction and mining waste, with which
it produces recycled aggregates, bricks, pavers and tiles for environmental-friendly uses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: left; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 1, 2015, REIT Construction was incorporated as a wholly-owned subsidiary of REIT Changjiang.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: left; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">On July 14, 2015, Beijing
REIT established a new subsidiary, REIT Xinyi wherein Beijing REIT owns 70% equity interest, with the remaining 30% owned by a
minority shareholder <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Xinyi Transportation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In February 2016, Beijing REIT established
a joint venture, REIT India, together with a third-party, Q Green Techcon Private Limited (&ldquo;Q Green&rdquo;), an Indian company.
Total registered capital of REIT India is approximately $100,000, wherein Beijing REIT owns 51% equity interest, with the remaining
49% owned by Q Green. The Company expects to expand its business in the Indian market through this joint venture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">Our business consists of four
business segments, including construction materials production and distribution, machinery and equipment production and sales,
municipal construction projects and technological consulting and other services, which accounted for 56%, 40%, 0% and 4% of our
total revenue for the year ended December 31, 2016 and 46%, 38%, 7% and 9% of our total revenue respectively for the year ended
December 31, 2015. Our environmentally-friendly construction materials are made from mining waste (iron tailings) and fly-ash
and are used for ground works, landscaping, hydraulic engineering projects and wall projects. Our production facilities include
factories operated by REIT Changjiang and Gu&rsquo;an REIT, and we will build a new manufacturing plant for REIT Xinyi in the
near future. We have 39 registered patents (seven of which are owned jointly&nbsp;with <FONT STYLE="background-color: white">Luoyang</FONT>)
and four software copyrights in China and have 27 ongoing research and development projects that are crucial for our businesses.
However, we do not believe that our business, as a whole, is dependent on, or that its profitability would be materially affected
by the revocation, termination, expiration or infringement upon any particular patent.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equipment and machinery we manufacture mostly consist of large-scale automatic environmental protection equipment with hydraulic
integration, which can be used to produce various types of eco-friendly construction materials and meet the needs of various ecological
projects. In addition, we have entered into the urban ecological construction (sponge cities) business which includes design and
construction for urban ecological environments. This business focuses on resource utilization of solid wastes and urban ecological
construction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Our domestic customers are located throughout
China and our international customers are mainly located in Asia, the Middle East, North Africa and North America. Sales to customers
in China and internationally accounted for approximately 95% and 5%, respectively, of our total sales for the year ended December
31, 2016, and approximately 90% and 10%, respectively, of the total sales in the year ended December 31, 2015. As of December
31, 2016, our products were sold in more than 10 countries.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
primary raw materials in production of construction materials are from iron ore refining, concrete and steel. Our cost of raw
material is relatively stable in recent years. Cost of revenues mainly includes costs of raw materials, costs of direct labor,
utilities, depreciation expenses and other overhead costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Factors
Affecting Our Results of Operations</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Government
Policy May Impact our Business and Operating Results.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Our business and operating results are
affected by China&rsquo;s overall economic growth and government policy, especially its policy for construction, real estate development
and environmental protection. Unfavorable changes in government policies (as well as government policies affecting our customers)
could affect the demand for our products and could materially and adversely affect our results of operations. Our products are
currently not subject to the government restrictions in China. However, any future changes in the government&rsquo;s policy upon
the manufacturing industry may have a negative effect on our business.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
revenue will suffer if we lose major customers </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">Our construction materials
are mainly sold to construction <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">companies. For the years ended
December 31, 2016 and 2015, no customer accounted for over 10% of the Company&rsquo;s total revenue. As of December 31, 2016,
no customer accounted for more than 10% of the total outstanding accounts receivable balance. As of December 31, 2015, one customer
accounted for 12% of the total outstanding accounts receivable balance. Should we lose any large scale customers in the future
and are unable to offset any such loss with increased sales to existing customers or sales to new customers, our revenues will
suffer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Product
innovation has significant impact on our revenue and profit</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
construction materials are eco-friendly. We strive to produce the most advanced products for our customers. Our customers&rsquo;
needs for eco-friendly construction materials and the equipment used to produce these materials are constantly evolving. If our
research and development efforts are not sufficient to adapt to the change in technology in the industry, our products may not
meet the needs of our customers and compete within the industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Results
of Operations</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Years
ended December 31, 2016 and 2015</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following table summarizes the results
of our operations during the fiscal years ended December 31, 2016 and 2015, and provides information regarding the dollar and
percentage increase or (decrease) during such years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(All
amounts, other than percentages, in thousands of U.S. dollars)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2016</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2015</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0">Statement&nbsp;of Operations&nbsp;Data:</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Amount</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">As&nbsp;%&nbsp;<BR>
    of<BR> Sales</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Amount</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">As&nbsp;%&nbsp;<BR>
    of<BR> Sales</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Amount
    <BR> Increase<BR> (Decrease)</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">Percentage<BR>
    Increase<BR> (Decrease)</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; padding: 0; text-indent: 0">Revenues</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">32,424</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">100</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">17,384</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">100</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">15,040</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">87</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Cost of goods sold</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">18,272</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">56</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">9,265</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">53</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">9,007</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">97</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Gross profit</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">14,152</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">44</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">8,119</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">47</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">6,033</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">74</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Operating expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Selling expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,581</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">5</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,462</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">8</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">119</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">8</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">General and administrative expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3,879</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">12</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,608</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">15</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,271</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">49</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Research and development expense</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">504</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">2</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">458</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">3</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">46</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">10</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Total operating expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">5,964</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">18</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">4,528</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">26</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">1,436</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">32</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Income from operations</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">8,188</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">26</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">3,591</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">21</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">4,597</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">128</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Other income (expenses)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Interest expense, net</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(1,450</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-4</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(1,032</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-6</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(418</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">40</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Other expense,&nbsp;net</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(283</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">-1</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">93</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">1</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(376</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">-404</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Total other income (expenses)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(1,733</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">-5</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(939</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">-5</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(794</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">85</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Income before income taxes</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">6,455</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">20</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,652</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">15</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3,803</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">143</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Provision for income taxes</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(1,952</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">-6</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(296</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">-2</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(1,656</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">559</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Net income</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">4,503</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">14</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">2,356</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">14</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">2,147</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">91</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Revenues.
</I></B>Revenues increased by approximately $15.0 million, or 87%, to approximately $32.4 million for the year ended December
31, 2016 from approximately $17.4 million for the year ended December 31, 2015. The increase in net sales was driven by more than
doubled sales of our machinery and equipment products and environmental-friendly construction materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Revenue
by Business Segment</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(All
amounts, other than percentages, in thousands of U.S. dollars)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31, 2016</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31, 2015</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Variance</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">Amount</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">%&nbsp;of&nbsp;&nbsp;Sales</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">Amount</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%<B>&nbsp;of&nbsp;&nbsp;Sales</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">Amount<BR>
    Increase<BR> (Decrease)</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">Percentage<BR>
    Increase<BR> (Decrease)</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; padding: 0; text-indent: 0">Machinery and Equipment</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">13,166</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">40</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">6,549</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">38</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">6,617</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">101</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Construction materials</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">18,425</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">57</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">7,941</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">46</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">10,484</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">132</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Municipal construction</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,250</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">7</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(1,250</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-100</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Technological consulting services</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">833</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">3</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">1,644</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">9</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(811</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">-49</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Total</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">32,424</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">100</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">17,384</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">100</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">15,040</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-align: right; text-indent: 0">87</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Machinery
and Equipment</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">Revenue from machinery and
equipment increased by $6.6 million, or 101%, from $6.5 million for the year ended December 31, 2015 to $13.2 million for the
year ended December 31, 2016. We sold 32 production lines and 20 large equipment sets to customers for the year ended December
31, 2016, compared to 15 production lines and 10 large equipment sets sold during fiscal 2015. The increase is mainly due to increased
customer demand for our new machinery model released in 2016, which has higher capacity compared to our prior models, with more
automated functions.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Construction
materials</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">Sales of our environmental-friendly
construction materials increased by $10.5 million or 132% for the year ended December 31, 2016 as compared to the year ended December
31, 2015. During fiscal 2016, we started to introduce our customized construction material products to the market and we increased
our selling efforts to expand our market to other areas of Hainan province, as well developed wholesale customers other than construction
companies. As a result, our overall sales volume doubled from approximately 2.4 million square meters of brick and block in fiscal
2015 to 5.0 million square meters of brick and block in fiscal 2016. In addition, we are able to set higher selling price due
to customization of the products. The overall average selling price in fiscal 2016 increased by approximately 13% from fiscal
2015. Both the increase in the sales volume and higher selling price contributed to our increased sales in fiscal 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Municipal
construction</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipal
construction includes such projects as sponge city projects, sewage pipeline construction, public plaza construction, and landscaping.
Our environmental-friendly construction materials such as brick and block may be used in these municipal construction projects
as required by local governments. Revenue from municipal construction projects is recognized based on percentage of completion
method. Revenue from municipal construction projects decreased by $1.3 million in fiscal 2016 as compared to fiscal 2015 because
we did not have municipal construction projects in fiscal 2016, but we were engaged in two municipal construction projects in
fiscal 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Technological
consulting services</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt">We started to provide environmental-protection
related consulting services to customers in the second half of 2015. Our subsidiaries Beijing REIT and Dingxuan provided such
services to customers by assisting them in planning the environmental-protection projects, providing market research and feasibility
reports reviewing and assisting customers to finalize the design, installation, testing and inspection, as well as providing employee
training services. Revenue from our consulting service agreements with our customers range from approximately $100,000 to $250,000
per agreement. Revenue from technology consulting service decreased by $0.8 million, or 49%, for the year ended December 31, 2016
as compared to the year ended December 31, 2015. This decrease resulted from <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">the
Company not obtaining as many new contracts in 2016 as in 2015.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Cost
of goods sold. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Our cost of goods sold increased by approximately
$9.0 million or 97% to approximately $18.3 million for the year ended December 31, 2016 from approximately $9.3 million for the
year ended December 31, 2015. The increase in cost of goods sold was due to increased sales volume in our construction materials
and equipment and machinery in fiscal 2016. We incurred more raw material costs, labor costs and overhead costs to produce these
products to meet customer demand and fulfill the sales orders. As a percentage of revenues, the cost of goods sold increased by
approximately 3% to 56% in fiscal 2016 from 53% in fiscal 2015, which was mainly attributable to increased raw material cost and
labor cost in fiscal 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Gross
profit. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: left; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: left; text-indent: 31.5pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt">Our gross profit increased
by approximately $6.0 million, or 74%, to approximately $14.1 million for the year ended December 31, 2016 from approximately
$8.1 million for the year ended December 31, 2015. Gross profit margin was 44% for fiscal 2016, as compared with 47% in fiscal
2015. The decrease in gross profit margin by 3% was primarily attributable to increased raw material costs in the construction
material segments and increases in the labor cost in the technology consulting service segment. In addition, the municipal construction
segment contributed 42% gross margin to the Company in fiscal 2015, however, the Company <FONT STYLE="font-family: Times New Roman, Times, Serif">did
not have revenue from this segment in fiscal 2016.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
gross profit and gross margin by segments are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(All
amounts, other than percentages, in thousands of U.S. dollars)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Variance</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    Profit</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">Profit&nbsp;%</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    Profit</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">Profit&nbsp;%</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    Profit</FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif">Increase (Decrease)</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross</B></FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Profit&nbsp;%</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Increase
                                         (Decrease)</B></FONT></P></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Machinery
    and equipment</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,743</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">59</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,200</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,543</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Construction
    material</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,091</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,101</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,990</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Municipal
    construction</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">524</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">42</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(524</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(42</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Technological
    consulting services</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">318</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,294</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">79</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(976</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(41</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,152</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">44</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,119</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">47</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,033</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
profit for machinery and equipment products increased by approximately $4.5 million to approximately $7.7 million for the year
ended December 31, 2016 as compared to $3.2 million for fiscal 2015. Gross profit margins for this segment were 59% and 49%, respectively
for fiscal 2016 and 2015. Machinery and equipment represented the second largest portion of our total sales in both fiscal 2016
and 2015. The g</FONT>ross margin increased by 10% which was due to increased sales from our new model RT with higher gross margin.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">Gross profit for construction materials was
approximately $6.0 million for the year ended December 31, 2016 compared to approximately $3.1 million for the year ended December
31, 2015. The gross profit margin for this segment was approximately 33% for the year ended December 31, 2016 as compared to 39%
for the year ended December 31, 2015. The gross margin decrease was mainly due to higher raw material cost in fiscal 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Gross profit for the municipal construction
project segment was $0 and $0.5 million for the years ended December 31, 2016 and 2015, respectively. In fiscal 2015, the Company
had two projects with gross margin of 58% and 31%, respectively. However, the Company did not have revenue from the municipal
construction segment in fiscal 2016.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">We started our technological consulting
service business in 2015. This segment is characterized by lower overhead costs and higher profit margin because the primary costs
are labor costs. Gross profit for consulting services decreased by $1.0 million for the year ended December 31, 2016 as compared
to fiscal 2015, which was consistent with the decrease in revenue in fiscal 2016. The gross margin was 38% for the year ended
December 31, 2016 as compared to 79% for the year ended December 31, 2015. The gross margin decrease was due to the increased
salary and commissions paid to technical consulting personnel involved in the projects.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Selling
expenses.</I></B> &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Selling expenses increased by approximately
$0.1 million for the year ended December 31, 2016. As a percentage of sales, our selling expenses were 5% and 8% of total revenues
for the years ended December 31, 2016 and 2015, respectively. The decrease in selling expenses as percentage of revenue was primarily
attributable to two factors: (1) lower commission expense in fiscal 2016 due to the fact that the Company started to sell products
internationally to wholesalers instead of using our own sales forces, therefore the Company incurred less commission paid to sales
team and (2) more customers picked up the products from our factory directly, which resulted in reduction in our shipping and
handling cost.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General
and administrative expenses.</I></B> &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses increased by approximately $1.3 million or 49%, to approximately $3.9 million for the year
ended December 31, 2016 from approximately $2.6 million for the year ended December 31, 2015. As a percentage of revenues, general
and administrative expenses were 12% and 15% of our total revenues for the years ended December 31, 2016 and 2015, respectively.
The significant increase in general and administrative expenses was mainly due to $0.8 million higher bad debt expense incurred
in fiscal 2016, together with other general increase in the salary and office expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
accounts receivable aged under six months, the Company typically considered collectible and will not be provided with any allowance;
accounts receivable aged from 7 to 9 months will be reserved at 5% of the outstanding balance; accounts receivable aged from 10
to 12 months will be reserved at 20%; and, accounts receivable aged over 1 year will be reserved at 100%. Below is the aging schedule
of accounts receivable as of December 31, 2016 and 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    2016</TD><TD STYLE="padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    2015</TD><TD STYLE="padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Accounts Receivable Age:</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; padding: 0; text-indent: 0">Less than 3 months</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right; padding: 0; text-indent: 0">9,003,044</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right; padding: 0; text-indent: 0">4,120,097</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">From 4 to 6 months</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">2,596,716</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">2,578,060</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">From 7 to 9 months</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">2,212,867</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">1,714,150</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">From 10 to 12 months</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">1,430,461</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">983,549</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">Over 1 year</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">705,128</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">33,028</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">Bad debt reserved</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-size: 10pt; text-align: right; text-indent: 0">(741,187</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">)</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-size: 10pt; text-align: right; text-indent: 0">(314,544</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">Accounts Receivable, net</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-size: 10pt; text-align: right; text-indent: 0">15,207,029</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-size: 10pt; text-align: right; text-indent: 0">9,116,558</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company assessed that the bad debt
reserve of $741,187 was adequate as of December 31, 2016 based on specific customers&rsquo; facts and circumstances, especially
the subsequent collection information. As of May 31, 2017, the amount of the subsequent collection of the outstanding receivable
as of December 31, 2016 is as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31, 2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Subsequent collection up-to
    May&nbsp;30, 2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% of<BR>
    collection</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">AR less than 3 months</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">9,003,044</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,576,161</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">40</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">AR aged from 4 to 6 months</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,596,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">689,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">AR aged from 7 to 9 months</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,212,867</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,407,779</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">AR aged from 10 to 12 months</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,430,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,107,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">AR over 1 year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">705,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Bad debt reserved</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(741,187</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">AR net</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">15,207,029</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,043,410</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">44</TD><TD STYLE="padding-bottom: 4pt; text-align: left">%</TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase of accounts receivable aged over 1 year is the primary reason for the increase of bad debt reserve as of December 31,
2016 as compared to December 31, 2015. The increase of accounts receivable aged over 1 year was mainly due to the increase of
the accounts receivable balance from sales of machinery and equipment, the aging of which is normally longer than that of construction
materials sales. The customers with potential collection issues were not the same for both balance sheet dates and none of those
customers are related parties. The Company believes that its current accounts receivable bad debt reserve is adequate based on
its ongoing assessment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; text-align: left">Based on the assessment
of customers&rsquo; credit and ongoing relationship, our payment terms typically range from 90 days to 1 year. Days sales outstanding
for the years ended December 31, 2016 and 2015 were 137 and 148 days, respectively. Our days sales outstanding were consistent
for both year 2016 and 2015.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not believe it has a material collection risk under its business model, nor does it believe that macroeconomic issues
will have a negative impact on its collectability. The Company&rsquo;s business has continued to grow and demands for its equipment
and its environmental friendly technology has been increasing. Thus, it does not believe the collection issues will impact its
liquidity adversely.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, a significant increase of
$511,631 in the allowance for doubtful accounts related to advances to suppliers balance as of December&nbsp;31,&nbsp;2016 was
mainly related to non-performance of two suppliers, which resulted in the increase of $432,188 in the allowance for doubtful accounts.
The remaining $79,443 increase in allowance for doubtful accounts was determined based on the management&rsquo;s assessment of
utilization status at the reporting date. These suppliers were engaged in two separate projects of the Company and their delay
in the delivery of products was due to their own financial condition. There is no known material factor negatively impacting our
ability to utilize our advances to other suppliers. At each reporting date, the Company generally determines the adequacy of allowance
for doubtful accounts by evaluating all available information, and then records a specific allowance for those advances based
on the specific facts and circumstances. As of May 31, 2017, $1,053,733 or approximately 43.5% out of total $2,424,559 advances
to suppliers as of December 31, 2016 have been subsequently utilized through the receipt of raw materials or construction materials.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Research
and development expenses</I>.</B> &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development expenses were approximately $0.5 million for both years ended December 31, 2016 and 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Interest
expense, net.</I></B> &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Our interest expense (net) increased
by approximately $0.4 million, to approximately $1.4 million for the year ended December 31, 2016, from approximately $1.0 million
for the year ended December 31, 2015. The Company capitalized $469,086 interest in fiscal 2015 on construction projects, but did
not capitalize any interest in fiscal 2016 because the related projects were fully completed prior to fiscal 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Income
before income taxes</I></B> &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
income before income taxes was approximately $6.5 million for the year ended December 31, 2016, an increase of approximately $3.8
million as compared to approximately $2.7 million for the year ended December 31, 2015. The increase was primarily attributable
to increased sales and gross margin, offset by the increased selling expense and general and administrative expense as discussed
above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Provision
for income taxes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For both 2016 and 2015,
Beijing REIT was recognized as a High-Tech Enterprise by the Chinese government and subject to a favorable income tax rate of
15%. In addition, since the products manufactured by REIT Changjiang qualify as eco-friendly construction materials, 10% of its
revenue can be exempt from income tax. Nanjing Dingxuan primarily provides technological services to customers and based on the
local regulation, its taxable income was assessed at 10% of its revenue. For fiscal year 2016, REIT Changjiang did not receive
such exemption for the year ended December 31, 2016. The following table reconciles the impact of the favorable tax rate for the
years ended December 31, 2016 and 2015.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31, 2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Beijing REIT</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">REIT Changjiang</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Nanjing Dingxuan</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Income before income tax</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,587,887</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,433,782</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">167,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">6,188,677</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax at statutory rate of 25%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">396,971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,108,446</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,547,169</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income tax at favorable rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,183</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,108,446</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,350,866</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax saving from favorable rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,303</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Consolidated income before tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,455,436</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Effect of favorable income tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Effective income tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.2</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31, 2015</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Beijing REIT</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">REIT Changjiang</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Nanjing Dingxuan</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Income before income tax</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">179,435</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,139,017</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,059,296</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,377,748</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax at statutory rate of 25%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">284,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264,824</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">594,437</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income tax at favorable rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,959</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax saving from favorable rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369,478</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Consolidated income before tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,651,375</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Effect of favorable income tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Effective income tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.2</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">For fiscal year 2016, due to the fact that
REIT Changjiang did not receive tax exemption, the favorable tax rate benefit was reduced to 3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.9%
for the year ended December 31, 2016</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
provision for income taxes was approximately $2.0 million for the year ended December 31, 2016, an increase of approximately $1.7
from approximately $0.3 million for the year ended December 31, 2015. The increase in income tax provision was a result of increased
taxable income for the year ended December 31, 2016. The effective tax rates were 30.2% and 11.2% for the years ended December
31, 2016 and 2015, respectively. The increase in effective tax rate is mainly due to the decreased benefit arising from favorable
tax rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the products manufactured by REIT Changjiang qualify as eco-friendly construction materials, 10% of its revenue was exempted from
income tax for fiscal 2015. This favorable income tax policy expired on December 31, 2015. Beginning on January 1, 2016, REIT
Changjiang is subject to 25% income tax rate as a result of local government&rsquo;s tax policy adjustment. Nanjing Dingxuan primarily
provides technological services to customers, based on local tax regulation, its taxable income was assessed at 10% of its revenue
for both fiscal 2015 and 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidity
and Capital Resources</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt">We are a holding company
incorporated in the British Virgin Islands. REIT Holdings, our wholly owned subsidiary established in Hong Kong, owns Beijing
REIT and REIT Ecological, which Beijing REIT in turn owns our assets through its subsidiaries in China, India and the United States.
We may need dividends and other distributions in equity from our subsidiaries, including the China Operating Companies to satisfy
our liquidity requirements. Current Chinese regulations permit our China Operating Companies to pay dividends to us only out of
their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, our
China Operating Companies are required to set aside at least 10% of their respective accumulated profits each year, if any, to
fund certain reserve funds until the total amount set aside reaches 50% of their respective registered capital. Our China Operating
companies may also allocate a portion of their after-tax profits based on Chinese accounting standards to employee welfare and
bonus funds at their discretion. These reserves are not distributable as cash dividends. We have relied on direct payments of
expenses by our subsidiaries (which generate revenues), to meet our obligations to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December 31, 2016 and 2015,
we had outstanding loans of approximately $16.4 million and $18.0 million from various banks in China, respectively. To secure
these debts, we have pledged our land use rights, projects under construction and real property located in Changjiang County,
Hainan Province. Our assets outside of China are not used as collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, as of May 2017, two loans governing
part of the current debts incurred by Beijing REIT and REIT Changjiang have restrictions on their abilities to pay dividends,
and any future financing arrangements may impose such restrictions as well, for example, lenders may impose future restrictions
by requiring full repayment of the debt owed by us before we can pay dividends or make other payments. We cannot assure you that
our other China Operating Companies will generate sufficient earnings and cash flows in the near future to pay dividends or otherwise
distribute sufficient funds to enable us to meet our obligations, pay interest and expenses or declare dividends.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">As of December 31, 2016 and 2015, we had cash
and cash equivalents of approximately $1.6 million and $0.5 million, and restricted cash of approximately $0.2 million and $0.2
million, respectively, which was all maintained in banks accounts in China.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">Substantially all of our operations are conducted
in China and are denominated in RMB, which is subject to the exchange control regulation in China, and, as a result, we may have
difficulty distributing any dividends outside of China due to PRC exchange control regulations that restrict the ability to convert
RMB into U.S. Dollars.</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">As of December 31, 2016 and 2015, our
current assets were approximately $21.1 million and $15.5 million, and our current liabilities were approximately $28.1 million
and $22.3 million.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;Under applicable Chinese regulations,
foreign-invested enterprises in China may pay dividends only out of their accumulated profits, if any, determined in accordance
with Chinese accounting standards and regulations. In addition, a foreign-invested enterprise in China is required to set aside
at least 10% of its after-tax profit based on Chinese accounting standards each year to its general reserves until the accumulative
amount of such reserves reaches 50% of its registered capital. These reserves are not distributable as cash dividends. The board
of directors of a foreign-invested enterprise has the discretion to allocate a portion of its after-tax profits to staff welfare
and bonus funds, which may not be distributed to equity owners except in the event of liquidation. Under Chinese law, RMB is currently
convertible into U.S. Dollars under a company&rsquo;s &ldquo;current account,&rdquo; which includes dividends, trade and service-related
foreign exchange transactions, without prior approval of the State Administration of Foreign Exchange (&ldquo;SAFE&rdquo;), not
from a company&rsquo;s &ldquo;capital account,&rdquo; which includes foreign direct investments and loans, without the prior approval
of the SAFE.&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Further, as of May 2017, two loans governing
part of the current debts incurred by Beijing REIT and REIT Changjiang have restrictions on their abilities to pay dividends,
and although instruments governing the current debts incurred by our other China Operating Companies do not have restrictions
on their abilities to pay dividends or make other payments to us and we do not foresee any changes based on the terms of existing
debt agreements, the lender may impose such restriction in the future. As a result, our ability to distribute dividends largely
depends on earnings from our other China Operating Companies and their ability to pay dividends out of their earnings. We cannot
assure you that our other China Operating Companies will generate sufficient earnings and cash flows in the near future to pay
dividends or otherwise distribute sufficient funds to enable us to meet our obligations, pay interest and expenses or declare
dividends&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">We have historically funded our working capital
needs from operations, advance payments from customers, bank borrowings, capital contribution from shareholders and related-party
loans. Presently, our principal sources of liquidity are generated from our operations, proceeds from our shareholders&rsquo;
contributions, and loans and notes from commercial banks. Our working capital requirements are influenced by the level of our
operations, the numerical volume and dollar value of our sales contracts, the progress of execution on our customer contracts,
and the timing of accounts receivable collections.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Based on our current operating plan,
we believe that our existing resources, including cash generated from operations, proceeds from the existing shareholders&rsquo;
contributions, bank loans, bank notes payable, and advances from suppliers will be sufficient to meet our working capital requirement
for our current operations over the next twelve months. We expect to be able to refinance our short-term loans based on past experience
and our good credit history. We do not believe failure to refinance our short term loans from certain banks will have a significant
negative impact on our normal business operations, and we are not dependent upon this offering to meet our liquidity needs for
the next 12 months. In addition, our related parties including our major shareholders and affiliated companies are willing to
provide us financial support. However, we may have negative cash flow in the future. If this occurs, the failure to refinance
our short-term loans could potentially affect our capital expenditure and expansion of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
fiscal 2016, we repaid approximately $8.7 million of bank loans upon maturity. We also borrowed approximately $8.3 million under
new bank loans from various banks in China. Lack of sufficient financial support from local banks or our related parties could
potentially affect our capital expenditure and expansion of business. Our failure to refinance any bank loan may have a significant
negative impact on our normal business operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 2, 2016, ReTo issued a total of 17,830,000 common shares at $0.25 per share to all of the Company&rsquo;s original shareholders
or former shareholders of Beijing REIT. The parties involved included the Company&rsquo;s original shareholders, their family
members and individual or companies who hold shares for them. Since the shares were issued to the original shareholders of Beijing
REIT, the transaction is considered as a part of the reorganization. The Company believes it is appropriate to reflect these share
issuances as nominal stock issuance on a retroactive basis similar to stock split pursuant to ASC 260. The Company has retroactively
adjusted all shares and per share data for all the periods presented. Among total proceeds of $4,457,500 from the share issuance,
the Company paid $3,466,260 (approximately RMB 24 million) to the original shareholders of Beijing REIT to buy back their equity
interests in Beijing REIT as part of reorganization. The extra $0.9 million was contributed by the original shareholders to the
holding company to pay for the various professional expenses of its planned initial public offering and was treated as capital
contribution by the original shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">In September 2016, the Company issued
800,000 shares of the Company&rsquo;s common stock to settle a loan payable to an unrelated third party in the amount of RMB21,240,000
(approximately $3.2 million). The shares were valued at $4 per share because it was considered the fair value of the Company&rsquo;s
share that the investor was willing to convert the loan to.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">In addition, in December 2016, the Company
issued 900,000 common shares to an unrelated investor, at a price of $4 per share for a total of $3,600,000. As of December 31,
2016, the Company has not received the funds from the investor. The shares issued are held in escrow. The Company did not record
the value of the stocks issued because the transaction was considered incomplete. These shares are excluded from the number of
the outstanding shares as well as from the calculation of the weighted average shares outstanding.&nbsp; As of date of this prospectus,
this transaction has not closed yet.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Years
ended December 31, 2016 and 2015</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth summary of our cash flows for the periods indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(All
amounts in thousands of U.S. dollars)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    2016</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    2015</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; text-indent: 0; padding: 0">Net cash provided by operating activities</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">3,938</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">1,858</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Net cash used in investing activities</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(9,301</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(5,163</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Net cash provided by financing activities</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">6,653</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,721</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Effect of exchange rate changes on cash and cash equivalents</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(228</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">85</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Net increase&nbsp;in cash and cash equivalents</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,062</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(1,499</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Cash and cash equivalents, beginning of period</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">533</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">2,032</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Cash and cash equivalents, end of period</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">1,595</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">533</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Operating
Activities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities was approximately $3.9 million for the year ended December 31, 2016, compared to cash provided
by operating activities of approximately $1.9 million for year ended December 31, 2015. The increase in net cash provided by operating
activities was primarily attributable to the following factors:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    increase of net income of $2.15 million for the year ended December 31, 2016 as compared to the year ended December 31, 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    increase of non-cash adjustment on bad debt provision of $0.8 million for the year ended December 31, 2016 as compared to
    the year ended December 31, 2015 due to more bad debt provision was provide in fiscal 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="margin: 0">Advances
                                         from customers increased by approximately $3 million for fiscal 2016 as compared to fiscal
                                         2015 which is consistent with the fact that the Company had more customers than fiscal
                                         2015 and the Company requested more customer deposits for the working capital purpose.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="margin: 0">Tax
                                         payable increased by approximately $1.6 million for the fiscal 2016 as compared with
                                         fiscal 2015 due to higher tax provision made for the year ended December 31, 2016.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">And
offset by the following factors:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable increased by $6 million when comparing fiscal 2016 to the same period of 2015, due to the increased sales in 2016
    and consistent payment terms when comparing to 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances
    to suppliers increase by approximately $1.1 million for fiscal 2016 as compared to fiscal 2015. The Company had $1.8 million
    prepayment for the construction materials as of December 31, 2016 for the future production, while the Company only had $0.1
    million prepayment on construction material as of December 31, 2015. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Investing
Activities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Net cash used in investing activities
was approximately $9.3 million for the year ended December 31, 2016, compared to $5.2 million of cash used in investing activities
for fiscal 2015. During the year ended December 31 2016, the Company paid $9.4 million on the construction in progress (&ldquo;CIP&rdquo;)
projects to build a new factory facility for the Company&rsquo;s subsidiary REIT Xinyi. For the same period of 2015, cash flow
used in investing activities included a $2.7 million investment on the CIP project. In addition, the Company spent approximately
$1.7 million in purchasing the land use right for REIT Xinyi for the year ended December 31, 2016.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Financing
Activities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was approximately $6.7 million for the year ended December 31, 2016, including proceeds
from bank loans of $8.3 million, repayment of bank loans of $8.7 million, aggregated proceeds from share issuances of $4.5 million,
payments made to original shareholders of Beijing REIT of $3.5 million, proceeds from investor loan of $3.2 million, and capital
contribution from minority shareholder of $2.2 million. For the year ended December 31, 2015, cash provided by financing activities
amounted to $1.7 million, primarily including proceeds from bank loans of $5.6 million, repayment of bank loans of $7.9 million
and capital contribution from minority shareholders of $2.9 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">In 2017, we expect to use capital expenditures
primarily to build a manufacturing facility for REIT Xinyi. The Company formed REIT Xinyi in 2015 together with a 30% non-controlling
interest shareholder Xinyi Transportation Investment Co., Ltd. (&ldquo;Xinyi Transportation&rdquo;), and plans to construct a
new manufacturing plant to produce concrete cutting machines and eco-friendly construction materials for road paving and building
construction use. The capital expenditure primarily relates to (i) $8.0 million to build the new factory facility in Xinyi; and
(ii) investments of approximately $3.0 million in the new production lines and equipment. As of December 31, 2016, the remaining
capital commitment was approximately $7.8 million for the related construction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Our primary source of cash is currently
cash generated from the sales of our products, bank borrowings and proceeds from related party loans. In the coming years, we
will be looking to other sources, such as raising capital by issuing shares of stock, to meet our cash needs. We face uncertainties
in regards to the size and timing of capital raises, however, we are confident that we can continue to meet operational needs
by utilizing cash flows generated from our operating activities and bank borrowings, as necessary.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Loan
Facilities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2016, the details of all our bank loans and bank acceptance notes payable are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(All
amounts in U.S. dollars)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>No.</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Type</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Contracting&nbsp;Party</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Expiration&nbsp;Date</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Effective
    Interest&nbsp;rate</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; width: 2%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Short-term
    Bank Loan</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">China
    Merchants Bank</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">June,
    2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; text-align: right; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,880,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">prevailing
    interest rate for one-year loan, plus 20 basis points</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Short-term
    Bank Loan</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beijing
    Bank</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">February,
    2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,854,666</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">prevailing
    interest rate plus 71 basis points for $73,440 and 4.785% and 5.655% for $1,341,226 and $1,440,000, respectively</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Long-term
    Bank Loan</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Industrial
    and Commercial Bank of China</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">September,
    2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9,920,860</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">prevailing
    interest rate for a 6-year loan, plus 29 basis points</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Long-term
    Bank Loan</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Changjiang
    Agriculture Credit Union</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">December,
    2018</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">720,000</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 0; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Bank
    acceptance notes payable</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beijing
    Bank</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">June,
    2017</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">720,000</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 107%; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.6%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we currently do not have any material unused sources of liquidity, giving effect to the foregoing bank loans and other financing
activities, including the discounting of bills/notes receivable, we should be able to sustain our operations at our current levels
using the profits generated from operations through at least the next twelve months. We will consider additional borrowing based
on our working capital needs and capital expenditure requirements. There is no seasonality of our borrowing activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Statutory
Reserves</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Under Chinese regulations, all of our
subsidiaries in China may pay dividends only out of their accumulated profits, if any, determined in accordance with accounting
principles generally accepted in China (&ldquo;China GAAP&rdquo;). In addition, these companies are required to set aside at least
10% of their after-tax net profits each year, if any, to fund the statutory reserves until the balance of the reserves reaches
50% of their registered capital. The statutory reserves are not distributable in the form of cash dividends to the Company and
can be used to make up cumulative prior year losses.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictions
on net assets also include the conversion of local currency into foreign currencies, tax withholding obligations on dividend distributions,
the need to obtain SAFE approval for loans to a non-Chinese consolidated entity. As of May 2017, we have certain debt agreements
that are secured with collateral on our land use right, projects under construction and real properties, and among those debt
agreements, two of them have restrictions on our abilities to pay dividends. To the extent we wish to transfer pledged property,
we are able to do so subject to the obligation that we settle the loan obligation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides the amount of our statutory reserves, the amount of restricted net assets, consolidated net assets, and
the amount of restricted net assets as a percentage of consolidated net assets, as of December 31, 2016 and 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">(All amounts in thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2016</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    <BR>
    2015</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; text-indent: 0; padding: 0">Statutory Reserves</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">1,034</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">350</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Total Restricted Net Assets</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,034</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">350</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Consolidated Net Assets</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">28,303</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">19,090</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Restricted Net Assets as Percentage of Consolidated Net Assets (%)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3.7</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1.8</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
restricted net assets accounted for approximately 3.7% and 1.8% of our consolidated net assets as of December 31, 2016 and 2015,
respectively. As our subsidiaries in China usually set aside only 10% of after-tax net profits each year to fund the statutory
reserves and are not required to fund the statutory reserves when they incur losses, we believe the potential impact of such restricted
net assets on our liquidity is limited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Capital
Expenditures</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">We had capital expenditures
of approximately $9.3 million and $5.2 million for the years ended December 31, 2016 and 2015, respectively for purchases of equipment
and conducting our construction in progress (&ldquo;CIP&rdquo;) projects construction in connection with our business activities.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt">In 2017, our capital expenditures
are expected to be approximately $11.0 million, which consists of (i) $8.0 million to build a new factory facility in Xinyi, (ii)
investments of approximately $3.0 million in the new production lines and equipment for REIT Xinyi. Total planned capital investment
for the whole project is RMB 800 million (approximately $115.2 million). The construction of the project is expected to be fully
completed by May 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that our capital expenditures will increase in the future as our business continues to develop and expand. We have used
cash generated from our subsidiaries&rsquo; operations to fund our capital commitments in the past and anticipate using such funds
and proceeds received from our initial public offering to fund capital expenditure commitments in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contractual
Obligations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have certain potential commitments that include future estimated payments. Changes in our business needs, cancellation provisions,
changing interest rates, and other factors may result in actual payments differing from the estimates. We cannot provide certainty
regarding the timing and amounts of payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s subsidiary Beijing REIT and REIT U.S. lease office spaces under operating leases. Operating lease expense amounted
to $196,330 and $264,696 for the years ended December&nbsp;31, 2016 and 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The following table summarizes our contractual
obligations, which are comprised entirely of operating lease obligations, as of December 31, 2016, and the effect these obligations
are expected to have on our liquidity and cash flows in future periods:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><U>Year ending December 31,</U></TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left; padding: 0; text-indent: 0">2017</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">88,936</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">2018</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">45,044</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">2019</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">10,535</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">2020</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">10,535</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">2021</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">10,535</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">Thereafter</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">5,268</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">Total</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0">170,853</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Off-balance
Sheet Commitments and Arrangements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties.
In addition, we have not entered into any derivative contracts that are indexed to our own shares and classified as shareholders&rsquo;
equity, or that are not reflected in our consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Critical
Accounting Policies</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
prepare our financial statements in conformity with accounting principles generally accepted by the United States of America (&ldquo;U.S.
GAAP&rdquo;), which requires us to make judgments, estimates and assumptions that affect our reported amount of assets, liabilities,
revenue, costs and expenses, and any related disclosures. Although there were no material changes made to the accounting estimates
and assumptions in the past years, we continually evaluate these estimates and assumptions based on the most recently available
information, our own historical experience and various other assumptions that we believe to be reasonable under the circumstances.
Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations
as a result of changes in our estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the following accounting policies involve a higher degree of judgment and complexity in their application and require
us to make significant accounting estimates. Accordingly, these are the policies we believe are the most critical to understanding
and evaluating our consolidated financial condition and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Accounts
Receivable, net</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Accounts receivable are recognized and carried
at original invoiced amount less an estimated allowance for uncollectible accounts. The Company usually determines the adequacy
of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes
a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due.
The allowance is based on management&rsquo;s best estimates of specific losses on individual exposures, as well as a provision
on historical trends of collections. Based on the assessment of customers&rsquo; credit and ongoing relationship, our payment
terms typically range from 90 days to 1 year. The provision is recorded against accounts receivables balances, with a corresponding
charge recorded in the consolidated statements of income and comprehensive income. Actual amounts received may differ from management&rsquo;s
estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance
for doubtful accounts after management has determined that the likelihood of collection is not probable.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Based on the assessment of customers&rsquo; credit and ongoing relationship,
our payment terms typically range from 90 days to 1 year. Days sales outstanding for the years ended December 31, 2016 and 2015
were 137 and 148 days, respectively. Our days sales outstanding were consistent for both year 2016 and 2015</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Revenue
Recognition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently generates its revenues from the following main sources:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
                                         from machinery and equipment sales</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides installation service in connection with product sales. The Company evaluates them as a single arrangement and
determines whether the arrangement contains more than one unit of accounting in accordance with the standard ASC 605, &ldquo;Multiple-Deliverable
Revenue Arrangement&rdquo;. An arrangement is separated, if (1) the delivered element(s) has (have) value to the customer on a
stand-alone basis and (2) if the arrangement includes a general right of return relative to the delivered element(s), delivery
or performance of the undelivered element(s) is (are) considered probable and substantially in the control of the Company. If
both criteria are fulfilled, the appropriate revenue recognition convention is then applied to each separate unit of accounting.
Generally, the total arrangement consideration is allocated to the separate units of accounting based on their relative fair values.
Reliable fair values are sales prices for the component when it is regularly sold on a stand-alone basis, third-party prices for
similar components or, under certain circumstances, cost plus, an adequate business specific profit margin related to the relevant
element. If the criteria are not met, revenue is deferred until such criteria are met or until the period in which the last undelivered
element is delivered. The amount allocable to the delivered elements is limited to the amount that is not contingent upon delivery
of additional elements or meeting other specified performance conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers the installation and product sales as single delivered element based on the fact that there are no other third
parties who can provide installation service for the equipment the Company sells in the market and the delivered machinery and
equipment have little to no value to the customers without the installation service. In addition, the Company does not provide
any installation service to its customers without product sales. Thus there is no reliable fair value for the installation service
on a stand-alone basis. Accordingly, the revenue is recognized when the product is delivered and installation is completed since
the criteria for multiple-deliverable revenue arrangements in ASC 605 are not met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">The Company allows customers to retain approximately 5-20% of the
agreed purchase or installation price as a warranty deposit for one year after the Company delivers products and provides services.
The Company considers this one year term as a warranty period for the Company&rsquo;s products sold and services rendered. Revenue
was recognized when the product is delivered and installation is completed and security retention was recorded in account receivable
on our balance sheets. Historically, the Company has not experienced significant customer complaints on products sold or services
provided. No customers have claimed damages for any loss incurred due to quality problems. Therefore, no separate warranty provisions
were provided as of December 31, 2016 and 2015 based on historical experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
                                         from construction materials sales</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sales of construction materials is recognized, net of estimated provisions for sales allowances, when the products are shipped
and title is transferred. Revenue is recognized when all four of the following criteria are met: (i) persuasive evidence that
an arrangement exists (sales agreements and customer purchase orders are used to determine the existence of an arrangement); (ii)
delivery of goods has occurred and risks and benefits of ownership have been transferred, which is when the goods are received
by the customer at its designated location in accordance with the sales terms; (iii) the sales price is both fixed and determinable,
and (iv) collectability is reasonably assured. Historically, sales returns have been minimal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
                                         from municipal construction projects</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company previously had one fixed-priced construction contract. Revenue for this construction contract was recognized on the percentage-of-completion
method, measured by the percentage of costs incurred to date to estimated total costs for the contract. Contract costs included
all direct material, labor costs, equipment and those indirect costs related to contract performance, such as indirect labor,
supplies, tools, repairs and depreciation costs. General and administrative costs were charged to expense as incurred. Provisions
for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance,
job conditions and estimated profitability, including those arising from contract penalty provisions and final contract settlements
may result in revisions to costs and income and are recognized in the period in which the revisions are determined. There were
no changes in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions
and final contract settlements may result in revisions to costs and income. The project commenced in 2014 and was completed in
2015. For the year ended December 31, 2014, the Company entered into one fixed price construction contract and 62.7% was considered
as completed and therefore recognized as revenue, based on the costs incurred and estimated total cost to complete the construction
project. For the year ended December 31, 2015, the Company recognized the remaining 37.3% of the revenue of $1,249,699 from the
contract when the project was completed. There was no revenue recognized from similar construction contracts for the year ended
December 31, 2016. The Company does not anticipate it will be taking on such long-term construction jobs going forward.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
asset account - &ldquo;costs and estimated earnings in excess of billings on uncompleted contracts&rdquo; represents revenues
recognized in excess of amounts billed. The liability account - &ldquo;billings in excess of costs and estimated earnings on uncompleted
contracts&rdquo; represents billings in excess of revenues recognized. As of December 31, 2015, $178,066 of billings in excess
of costs and estimated earning on uncompleted contracts were included in the consolidated balance sheets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from claims and unapproved change orders is recorded only to the extent that contract costs relating to the claim have been incurred
and the amounts have been received or awarded. For the years ended December 31, 2016 and 2015, no revenue has been recognized
from claims or unapproved change orders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
                                         from technological consulting and other services</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from technological consulting and other services are recognized when services are rendered and contract amounts are earned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income
Taxes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and
their respective tax bases.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amount expected to be realized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of ASC 740-10-25, &ldquo;Accounting for Uncertainty in Income Taxes,&rdquo; prescribe a more-likely-than-not threshold
for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return.
This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current
and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related
disclosures. The Company records a liability for uncertain tax positions when it is probable that a loss has been incurred and
the amount can be reasonably estimated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent applicable, the Company records interest and penalties as a general and administrative expense. The statute of limitations
for the Company&rsquo;s U.S. federal income tax returns and certain state income tax returns subject to examination by tax authorities
for three years from the date of filing. As of December 31, 2016, the tax years ended December 31, 2011 through December 31, 2016
for the Company&rsquo;s PRC subsidiaries remain open for statutory examination by PRC tax authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a011_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>QUANTITATIVE
AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Interest
Rate Risk </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
main interest rate exposure relates to bank borrowings. We manage our interest rate exposure with a focus on reducing our overall
cost of debt and exposure to changes in interest rates. As of December 31, 2016, we had $16</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">.4
million in outstanding debt borrowings, with an effective interest rate of 4.4% to 8%. As of December 31, 2015, we had $18.0 million
in outstanding debt borrowings, with an effective interest rate of 6.9% to 7.2%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2016, if interest rates increased/decreased by 1%, with all other variables having remained constant, and assuming
the amount of bank borrowings outstanding at the end of the year was outstanding for the entire year, profit attributable to equity
owners of our Company would have been RMB 1,088,073 ($163,755) lower/higher, respectively, mainly as a result of higher/lower
interest expenses incurred on the outstanding debt borrowings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2015, if interest rates increased/decreased by 1%, with all other variables having remained constant, and assuming
the amount of bank borrowings outstanding at the end of the year was outstanding for the entire year, profit attributable to equity
owners of our Company would have been RMB 1,081,692 ($162,795) lower/higher, respectively, mainly as a result of higher/lower
interest expenses incurred on the outstanding debt borrowings&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Foreign
Exchange Risk</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Our functional currency is the RMB, and
our financial statements are presented in U.S. dollars. China&rsquo;s currency has gradually depreciated against most foreign
currencies over the last few years. In 2016, the average exchange rate for US$ against Chinese RMB has changed significantly from
US$1.00 for RMB 6.2288 in fiscal 2015 to US$1.00 for RMB 6.6441 in fiscal 2016. The change in the value of RMB relative to the
U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any underlying change
in our business or results of operation. If using the average exchange rate of fiscal 2015, our revenue, cost of goods sold and
total expenses, including selling expenses, general administrative expenses and research and development expenses, for the year
ended December 31, 2016 would increase by approximately $2.1 million, $1.2 million and $0.3 million, respectively.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
our assets, liabilities, revenues and costs are denominated in RMB and in U.S. dollars, our exposure to foreign exchange risk
will primarily relate to those financial assets denominated in U.S. dollars. Any significant revaluation of RMB against U.S. dollar
may materially affect our earnings and financial position, and the value of, and any dividends payable on, our common shares in
U.S. dollars in the future. See &ldquo;Risk Factors&nbsp;&mdash;&nbsp;Risks Related to Doing Business in China&nbsp;&mdash;&nbsp;Fluctuations
in exchange rates could adversely affect our business and the value of our securities.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Credit
Risk</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2016, we had cash and cash equivalents of $1.6 million. Our cash and cash equivalents are invested primarily in
savings and deposit accounts with original maturities of three months or less. Savings and deposit accounts generate a small amount
of interest income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Inflation
Risk</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflationary
factors such as increases in the cost of our product and overhead costs may adversely affect our operating results. Although we
do not believe that inflation has had a material effect on our financial position or results of operations to date, a high rate
of inflation in the future may have an adverse effect on our ability to maintain current levels of gross profit and selling, general
and administrative expenses as a percentage of net sales if the selling prices of our products do not increase with these increased
costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Commodity
Risk</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a developer and manufacturer of construction materials and equipment, our Company is exposed to the risk of an increase in the
price of raw materials. We historically have been able to pass on price increases to customers by virtue of pricing terms that
vary with changes in raw material prices such as steel and cement, but we have not entered into any contract to hedge any specific
commodity risk. Moreover, our Company does not purchase or trade on commodity instruments or positions; instead, it purchases
commodities for use.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a012_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CORPORATE
HISTORY AND STRUCTURE</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Corporate Structure </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Overview
and History</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; text-align: left">We are a manufacturer
and distributor of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings)
and fly-ash, as well as equipment used for the production of these eco-friendly construction materials. In addition, we offer
total solutions in sponge city construction, including project consulting, design and installation. We mainly conduct our operations
in China through our wholly-owned subsidiary, Beijing REIT and its subsidiaries in China. We incorporated ReTo Eco-Solutions on
August 7, 2015 in the British Virgin Islands as a holding company to develop business opportunities in China. ReTo Eco-Solutions
owns all of the outstanding capital stock of REIT Holdings, our wholly owned Hong Kong subsidiary.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ownership
and Purpose </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RETO
Eco-Solutions, Inc.</B> &ndash; ReTo Eco-Solutions is our British Virgin Islands holding company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REIT Holdings (China) Limited </B>&ndash; REIT Holdings
is our wholly-owned Hong Kong subsidiary.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beijing
REIT Technology Development Co., Ltd. </B>&ndash; Beijing REIT is an operating company in China and a wholly- owned subsidiary
of REIT Holdings. Its business scope includes research and development and solutions for solid waste (construction waste, fly-ash
and mining waste) disposal and reuse.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Xinyi REIT Ecological Technology Co., Ltd. </B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;
REIT Ecological is a wholly-owned subsidiary of REIT Holdings, its business scope will include research and development and solutions
for solid wastes.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>REIT Technology Development (America), Inc.</B> &ndash;
REIT US is a company incorporated in the United States and a wholly-owned subsidiary of Beijing REIT. Its business scope includes
customer relationship management with the Company&rsquo;s North American customers, marketing in North America and maintaining
relationships with the Company&rsquo;s partners, such as AGS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Beijing REIT Ecological Engineering and Technology Co.,
Ltd. </B>&ndash; REIT Technology is an operating company in China and a wholly-owned subsidiary of Beijing REIT. Its business
scope includes the development and construction of municipal eco-friendly sponge city projects.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gu-an
REIT Machinery Manufacturing Co., Ltd. </B>&ndash; Gu&rsquo;an REIT is an operating company in China and a wholly owned subsidiary
of Beijing REIT. Its business scope includes the development, manufacture and distribution of specialized equipment to manufacture
construction materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Langfang
Ruirong Mechanical and Electrical Equipment Co., Ltd.</B> &ndash; Ruirong is an operating company in China and a wholly-owned
subsidiary of Beijing REIT. Its business scope includes manufacturing assembly parts used in specialized equipment to manufacture
construction materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>REIT Mingsheng Environment Protection
Construction Materials (Changjiang) Co., Ltd.</B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">&ndash;
REIT Changjiang is an operating company in China and a subsidiary of Beijing REIT that is owned 84.32% by Beijing REIT and 15.68%
by VBI. Its business scope includes hauling and processing construction and mining waste, with which it produces eco-friendly
building products (aggregates, bricks, pavers and tiles) for environmental-friendly uses,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nanjing
Dingxuan Environment Protection Technology Development Co., Ltd. </B>&ndash; Dingxuan is an operating company in China and a wholly
owned-subsidiary of Beijing REIT. Its business scope includes technical support and consulting services for environmental protection
projects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hainan
REIT Construction Project Co., Ltd</B>. &ndash; REIT Construction is an operating company in China and wholly owned subsidiary
of REIT Changjiang. Its business scope includes the development and construction of municipal eco-friendly sponge city projects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><B>REIT Xinyi New Material Co., Ltd. </B>-
REIT Xinyi is an operating company in China and a 70% owned subsidiary of Beijing REIT. Its business scope will include the manufacture
of specialized equipment to produce recycled building products (aggregate, bricks, pavers and tiles) for eco-friendly building.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><B>REIT Q GREEN Machines Private Limited
</B>&ndash; REIT India is an operating company in India and a 51% owned subsidiary of Beijing REIT. We expect to expand our business
in the Indian market through this joint venture with Q Green. Its business scope will include the manufacture of specialized equipment
to produce recycled building products (aggregate and bricks) for eco-friendly building.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Corporate Organizational Chart</I></B></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="flowchart.jpg" ALT="" STYLE="width: 542px; height: 425px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Corporate
History </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
REIT was established on May 12, 1999 under the laws of China with registered capital of RMB 24 million (approximately $3.5 million)
and additional paid-in capital of RMB 100 million (approximately $15.4 million) contributed by four individual shareholders. Since
its formation in 1999, Beijing REIT has established several other wholly-owned subsidiaries:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gu&rsquo;an
                                         REIT incorporated on May 12, 2008;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
                                         Technology incorporated on April 24, 2014;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruirong
                                         incorporated on May 12, 2014;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dingxuan
                                         incorporated on October 17, 2014; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
                                         US incorporated on February 27, 2014.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">REIT Changjiang was incorporated
in Hainan Province, China, on November 22, 2011 with the original registered capital of RMB 100 million (approximately $16 million).
Its original shareholders Hainan Wenchang, which owned 40% and Zhongrong, which owned 60%. On July 16, 2013, as result of a capital
transfer, Zhongrong increased its equity ownership to 79.5% and Hainan Wenchang&rsquo;s equity ownership was decreased to 20.5%.
Zhongrong was owned by the same four individual shareholders of Beijing REIT by trust.</P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 2, 2015, Hainan Wenchang
transfered its 20.5% equity ownership to Beijing REIT. On April 20, 2015, Beijing REIT and Zhongrong signed a joint venture agreement
with VBI, to turn REIT Changjiang into a joint venture business. In connection with this joint venture agreement, on June 18,
2015, VBI contributed an additional RMB 18.6 million (approximately $2.8 million) to increase the registered capital of REIT Changjiang
from RMB 100 million to RMB 118.6 million. On January 10, 2016, Zhongrong signed an equity transfer agreement with Beijing REIT,
pursuant to which the shareholders of Zhongrong agreed to transfer all of its equity interests in REIT Changjiang to Beijing REIT.
As a result of the above reorganizations, Beijing REIT now holds an 84.32% equity interest in REIT Changjiang and VBI holds the
remaining 15.68% interest. Zhongrong and Beijing REIT are considered under common control since they are owned by the same four
individual shareholders. The above-mentioned transactions were considered a reorganization.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 1, 2015, REIT Construction was incorporated as a wholly-owned subsidiary of REIT Changjiang.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 14, 2015, Beijing REIT established
a new subsidiary, REIT Xinyi. Beijing REIT owns a 70% equity interest in REIT Xinyi, and a minority shareholder Xinyi Transportation
owns the remaining 30%. In February 2016, Beijing REIT established a joint venture, REIT India, together with an Indian company
Q Green. The total registered capital of REIT India is approximately $100,000, and Beijing REIT owns a 51% interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">On August 7, 2015, ReTo Eco-Solutions
issued 10,000 common shares at $0.001 per share to its incorporator with cash proceeds of $10.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">On February 7, 2016, Beijing REIT and
its individual original shareholders entered into an equity transfer agreement, pursuant to which these shareholders agreed to
transfer all of their ownership interests in Beijing REIT with a carrying value of RMB 24 million (or $3,466,260) to REIT Holdings
(the &ldquo;Transfer&rdquo;). After this equity transfer, Beijing REIT became a Wholly Foreign-Owned Enterprise (&ldquo;WOFE&rdquo;)
and amended the registration with the State Administration for Industry and Commerce (&ldquo;SAIC&rdquo;) on March 21, 2016. As
part of this equity transfer, the Company issued a total of 17,830,000 of its common shares at $0.25 per share to all of the Company&rsquo;s
original shareholders or former shareholders in Beijing REIT. Among total proceeds of $4,457,500 from the share issuance, the
Company paid $3,466,260 (approximately RMB 24 million) to the original shareholders of Beijing REIT as the consideration for the
transfer of their equity interests in Beijing REIT. Since these shares were issued to the original shareholders of Beijing REIT,
the transaction is considered as a part of the reorganization.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; text-indent: 36pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">I<FONT STYLE="font-family: Times New Roman,serif">n
September 30, 2016 Liu Kejia, Tech Sources International Enterprises Limited, Hengfang Li, ReTo Eco-Solutions and REIT Changjiang
entered into a Convertible Debt Investment Agreement. Pursuant to the Convertible Debt Investment Agreement a loan from Liu Kejia
in the amount of RMB 21,240,000 (approximately $3,273,000) was converted into 800,000 common shares of ReTo Eco-Solutions. The
shares were issued to satisfy a loan, which was used to improve REIT Chanjiang&rsquo;s construction materials manufacturing plant.
</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Further, in December 2016 ReTo Eco-Solutions
sold Good Venture Industrial Limited 900,000 common shares for RMB 23,400,000 (approximately $3,600,000). As of December 31, 2016,
the Company has not received the funds from the investor. The shares issued are held in escrow. As of date of this report, this
transaction has not closed.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; text-align: left">On March 2, 2017, REIT
Ecological was established in Xinyi as a wholly-owned subsidiary of REIT Holdings, with a registered capital of $30 million.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a013_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OUR
BUSINESS</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Overview</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">We are a manufacturer and distributor
of eco-friendly construction materials (aggregates, bricks, pavers and tiles), made from mining waste (iron tailings) and fly-ash,
as well as equipment used for the production of these eco-friendly construction materials. In addition, we provide consultation,
design, project implementation and construction of urban ecological environments including those for the purpose of capturing,
controlling and reusing rainwater, commonly called &ldquo;sponge cities.&rdquo; We also provide parts, engineering support, consulting,
technical advice and service, and other project-related solutions for our manufacturing equipment and environmental protection
projects.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe our products are eco-friendly,
as they contain approximately 70% of reclaimed fly-ash and iron tailings in place of traditional cement. The use of reclaimed
fly-ash and iron tailings assists in the protection of the environment by saving space in landfills and fly-ash ponds used for
the disposal of these materials, and assisting in the remediation and reclamation of abandoned or closed mining sites. In addition,
our eco-friendly construction materials consume less energy during manufacturing than other traditional building materials. We
believe our eco-friendly construction materials, with their characteristics, including superior water permeability, and competitive
prices, will be in greater demand than traditional materials as governments and others increase their focus on reducing the environmental
impact of their activities.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Presently,
our clients are located throughout mainland China, and internationally in Canada, the United States, Mongolia, the Middle East,
India, North Africa and Brazil. We seek to establish long-term relationships with our clients by producing and delivering high-quality
products and equipment and then providing technical support and consulting after equipment is delivered and projects are completed.
We engage in marketing and sales through integrated marketing, services marketing and Internet marketing. We are actively pursuing
additional markets for our products, equipment and projects, internationally in the Philippines, Laos, Morocco, Tunisia, Cuba,
Kenya, Maldives, Argentina, Mexico and Malaysia and in additional provinces of China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Beijing REIT was founded in 1999 by our
Chief Executive Officer, Hengfang Li. Mr. Li has approximately 17 years of experience in the construction materials and construction
materials manufacturing equipment industries. Our principal office is located in Beijing, China. As of June 30, 2017, we employed
221 people on a full-time basis. We have 24 employees in management, 32 employees in sales and marketing, 28 employees in research
and development, 94 employees in manufacturing and installation and 43 employees in administration. Our employees are located
in: Beijing (55 employees); Langfang City, Hebei Province (61 employees); Changjiang City, Hainan Province (74 employees); Haikou
City, Hainan Province (1 employee); Xinyi City, Jiangsu Province (29 employees); and Nanjing City, Jiangsu Province (1 employee).
We have two part-time employees.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are able to provide a full spectrum of products and services, from producing eco-friendly construction materials and manufacturing
equipment used to produce construction materials, to project installation. We utilize our research and development efforts to
differentiate us from our competitors. For example, we released our first fully automatic block production line in 1999, and have
made advances in our technology, such as intelligent automatic systems, which allows us to access our customers&rsquo; equipment
remotely to troubleshoot problems. Some of our competitors do not have automatic production lines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to China&rsquo;s recent emphasis on environmental protection, we believe there is a unique opportunity to grow our Company, which
we expect will be driven by demand for our eco-friendly construction materials, equipment used to produce these materials and
project construction expertise. We believe our technological know-how, production capacity, reputation and services offered will
enable us to seize this opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have received several industry awards and been asked to participate in several industry activities. Notable awards and activities
include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
                                         REIT&rsquo;s fully automatic solid waste disposal production line became recommended
                                         equipment of Liaoning Provincial Wall Material Industry Association in 2007;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
                                         REIT&rsquo;s brick production equipment was appraised as &ldquo;China Famous Brand&rdquo;
                                         by China Construction and Material Industrial Mechanic Standards Committee in 2007;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
                                         REIT&rsquo;s concrete brick equipment was authenticated by the European Union CE (European
                                         conformity);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
                                         Holdings became a member of the China Resource Reuse Association Wall Material Innovation
                                         Committee in 2010;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
    REIT was recognized as a National High-Tech Enterprise and became a &ldquo;Gazelle Enterprise&rdquo; in Beijing Zhongguancun
    Technology Park;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
                                         REIT was recognized as a National High-Tech Enterprise in 2011;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
                                         REIT was awarded the &ldquo;Most Valuable Brand Award&rdquo; by China Building Materials
                                         and Mechanic Industry Association in 2011;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
                                         REIT was appraised as &ldquo;AAAA Enterprise&rdquo; by the Electric Mechanics Association
                                         in 2012;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
                                         REIT became a member of China Association of Urban Environmental Sanitation in 2013;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISO
                                         9001:2000 Authentication (certification based upon quality and consistency).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our Chief Executive Officer, Hengfang Li, was named one of the &ldquo;One Hundred Outstanding People of China&rdquo;
in 2005 by China Celebrity Association. Mr. Li was recognized as one of the &ldquo;Influential People of Fly-Ash Industry&rdquo;
in 2006 by fenmeihui.org. Mr. Li was awarded as &ldquo;Leader of Building Materials and Machinery Enterprises of the National
11<SUP>th</SUP> 5-Year Plan&rdquo; in 2011 by China Building Material Machinery Association. In addition, Mr. Li and our chief
technology officer, Mr. Zhizhong Hu were recognized as &ldquo;Advanced People of National Reuse Technology&rdquo; in 2011 by China
Association of Circular Economy. We believe our industry awards, reflect widespread recognition of our stature and success in
our industry as well as the quality of our service and products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Industry
and Market Background</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Construction
Market and Opportunity</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">China is the world&rsquo;s largest construction
market and its construction market is expected to continue to grow for the near future, despite economic growth slowing in China.
Further, while China&rsquo;s construction industry only grew around 2% in 2016, China is expected to maintain its position as
the world&rsquo;s largest construction market for the near future and its share of the global construction market is expected
to reach 26% by 2025. This growth results in large part from the continued increased urbanization in China and its National New-type
Urbanization Plan, which envisions 60% of China&rsquo;s population living in cities by 2020. This urbanization trend is a key
factor in the Chinese government&rsquo;s emphasis on green building to conserve resources. Focusing on buildings is a key element
of its national strategy. We believe our eco-friendly construction materials will be in greater demand than traditional materials
as the Chinese construction market continues to grow and the Chinese government increases its focus on reducing the environmental
impact of building activities.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The construction industries in emerging
markets are expected to grow at faster rates than advanced economies. From 2016-2020, the construction industries in advanced
economies are expected to grow at 2.2% per year while emerging markets are expected to record a 5.3% annual expansion rate during
the same period. The construction markets in the Middle East and African regions are predicted to be the fastest growing in 2016-2020,
overtaking the Asia-Africa region. Asia-Pacific&rsquo;s share of the global construction industry, which includes China, is expected
to continue to rise, reaching close to 49% in 2020, up from 40% in 2010. Currently, we have international customers for our equipment
used to produce construction materials located in Asia, the Middle East, North Africa and North America and hope to expand our
international presence.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Sponge
Cities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the recent slowing of the growth of China&rsquo;s construction industry, we believe there is a significant market opportunity
to expand our business due to, among other things, China&rsquo;s recent environmental initiatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">In 2013, more than 230 cities in China
were affected by flooding. Further, as of 2013 90% of older urban areas do not have basic flood plans. In fact, the drainage system
in China wasn&rsquo;t built for extreme weather conditions. Flooding is expected to increase in the future with cities growing
larger and climate change causing more extreme weather. One solution is to retrofit existing drainage systems with larger pipes
and more efficient systems. However, this is the most expensive and disruptive solution to the problem. To help combat this problem
with a quicker, less expensive and less disruptive solution, Chinese scientists and politicians have proposed increased use of
&ldquo;sponge cities&rdquo; or features of sponge cities. A sponge city is an urban environment where rain is captured, controlled
and reused, rather than funneling the water away. In China, a &ldquo;sponge city&rdquo; refers to the &ldquo;sustainable concept
of city including flood control and water conservation,&rdquo; according to the Opinions of the General Office of the State Council.
The recycled water can be used for such purposes as refilling aquifers and for irrigation. In some instances, the recycled water
can be used for drinking or flushing toilets when properly treated. Sponge cities will also help combat China&rsquo;s water scarcity
problem. About half of China&rsquo;s 657 cities are considered water scarce or severely water scarce by UN measures.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In March 2016, China announced its 13<SUP>th
</SUP>Five Year Plan (2016-2020), which, among other matters, attempts to plug gaps in China&rsquo;s drinking water safety laws,
including those relating to water protection and water conservation. China&rsquo;s five-year plans are blueprints containing the
country&rsquo;s social, economic, and political goals. They encompass and intertwine with existing policies, regional plans, and
strategic initiatives. A five-year plan signals the Chinese government&rsquo;s vision for future reforms and communicates this
to other parts of the bureaucracy, industry participants and Chinese citizens. It is a living document that will go through constant
revision over the next five years. The 13<SUP>th</SUP> Five Year Plan highlighted water conservation as its first priority in
the nation&rsquo;s infrastructure network and emphasized water resource management, water ecology remediation and environmental
water protection.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
implement portions of the 13<SUP>th</SUP> Five Year Plan (2016-2020), China&rsquo;s Ministry of Housing and Urban Rural Development
(MOHURD), and the Ministries of Finance and Water released the &lsquo;Construction Guideline for Sponge City&rsquo; at the end
of 2014. The program is partially funded by the Ministry of Finance. The initiative aims to maximize water retainment and minimize
the effects of drought and flooding. It will utilize buildings, roads, green spaces and other ecosystems to absorb rainwater,
increase reservoir permeability and control storm water run-off to be reused in urban settings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">As of 2016, the Chinese government had
chosen 16 cities across the country to become pilot sponge cities. The government is expected to, over the next three years, allocate
each sponge city between 400 to 600 million RMB (approximately $85 million to $128 million) to construct ponds, filtration pools
and wetlands, as well as to build permeable roads and public spaces that enable stormwater to soak into the ground.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have worked on several notable sponge
city projects. Among them, we acted as one of the general contractors for the construction of a sponge-city project in Changjiang
County, Hainan Province that was constructed using our eco-friendly construction materials. In addition, we acted as a one of
the consultants for the construction of another sponge project in Haikou City, Hainan Province. We believe that we will continue
to be involved in sponge city construction and that the demand for sponge city construction will continue to be strong. As such,
we expect that sponge city construction will drive the demand for our eco-friendly construction materials and our equipment that
is used to manufacture these materials.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Our Competitive Strengths</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe the following competitive
strengths differentiate us from our competitors and contribute to our ongoing success.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Eco-friendly products</I></B><I>.
</I>Unlike many of our competitors, who still use traditional materials, we use reclaimed fly-ash and iron tailings in our construction
materials production. In doing so, we help reduce environmental waste. In addition, our equipment used to produce construction
materials can recycle disposed building materials (old bricks and concrete) to produce construction materials.</P>



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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Effective operational management</I></B>.
The consistent quality of our products and manufacturing equipment is achievable only through effective management in all aspects
of our operations, from purchasing to production and sales. In every step, we have fully trained, experienced and skilled employees
that are working in concert to ensure the quality of our construction materials and manufacturing equipment. In addition, we have
a trained management staff who have adopted our corporate culture and understand our business strategy.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Focus on technology and research
and development</I></B>. We have developed key techniques and skills in the production of various types of construction materials
manufacturing equipment. We own 39 patents (seven of which are owned jointly&nbsp;with <FONT STYLE="background-color: white">Luoyang</FONT>),
including 13 design patents and 26 utility model patents. In addition we have 4 software copyrights. We were recognized as a National
High-Tech Enterprise in 2011, which was issued by four authorized departments (Beijing Municipal Bureau of Finance, State Tax
Bureau of Beijing, Beijing Municipal Bureau of Local Tax and Beijing Municipal Committee of Science and Technology). In order
to obtain a High-Tech Enterprise certification, companies are required to own the proprietary IP rights of the core technology
used in their products and services in China. We are committed to researching and developing new construction materials, and to
the design and manufacturing of the equipment used to produce these materials.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Production
Advantages</I></B>. Our construction materials manufacturing plant is located in close proximity to raw material sources that
are used in the manufacturing process. The plant is located in Changjiang County in Hainan Province and is less than 15 kilometers
from an iron ore mine (iron tailings), less than 8 kilometers from a river sand mine and less than 2 kilometers from a granite
mine. We use all of these materials in the manufacturing process. Accordingly, we have an abundant supply of raw materials and
believe the cost of these raw materials is lower than the costs for the same materials paid by our competitors.</FONT></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;&nbsp;<B><I>We provide a full range
of eco-friendly project solutions and are not limited to the manufacture of eco-friendly construction materials or manufacturing
equipment. </I></B>We are able to provide consultation, design and implementation of sponge-city projects for customers, in addition
to manufacturing eco-friendly construction materials and equipment. This one-stop solution allows us to capture revenue from all
stages of sponge-city projects. In addition, the ability to provide total solutions allows us to capture more types of customers,
such as municipalities and governments in addition to businesses.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Experienced
Management Team and Personnel with a Demonstrated Track Record</I></B>. Our management team, led by our Chief Executive Officer
Hengfang Li, has extensive industry experience and a demonstrated track record of managing costs, adapting to changing market
conditions, and developing new products. In addition, Mr. Li has a vast network and understating of the market. Our workforce
is highly skilled with specialized training, designed to address complex and individualized client issues.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Strategies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our objective is to become the leading
provider of eco-friendly construction materials and equipment. To achieve this goal, we are pursuing the following strategies:</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Market
Opportunity</I></B>. China&rsquo;s 13th Five Year Plan (2016-2020) promotes a cleaner and greener economy, with strong commitments
to environmental management and protection, clean energy and emissions controls, ecological protection and security, and the development
of green industries. This demonstrates a clear focus on charting a sustainable course for the economy in the long-term. The 13th
Five Year Plan offers opportunities for the private sector to support China&rsquo;s environmental goals of water resource management,
water ecology remediation and environmental protection of water, such as through the construction of sponge cities and the use
of eco-friendly construction materials. Presently, we are able to serve all facets of sponge city construction through our construction
materials that are used in construction, our equipment that can produce the construction materials and our general contracting
expertise.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Expand
our remediation projects in mining regions</I></B>. We believe there are thousands of former mining locations in China that need
to remediated and reclaimed. Abandoned ore mines contain tailings and abandoned or closed mines are normally associated with environmental
concerns such as contaminated water and soil. As part of the remediation and reclamation process we are able to assist mining
companies with the disposal of tailings, and municipalities creating viable villages in former mining areas. For example, in 2015,
we completed a sponge city project in Hainan Province where a village located in a former mining area was built with our eco-friendly
construction materials made from iron tailings. We will continue to focus on using iron tailings in our eco-friendly construction
materials and seek reclamation projects in former mining areas.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Continue
to develop new products. </I></B>We are committed to researching and developing new products for unique customer needs. We believe
scientific and technological innovations will help our Company achieve its long-term strategic objectives. For example, as a result
of collaboration with the Louisiana Institute of Technology, we have developed a special corrosion-resistant concrete product
using high volume fly-ash, with the product passing a mid-stage test that involved over forty different fly-ash production formulas.
The traditional formula of construction materials made from fly-ash contains approximately 40% fly-ash, whereas the formula we
developed was tested by Alchemy Geopolymer Solutions, LLC (&ldquo;AGS&rdquo;) to contain 80% fly-ash in the product makeup. The
use of fly-ash in our eco-friendly construction materials reduces our raw material consumption and lowers our costs because we
can use fly-ash instead of more expensive cement in our production process.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
intend to increase our revenue and market share by expanding our business network internationally</I></B>. In order to expand
our international market, we plan to add four to five distributors in South America and the Middle East. We also plan to participate
in targeted international marketing events, such as seminars, workshops, and trade shows, where we can meet potential customers,
promote our products and deepen our network to further expand our sales.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pursue
Strategic Acquisitions</I></B><I>.</I> We intend to continue to pursue expansion opportunities in existing and new markets, as
well as in core and adjacent categories through strategic acquisitions. Specifically, we are seeking to acquire construction material
or construction material manufacturing equipment companies in areas of China with more established economies. We believe the demand
for eco-friendly construction materials and manufacturing equipment used to produce these materials are and will continue to be
in greater demand in these established economies.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Products</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Eco-Friendly
Construction Materials</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
produce eco-friendly construction materials (aggregates, bricks, pavers and tiles) through our subsidiary, REIT Mingsheng Environment
Protection Construction Materials (Changjiang) Co., Ltd. (&ldquo;REIT Changjiang&rdquo;), which operates our plant in Changjiang
County, Hainan Province. We refer to our construction materials as eco-friendly because we produce them from reclaimed fly-ash
and iron mine tailings. When power plants use coal to generate electricity, fly-ash is the lightweight and powdery reside from
the coal combustion process. Fly-ash is typically disposed of in landfills and ash ponds, although some may be released directly
into the atmosphere. With ever-rising energy demand fueled by China&rsquo;s economic growth, power plants are generating increasing
amounts of fly-ash that consumes valuable landfill and ash pond space. Tailings are the materials left over after the process
of separating the valuable fraction from the worthless fraction of an ore. Iron ore tailings generally consist or hard rock and
sand. Waste rock and tailings constitute the largest (by volume) industrial solid waste generated in the mining process. By recycling
fly-ash and iron tailings, we believe that our construction materials manufacturing process is a viable and environmentally friendly
solution to disposal problems associated with these materials.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Traditional bricks in China consist primarily
of clay, which is mixed with water and silt, pressed into a mold for shaping, then fired in a kiln, or furnace. We use reclaimed
fly-ash and iron tailings primarily as a substitute for clay. Through vibration technology, with these raw materials inputted,
the finished products can come out with different shape and types. Since the whole production is cured without fire, this process
has the benefits of less space required for production and less pollution generated to the environment. We believe fly-ash and
iron tailings reduce both the density and heat conductivity of our construction materials without sacrificing their durability
and strength. Our construction materials&rsquo; density and strength meet or exceed China National standards. In addition, because
we use fly-ash and iron tailings in the manufacturing process, we believe our construction materials are consistent with China&rsquo;s
recent environmental protection policies, such as energy conservation included in the 2016 China&rsquo;s 13th Five Year Plan (2016-2020).</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to fly-ash and iron tailings, our construction materials contain river sand and granite. Our eco-friendly construction
materials are produced on a fully automatic production line based upon German technology.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samples
of our eco-friendly construction materials include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ground
works materials</B>. Essential materials for sponge cities to assist in water absorption, flood control and water retention. These
construction materials can be used for urban roads, pedestrian streets and sidewalks, city squares, landmarks, parking lots, and
docks.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Landscape
retaining materials</B>. These construction materials are mainly used for gardens, roads, bridges, city squares, retaining walls
and slope construction.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="img002.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hydraulic
engineering materials</B>. Construction material for sponge city construction, they can be used for hydraulic ecological projects
such as slope protection and river transformation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="img003.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wall
materials</B>. These construction materials are used for insulation, decoration, and for building walls.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="img004.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

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<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Eco-friendly
Construction Materials Manufacturing Equipment</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">We produce manufacturing equipment used
to create eco-friendly construction materials. We have sold equipment to customers in China, South Asia, North America, the Middle
East, North Africa and Southeast Asia. The equipment consists of large-scale fully automated production equipment with hydraulic
integration. The equipment can be used to produce various types of eco-friendly construction materials that can be used for a
variety of projects such as ground works, hydraulic engineering, landscape retention and wall projects.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT><IMG SRC="img005.jpg" ALT=""></P>

<P STYLE="font: 10pt Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"></P>

<P STYLE="font: 10pt Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pictured
&ndash;Fully Automatic Block Production Line</I></FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Samples of our equipment used to produce construction materials
include the following:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>REIT-Classic RT9A, RT9B, RT15A, RT15B</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">These are fully automated block production
lines and can be universally used for the manufacture of bricks, tiles, pavers with and without face mix, curbstones, hollow blocks
and similar construction materials.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>Horizontal Pull Holes Device</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Horizontal Pull Holes Device is used
to produce interlocking bricks, water conservancy blocks and slope protection blocks.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>REIT-I Concrete Block Splitter</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Synchronized concrete block cutting machine
with four blades. The blades are guided by ultra-wear resistant guide leads and driven by a large bore hydraulic drive, which
lowers the operating pressure of the hydraulic unit and increases the splitting force.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>REIT Foam Insert Device</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">This device is used to insert a foam
plate into the mold and produce thermal insulation blocks.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Our Projects</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">In 2014, we entered into the field of
urban ecological construction (sponge city construction) and established REIT Technology and REIT Construction for this purpose.
We act as general contractor for the construction of sponge cities and are responsible for the planning, construction and design
of such cities. We subcontract with architects and subcontractors in order to complete the projects. We also act as a consultant
for sponge city construction and incorporated Dingxuan for this purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Changjiang
County, Hainan Province Sponge City</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were the general contractor for a sponge city project where an entire village was relocated and constructed in a former mining
area. The project took 16 months to complete resulting in revenue of approximately RMB 14 million ($2.2 million) for us. We made
all construction materials out of recycled iron tailings. A total of 86 single-family homes were built with a total construction
area of 9,400 square meters (101,000 square feet). An estimated 1,810,000 pieces of bricks were used for walls, 90,000 roof tiles,
and 4,200 square meters (approximately 45,000 square feet) of ground was covered with our construction materials. The completed
project has won recognitions at various government levels in Hainan Province, and has been designated as a demonstration or model
project for promotion of sponge city construction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><IMG SRC="image_005.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Haikou
City, Hainan Province Sponge City</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acted as a consultant for a sponge city project in Haikou City, Hainan Province. We also paved 50,000 square meters for this project.
To assist with the nationwide efforts to promote pilot cities in sponge city construction, we will collaborate with international
institutions in sponge city construction such as Jude Technology Corporation located in Germany. By gradually increasing our efforts,
and expanding the scale in the planning, design and construction of sponge cities, we aim to become a key enterprise in sponge
city construction.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"><IMG SRC="img008.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0 0pt 1.25in; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"><IMG SRC="img009.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Customers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
eco-friendly construction materials are only sold in China. Sales of construction materials accounted for $18.4 million and $7.9
million of our total revenues for the years ended December 31, 2016 and 2015, respectively. We have international customers located
in Asia, India, the Middle East, North Africa and North America for our manufacturing equipment. The following is a summary of
our total revenues by geographic market for each of the last three years for our manufacturing equipment used to produce construction
materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0">Region</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2016</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2015</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2014</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2013</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding: 0; text-indent: 0">United States</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">4,437</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">266,390</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">35,893</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Canada</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">212,919</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Mongolia</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">93,521</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Middle East</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">34,925</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">20,210</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">16,627</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">5,774</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">India</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">495,452</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,442,576</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,060,242</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">988,070</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Pakistan</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">168,132</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">China</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">12,188,985</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">4,868,724</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">4,747,618</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3,698,049</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">North Africa</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">279,110</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,091,157</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,413,284</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Brazil</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">335</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0">Total</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-weight: bold; text-align: right; padding: 0; text-indent: 0">13,166,604</TD><TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-weight: bold; text-align: right; padding: 0; text-indent: 0">6,548,866</TD><TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-weight: bold; text-align: right; padding: 0; text-indent: 0">7,182,369</TD><TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-weight: bold; text-align: right; padding: 0; text-indent: 0">6,234,591</TD><TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the years ended December 31, 2016 and
2015, no customer accounted for more than 10% of the Company&rsquo;s total revenue. As of December 31, 2016, no account receivable
accounted for more than 10% of the total outstanding accounts receivable balance. As of December 31, 2015, one account receivable
accounted for 12% of the total outstanding accounts receivable balance.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
and Marketing</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are increasing our marketing and sales efforts, including a directed focus on online marketing. Online marketing allows us to
efficiently educate prospective customers about the products and services we have to offer and assists us in expanding the reach
of our market, both globally and internationally. In addition, we are expanding our presence in the markets we serve. In India,
for example, in order to reduce costs, improve customer service quality and expand sales, we have established local assembly companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to expand our international market, we plan to add four to five distributors in South America and the Middle East. We also
plan to participate in targeted international marketing events, such as seminars and workshops, and trade shows where we can meet
customers, promote our products and deepen our network to further expand our sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
our domestic markets, specifically Hainan, we have increased brand recognition by focusing on governmental projects and large-scale
projects, such as sponge city construction. We also rely on industry associations (such as Hainan New Wall Construction Materials
Association and Hainan Block Association), professional promotional meetings sponsored by provincial governments, and industry
specific agencies, and research institutes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
focus of our sales and marketing efforts is to continue to improve our techniques, product quality and customer service that have
generated positive customer reviews. We have obtained new customers by word-of-mouth referrals and have found that satisfied customers
are loyal customers. In addition, the introduction of new products, such as permeable floor tiles for sponge city construction
and slope and damn protection blocks in water conservancy construction have helped open new markets. We believe that this approach
has been crucial to winning and retaining clients and increasing our ability to withstand competition. In addition, we are currently
researching mineral wool products and the feasibility of producing those products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Competition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We face significant competition in both
our manufacturing equipment and construction materials markets. We have both domestic and international competitors in our manufacturing
equipment market. In the international market for our manufacturing equipment our main competition is German made manufacturing
equipment. We believe our competitive strength against these competitors is the lower cost of our equipment that enjoy the same
technical standards and high quality service. Our disadvantage is that the German-made equipment has a better aesthetic appearance
as compared to the equipment we manufacture. Accordingly, we are attempting to improve the appearance of our equipment to compete
with these competitors.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
main competitors in the Chinese market for our manufacturing equipment are small Chinese companies located in Fujian Province.
We believe our competitive strength against these competitors is the quality of our equipment while our competitive disadvantage
is the higher cost of our equipment. There is an increased demand for fully automated construction materials production lines
due to the increase of Chinese labor costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are positioned to take advantage of the increased demand for fully automated construction lines due to our current ability to
manufacture such equipment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
both the domestic and international markets we are increasing our research and development of technology for construction materials
manufacturing equipment. In addition, we are researching a variety of construction materials that can be made with our manufacturing
equipment. We believe that a continued focus on a broad array of products and product designs coupled with our engineering and
manufacturing expertise will enable us to provide customers with differentiated product performance and customer support.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
main competitors for our construction materials are small companies located in Hainan Province where our construction materials
production facility is located. The largest of these competitors has the ability to produce construction materials with an output
value of approximately 4,000,000 RMB (approximately $615,000), which is approximately 10% of our production capacity. In addition,
we are the only construction material producer in Hainan Province that uses large automated equipment. Accordingly, this provides
us with the advantage of winning large supply contracts in Hainan Province. In fact, a pilot sponge city project in Sanya, Hainan
Province and port construction project in Sanya, Hainan Province have used us as their exclusive supplier for construction materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seasonality
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is not affected by seasonality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Research
and Development</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soon
after its establishment, we set up a research and development center in Xi&rsquo;an. We believe scientific and technological innovation
will help our Company achieve its long-term strategic objectives. We conduct research and development in the following areas:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing
                                         equipment;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recycling
                                         and utilization of solid wastes;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
                                         construction materials; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Urban
                                         ecological construction (sponge cities).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conduct our research and development
according to strategic objectives, the market and customer needs. Combining application research and advanced research, we will
not only improve current products, but also develop future strategic products, realizing technology development in line with the
market demand.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">Our research and development activities mainly
focus on solid waste utilization and recycling, ecological environmental friendly construction materials, technology and equipment,
thermal insulation products and related production equipment.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">We accounted for the payments as research and
development expenses in accordance with ASC 730-20 for the related periods. For the years ended December 31, 2016 and 2015, we
spent $503,688 and $458,246, respectively, on research and development. We expect to increase our allocation of research and development
funds in the future in an effort to enhance our core competence.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quality
control is an important aspect of our research and development department&rsquo;s work and ensuring quality at every stage of
the process has been as key driver in maintaining and developing our brand value. As of December 2015, we employed 32 professionals
in research and technology development, including 10 senior engineers. We have set up a separate research and development division
to account for our investment in research and development. We expect to increase our allocation of research and development funds
in an effort to enhance its core competence.</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company entered into a contract with
AGS to initiate a collaborative approach to produce dry-cast geopolymer concrete products including, dry-cast bricks, blocks,
pavers, roof tiles and stone veneer. AGS grew out of the geopolymer research and development performed at Louisiana Tech University
and it driven by a team of researchers in the University&rsquo;s Trenchless Technology Center. AGS&rsquo;s President, Erez Allouche
is an Associate Professor of Civil Engineering at Louisiana Tech University. The Company believes the contract it entered into
with AGS is not material and its business is not substantially dependent on the contract. Accordingly, the Company did not file
the contract as an exhibit to the Amendment. Neither Louisiana Tech University nor any individual from the university own any
equity interest in our Company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of collaboration with the Louisiana Institute of Technology, we have developed a special corrosion-resistant concrete
product using a high volume of fly-ash, with the product passing a mid-stage test that involved over 40 fly-ash production formulas.
The traditional formula of construction materials made from fly-ash contains approximately 40% fly-ash, whereas the formula we
developed tested by AGS contains 80% fly-ash. We have begun setting up China&rsquo;s first research and development base for technology
collaboration in Yinchuan City, Ningxia Province, in the hope of rapidly promoting such technology in China. We have also collaborated
with Louisiana Institute of Technology, Lanzhou University and China University of Mining and Technology to develop disposal techniques
for fly ash and iron tailings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2013 we focused our research and development policies on our full-automatic production lines, to enrich the types of eco-friendly
construction materials we offer, and to try and improve our market share. In 2014, we focused our research and development policies
on improving our technology skills to try and keep with the level of our international competitors of manufacturing equipment.
In addition we focused on developing an effective wet-forming technology and vibration molding techniques. In 2015 and subsequent
years, we focused and will focus our research and development polices on comprehensive treatment of solid waste for use in eco-friendly
construction</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">materials,
recycling technologies, new eco-friendly construction materials, and heat preservation and energy conservation products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sample research and development projects from 2012 to 2016
include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pallet-free
                                         block molding machine</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic
                                         loading machine</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
2013</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile
                                         unstacking car</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic
                                         block splitting assembly line</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
2014</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vibrating
                                         wet molding machine</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hollow
                                         body molding machine</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Block
                                         module RTQT15 molding machine</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 36.35pt; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pallet
                                         free stacking system</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year 2016</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pallet
    turning device</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="line-height: 107%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quick
    clamping and shock proof balanced device</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sources
of Raw Materials</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
primary raw materials are steel for our manufacturing equipment and iron tailings, fly-ash and cement for our construction materials.
We purchase from a variety of suppliers and believe these raw materials are widely available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have efficient access to all of the raw materials necessary for the production of our manufacturing equipment and construction
materials. We believe our relationships with the suppliers of these raw materials are strong. We do not expect the prices of such
raw materials to vary greatly from their current prices, as there has traditionally been little price volatility for such materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the years ended December 31, 2016 and 2015,
the Company purchased approximately 41% and 39%, and 10% and 5%, of its raw materials from two primary suppliers &ndash; Changjiang
Huasheng Tianya Cement Co., Ltd. and Liu Li, a natural person, respectively. If we are unable to purchase from these primary suppliers,
we do not expect we would face difficulties in locating other suppliers at substantially the same prices.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Intellectual
Property Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We rely on our technology patents to protect
our domestic business interests. We have placed a high priority on the management of our intellectual property. Some products
that are material to our operating results incorporate patented technology. Patented technology is critical to the continued success
of our business. However, we do not believe that our business, as a whole, is dependent on, or that its profitability would be
materially affected by the revocation, termination, expiration or infringement upon any particular patent. We currently hold thirty-nine
patents (seven of which are owned jointly&nbsp;with <FONT STYLE="background-color: white">Luoyang</FONT>) and four software copyrights,
as summarized below:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proprietary Name</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Patent No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Patent Type</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Application Date</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approval Date</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expiration Date</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authority</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RT mechanical transmission CNC system V12.0</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software copyright registration No. 0228987</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software copyright</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2010</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/10/2060</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Copyright Administration of China</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MB software for concrete molding control V15.0</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software copyright registration No. 0229003</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software copyright</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2010</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/10/2060</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Copyright Administration of China</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZMV software for transport trolley control v6.0</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software copyright registration No. 0229000</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software copyright</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2010</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/10/2060</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Copyright Administration of China</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CB software for machine automation control v4.0.</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software copyright registration No. 0229001</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software copyright</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/11/2010</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National Copyright Administration of China</FONT></TD></TR>
<TR>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pressure molding machine</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2011 2 0251320.6</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/15/2011</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/14/2012</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile pallet trucks</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2011 2 0251594.5</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/15/2011</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/14/2012</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/14/2021</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offline palletizing system</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2011 2 0251553.6</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/15/2011</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/14/2012</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/14/2021</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electric automatic low level palletizer</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2012 2 0505448.5</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/28/2012</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/3/2013</FONT></TD>
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    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/27/2022</FONT></TD>
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    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
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<TR>
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    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2012 2 0510468.1</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/29/2012</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/3/2013</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
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<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medium to large platform vibration system for block molding</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2012 2 0505906.5</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
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    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/29/2012</FONT></TD>
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    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/3/2013</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/28/2022</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
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    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A composite pallet</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL2014 2 0545245.8</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/22/2014</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/4/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/21/2024</FONT></TD>
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    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core vibration molding machine</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0016872.7</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/9/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/15/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/8/2025</FONT></TD>
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    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thin-wall concrete hollow shell molding machine</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0016846.4</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model </FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/9/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/15/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/8/2025</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thin-wall porous concrete molding machine</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0016267.X </FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model </FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/9/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/15/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/8/2025</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">High-density concrete molding machine</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0016672.1</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/9/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7/15/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/8/2025</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pallet-free block stacking system</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0678713.3</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/2/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/20/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2025</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 107%; width: 20%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%; width: 23%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rotary kiln car</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0678742.X</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/2/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/20/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2025</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wet concrete dosing unit</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0679482.8</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/2/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/20/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2025</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Groove drawing device for blocks</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0679500.2</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/2/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/20/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2025</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Block stacking clamp</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0679522.9</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/2/2015</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/20/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9/1/2025</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222; background-color: white">Insulation benzene board insertion device </FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2015 2 0680597.9</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2016 2 1009248.5</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/30/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/19/2017</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/29/2026</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A board split device</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2016 2 1009301.1</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility Model</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/30/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/19/2017</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8/29/2026</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floor tile</P></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2016 3 0541998.6</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Patent</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11/8/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/29/2017</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11/7/2026</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floor tile</P></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2016 3 0647497.6</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Patent</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/26/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/26/2017</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/25/2026</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floor tile</P></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2016 3 0647499.5</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Patent</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/26/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5/10/2017</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/25/2026</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floor tile</P></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2016 3 0647901.X</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Patent</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/26/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4/26/2017</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/25/2026</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floor tile</P></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ZL 2016 3 0542388.8</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Patent</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11/8/2016</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3/29/2017</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11/7/2026</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China State Intellectual Property Office</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">Slope
        protection block<SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ZL
    2016 3 0542207.1</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Design
    Patent</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/8/2016</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">5/24/2017</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/7/2026</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">China
    State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">Slope
        protection block<SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ZL
    2016 3 0542295.5</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Design
    Patent</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/8/2016</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">5/10/2017</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/7/2026</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">China
    State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">Slope
        protection block<SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ZL
    2016 3 0542296.X</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Design
    Patent</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/8/2016</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">5/10/2017</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/7/2026</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">China
    State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">Slope
        protection block<SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ZL
    2016 3 0542514.X</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Design
    Patent</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/8/2016</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">5/24/2017</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/7/2026</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">China
    State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">Slope
        protection block<SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ZL
    2016 3 0595820.X</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Design
    Patent</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">12/6/2016</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">5/24/2017</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">12/5/2026</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">China
    State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">Slope
        protection block<SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ZL
    2016 3 0542294.0</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Design
    Patent</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/8/2016</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">5/17/2017</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/7/2026</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">China
    State Intellectual Property Office</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9.5pt">Slope
        protection block<SUP>(1)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ZL
    2016 3 0542168.5</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Design
    Patent</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/8/2016</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">5/24/2017</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">11/7/2026</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">China
    State Intellectual Property Office</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">(1) We own this patent jointly with Luoyang.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Article 15 of Patent Law of China if there is any agreement between the joint owners of the right to apply for a patent or
a patent right regarding the exercise of the relevant right, the agreement shall be followed. If there is no such agreement, any
of the joint owners may exploit the patent independently or license others to exploit the patent by means of ordinary license.
In the case of licensing to others to exploit the patent, royalties charged shall be distributed among the joint owners.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">In order to minimize our liabilities or
loss from the seven joint patents referenced above, Beijing REIT entered into an agreement with Luoyang on January 7, 2017, regarding
the use, licensing, and transfer rights for the joint patents. The agreement, among other terms, provides Beijing REIT with sole
use and exclusive right of licensing of the joint patents and prohibits Luoyang and Beijing REIT from transferring the joint patents
to any other third parties without each parties&rsquo; consent. Subsidiaries of Beijing REIT also have the right to use the joint
patents under the agreement. In addition, the parties will share any fees generated from any licensing of the joint patents.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Properties</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 8pt; text-indent: 0.5in">Our headquarters is located at Room 1611, No.1 Building, No.208, Second Block, Lize Zhongyuan, Xinxing
Industrial Area, Wangjing, Zhaoyang District, Beijing City, People's Republic of China. We have incorporated nine Chinese domestic
operating companies, which are separate legal entities. Our facilities are used for manufacture, sales, marketing and administrative
functions. We own twelve of the facilities, and the other nine facilities are leased. We believe our facilities are adequate for
our current needs and we do not believe we will encounter any disputes of property rights or any difficulty in extending the terms
of the leases by which we occupy our respective premises.&nbsp;A summary description of our facilities locations follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 41%; border-bottom: black 1.5pt solid; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Office</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 25%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ownership</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Space</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The company headquarters office</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room 1611, No.1 Building, No.208, Second Block, Lize Zhongyuan, Wangjing Xinxing Industrial Area, Chaoyang District, Beijing City</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 2017-&nbsp;January 2018&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39 sq.&nbsp;m<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of Beijing REIT Technology Development Co., Ltd</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X-701, X-702, X-704, No. 60, Anli Road, Chaoyang District, Beijing City</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">March 2011- August 2018</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">658 Sq. m<SUP>2</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production shop of Gu&rsquo;an REIT Machinery Manufacturing Co., Ltd </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Region of Gu&rsquo;an Industrial Area</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 2008 &ndash; January 2055</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26695.5 sq.&nbsp;m<SUP>2</SUP>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of REIT Xinyi New Material Co., Ltd</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.2-3, Daqiao West Road, Xinyi Economic Development Zone, Xinyi City, Jiangsu Province</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 2015-July 2018</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300 sq.&nbsp;m<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production Shop and office of REIT Mingsheng Environment Protection Constructional Material (Changjiang) Co., Ltd <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.1, Development First Road, Xunhuan Economic Industrial Area, Changjiang City, Hainan Province</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 2011 &ndash; May 2062</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">306000 sq.&nbsp;m<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of Beijing Reit Ecological Engineering and Technology Co., Ltd&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="line-height: 107%; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room 3396, No.1 Building, No.5 Liufang Nanlijia, Zhaoyang District, Beijing City</FONT></TD>
    <TD STYLE="line-height: 107%; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 2017-&nbsp;April 2018</FONT></TD>
    <TD STYLE="line-height: 107%; width: 1%">&nbsp;</TD>
    <TD STYLE="line-height: 107%; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10 sq.&nbsp;m<SUP>2</SUP>.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of Nanjing Dingxuan Environment Protection Technology Development Co., Ltd </FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.156, Zhuangqiang Jizheng, Gaochun District, Nanjing City</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 2016- &nbsp;December 2017</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58 sq.&nbsp;m<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of Hainan REIT Construction&nbsp;Project &nbsp;Co.,&nbsp;Ltd.</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room 901, No.7 Building, Heifeng Jiang&rsquo;an, Weibeimen, Haikou City, Hainan Province</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2017-&nbsp;November 2017</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">179.5 sq.&nbsp;m<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production shop and office of Langfang&nbsp;&nbsp;Ruirong Mechanical and Electrical Equipment Co., Ltd&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shengda Bridge West Road North, Guangming Weat Avenue</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 2016 - June 2022</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2970 sq.&nbsp;m<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land Owned by Reit Xinyi New Material Co., Ltd&nbsp;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">West Area of Jizheng Avenue, North Area of Tanggang Road, Economic and Technical Development Zone, Xinyi City, Jiangsu Province</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2017 - February 2067</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74254.61 sq.&nbsp;m<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office for the R&amp;D department of Beijing REIT Technology Development Co., Ltd</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units 12001-12002, No. 1 Building, West-side of South 2<SUP>nd</SUP> Ring Road, Beilin District, Xi&rsquo;an City</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">245.38 sq.&nbsp;m<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Staff dormitory of REIT Mingsheng Environment Protection Constructional Material (Changjiang) Co., Ltd<SUP>&nbsp;(2)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units 01043, 01044, 01045, 01047, 01071, 01075, 010913, No.1 Building, Jinshui International Residence,
East-side of the Changjiang Revenue, Shilu Town, Changjiang County, Hainan Province</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD NOWRAP STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</FONT></TD>
    <TD NOWRAP STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">396.41 Sq.m<SUP>2</SUP></FONT></TD></TR>
</TABLE>




<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) These properties have been pledged to Industrial &amp;
Commercial Bank of China Changjiang Branch for a loan.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">(2) These properties have been pledged to Haikou Union
Rural Commercial Bank Co., Ltd for a loan.</P>



<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a014_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGULATION</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulations
Relating to the Manufacturing Industry</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
manufacturing activities are regulated by the Law of China on Work Safety, which was adopted in 2002 and amended in 2014, the
State Administration of Work Safety is responsible for the supervision and administration of work safety nationwide. Pursuant
to which, production units which are engaged in producing and operating activities in China shall meet the conditions of work
safety stipulated by relative law and regulations or national standards or industry standards; otherwise, those production units
are not allowed to undertake manufacturing activities in China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
major products are regulated by the Law of China on Product Quality, which was promulgated in 1993 and amended in 2009, which
require our products to comply with national standards and industry standards during the process of manufacturing and selling.
Our products will be defined as defective products if they fail to comply with such standards. Meanwhile if our products cause
personal injuries or other product damages, we shall be responsible for applicable compensation. The statute of limitation of
legal proceedings for injuries or damages cause by defective products will be two years, commencing from the date of awareness
of injuries or damages. Our products are mainly divided into two categories, which are eco-friendly construction materials and
equipment used to produce construction materials, respectively. Under the Law of China on Product Quality, our products manufacturing
shall be in compliance with five national standards and four industry standards, including but not limited to the GB/T 8533-2008
(national standard) and the JC/T 920-2011 (industry standard) for our manufacturing equipment, and the GB/T 21144-2007 (national
standard) and the NY/T 1253-2006 (industry standard) for our construction materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Regulations
on Tax</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&ldquo;<I>Taxation&mdash;People&rsquo;s Republic of China Taxation</I>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulation
of Foreign Currency Exchange and Dividend Distribution </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Foreign
Currency Exchange. </I></B>The principal regulations governing foreign currency exchange in China are the Foreign Exchange Administration
Regulations (1996), as amended on August&nbsp;5, 2008, the Administration Rules of the Settlement, Sale and Payment of Foreign
Exchange (1996) and the Interim Measures on Administration on Foreign Debts (2003). Under these regulations, Renminbi are freely
convertible for current account items, including the distribution of dividends, interest payments, trade and service-related foreign
exchange transactions, but not for most capital account items, such as direct investment, loans, repatriation of investment and
investment in securities outside China, unless the prior approval of SAFE or its local counterparts is obtained. In addition,
any loans to an operating subsidiary in China that is a foreign invested enterprise, cannot, in the aggregate, exceed the difference
between its respective approved total investment amount and its respective approved registered capital amount. Furthermore, any
foreign loan must be registered with SAFE or its local counterparts for the loan to be effective. Any increase in the amount of
the total investment and registered capital must be approved by the China Ministry of Commerce or its local counterpart. We may
not be able to obtain these government approvals or registrations on a timely basis, if at all, which could result in a delay
in the process of making these loans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
dividends paid by the subsidiary to its shareholder are deemed shareholder income and are taxable in China. Pursuant to the Administration
Rules of the Settlement, Sale and Payment of Foreign Exchange (1996), foreign-invested enterprises in China may purchase or remit
foreign exchange, subject to a cap approved by SAFE, for settlement of current account transactions without the approval of SAFE.
Foreign exchange transactions under the capital account are still subject to limitations and require approvals from, or registration
with, SAFE and other relevant Chinese governmental authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Dividend Distribution. </I></B>The
principal regulations governing the distribution of dividends by foreign holding companies include the Company Law of China (1993),
as amended in 2013, the Wholly Foreign-Owned Investment Enterprise Law (1986), as amended in 2000, and the Administrative Rules
under the Wholly Foreign-Owned Investment Enterprise Law (1990), as amended respectively in 2001 and 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these regulations, wholly foreign-owned investment enterprises in China may pay dividends only out of their retained profits,
if any, determined in accordance with Chinese accounting standards and regulations. In addition, wholly foreign-owned investment
enterprises in China are required to allocate at least 10% of their respective retained profits each year, if any, to fund certain
reserve funds unless these reserves have reached 50% of the registered capital of the enterprises. These reserves are not distributable
as cash dividends, and a wholly foreign-owned enterprise is not permitted to distribute any profits until losses from prior fiscal
years have been offset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Circular 37. </I></B>On July&nbsp;4,
2014, SAFE issued Notice on Relevant Issues concerning Foreign Exchange Administration for Domestic Residents Engaging in Overseas
Financing and Investing through Round-Trip Investment via Special Purpose Companies, or Circular 37, which became effective as
of July&nbsp;4, 2014. According to Circular 37, Chinese residents shall apply to SAFE and its branches for going through the procedures
for foreign exchange registration of overseas investments before contributing the domestic assets or interests to a SPV. An amendment
to registration or filing with the local SAFE branch by such Chinese resident is also required if the registered overseas SPV&rsquo;s
basic information such as domestic individual resident shareholder, name, operating period, or major events such as domestic individual
resident capital increase, capital reduction, share transfer or exchange, merger or division has changed. Although the change
of overseas funds raised by overseas SPV, overseas investment exercised by overseas SPV and non-cross-border capital flow are
not included in Circular 37, we may be required to make foreign exchange registration if required by SAFE and its branches.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
Circular 37 applies retroactively. As a result, Chinese residents who have contributed domestic assets or interests to a SPV,
but failed to complete foreign exchange registration of overseas investments as required prior to implementation of Circular 37,
are required to send a letter to SAFE and its branches for explanation. Under the relevant rules, failure to comply with the registration
procedures set forth in Circular&nbsp;37 may result in receiving a warning from SAFE and its branches, and may result in a fine
of up to RMB 300,000 (approximately $46,000) for an organization or up to RMB 50,000 (approximately $8,000) for an individual.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chinese
residents who control our Company are required to register with SAFE in connection with their investments in us. If we use our
equity interest to purchase the assets or equity interest of a Chinese company owned by Chinese residents in the future, such
Chinese residents will be subject to the registration procedures described in Circular 37.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Circular 19 &amp; Circular 16 </I></B>On
March 30, 2015, SAFE issued the Circular Concerning the Reform of the Administration of the Settlement of Foreign Currency Capital
of Foreign-Invested Enterprises, or Circular 19, which became effective on March 30, 2015 and was implemented on June 1, 2015.
Circular 19 regulates the conversion of foreign currency capital funds into RMB by a foreign-invested enterprise, and limits how
the converted RMB may be used.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, SAFE promulgated a circular
on June 9, 2016, Circular on Reforming and Regulating Policies on the Administration over Foreign Exchange Settlement under Capital
Accounts, or Circular 16, which further revises several clauses in Circular 19. Both Circular 19 and Circular 16 regulate that
foreign exchange incomes of a domestic enterprise under their capital account shall not be used in the ways stated below:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         expenditures that are forbidden by relevant laws and regulations, or for purposes which
                                         are not included in the business scope approved by relevant government authority;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         direct or indirect equity investments within China, or for any other kinds of investments
                                         except principal-guaranteed wealth-management products, unless otherwise prescribed by
                                         other laws and regulations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         issuing RMB entrusted loans directly or indirectly (except those included in the business
                                         scope), or for repaying inter-enterprise loans, or for repaying bank loans which has
                                         been refinanced to third parties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         issuing RMB loans to non-affiliated enterprises, unless expressly permitted in the business
                                         scope;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         purchasing or constructing real estate which is not for personal use, in addition to
                                         those real estate enterprises.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, SAFE supervises the flow and use of those RMB capital converted from foreign currency capital funds of a foreign-invested
company by further focusing on ex post facto supervisions and violations, and the use the net proceeds from this offering to invest
in or acquire any other Chinese companies in China is subject to the provisions under both Circular 19 and Circular 16.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
M&amp;A Regulations and Overseas Listings </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August&nbsp;8, 2006, six Chinese regulatory agencies, including the Ministry of Commerce, the State Assets Supervision and Administration
Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, CSRC and SAFE, jointly
issued the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the New M&amp;A Rule, which
became effective on September&nbsp;8, 2006 and was amended on June&nbsp;22, 2009. This New M&amp;A Rule, among other things, includes
provisions that purport to require that an offshore special purpose vehicle formed for purposes of overseas listing of equity
interests in Chinese companies and controlled directly or indirectly by Chinese companies or individuals should obtain the approval
of CSRC prior to the listing and trading of such special purpose vehicle&rsquo;s securities on an overseas stock exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&nbsp;21, 2006, CSRC published on its official website procedures regarding its approval of overseas listings by special
purpose vehicles. The CSRC approval procedures require the filing of a number of documents with the CSRC and it would take several
months to complete the approval process. The application of this new Chinese regulation remains unclear with no consensus currently
existing among leading Chinese law firms regarding the scope of the applicability of the CSRC approval requirement.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
China counsel, Kaitong Law Firm, has advised us that, based on their understanding of the current Chinese laws and regulations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 88%; font-family: Times New Roman, Times, Serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    currently control the China Operating Companies by virtue of REIT Holdings acquiring 100% of the equity interests of Beijing
    REIT, which are regulated by the New M&amp;A Rule. According to the New M&amp;A Rule, when a domestic company or a domestic
    natural person, through an overseas company established or controlled by it, to acquire a domestic company&rsquo;s equity
    interest which is related to or connected with it, approval from Ministry of Commerce is required. At the time of our equity
    interest acquisition, as the acquiree, Beijing REIT was not related to or connected with the foreign investor, or the acquirer,
    REIT Holdings. Accordingly, we did not need the approval from Ministry of Commerce. In addition, we have received all relevant
    approvals and certificates required for the acquisition;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 88%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    CSRC approval under the New M&amp;A Rule only applies to overseas listings of SPVs that have used their existing or newly
    issued equity interest to acquire existing or newly issued equity interest in Chinese domestic companies, or a SPV-domestic
    company share swap. RETO does not constitutes a SPV that is required to obtain approval from the CSRC for overseas listing
    under the New M&amp;A Rule because there has not been any SPV-domestic company share swap in our corporate history; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 88%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
    the above analysis, the CSRC has not issued any definitive rule or interpretation regarding whether offerings like the one
    contemplated by this Prospectus are subject to the New M&amp;A Rule.</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 32%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; font-family: Times New Roman, Times, Serif; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulations
on Offshore Parent Holding Companies&rsquo; Direct Investment in and Loans to Their Chinese Subsidiaries </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An offshore company may invest equity
in a Chinese company, which will become the Chinese subsidiary of the offshore holding company after investment. Such equity investment
is subject to a series of laws and regulations generally applicable to any foreign-invested enterprise in China, which include
the Wholly Foreign-Owned Enterprise Law, the Sino-Foreign Equity Joint Venture Enterprise Law, the Sino-Foreign Contractual Joint
Venture Enterprise Law, all as amended from time to time, and their respective implementing rules; the Administrative Provisions
on Foreign Exchange in Domestic Direct Investment by Foreign Investors; and the Notice of the State Administration on Foreign
Exchange on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the aforesaid laws and regulations, the increase of the registered capital of a foreign-invested enterprise is subject to the
prior approval by the original approval authority of its establishment. In addition, the increase of registered capital and total
investment amount shall both be registered with SAIC, Ministry of Commerce and SAFE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
loans made by offshore parent holding companies to their Chinese subsidiaries are regarded as foreign debts in China for regulatory
purpose, which is subject to a number of Chinese laws and regulations, including the Chinese Foreign Exchange Administration Regulations,
the Interim Measures on Administration on Foreign Debts, the Tentative Provisions on the Statistics Monitoring of Foreign Debts
and its implementation rules, and the Administration Rules on the Settlement, Sale and Payment of Foreign Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these regulations, the shareholder loans made by offshore parent holding companies to their Chinese subsidiaries shall be registered
with SAFE. Furthermore, the total amount of foreign debts that can be borrowed by such Chinese subsidiaries, including any shareholder
loans, shall not exceed the difference between the total investment amount and the registered capital amount of the Chinese subsidiaries,
both of which are subject to the governmental approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulations
Relating to Intellectual Property Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Patent.
</I>Patents in China are principally protected under the Patent Law of China. The duration of a patent right is either 10&nbsp;years
(utility model or design) or 20&nbsp;years (invention) from the date of application, depending on the type of patent right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;Copyright.
</I>Copyright in China, including copyrighted software, is principally protected under the Copyright Law of China and related
rules and regulations. Under the Copyright Law, for a company, the term of protection for copyright is 50&nbsp;years from the
first publication of its work.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Trademark.
</I>Registered trademarks are protected under the Trademark Law of China and related rules and regulations. Trademarks are registered
with the Trademark Office of the State Administration for Industry and Commerce. Where registration is sought for a trademark
that is identical or similar to another trademark that has already been registered or given preliminary examination and approval
for use in the same or similar category of commodities or services, the application for registration of such trademark could be
rejected. Trademark registrations are effective for a renewable ten-year period, unless otherwise revoked.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Domain
names.</I>&nbsp;&nbsp;&nbsp;&nbsp;Domain names are protected under the Administrative Measures on the Internet Domain Names promulgated
by the MIIT and the Registration Implementing Measures on the Domain Names promulgated by the CNNIC. The MIIT is the major regulatory
body responsible for the administration of the Chinese Internet domain names, under supervision of which the CNNIC is responsible
for the daily administration of .cn domain names and Chinese domain names. MIIT adopts the &ldquo;first to file&rdquo; principle
with respect to the registration of domain names.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Employee
Stock Option Plans </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2012, SAFE promulgated the Notices on Issues concerning the Foreign Exchange Administration for Domestic Individuals
Participating in Stock Incentive Plan of Overseas Publicly-Listed Company, replacing earlier rules promulgated in March 2007,
to regulate the foreign exchange administration of Chinese citizens and non-Chinese citizens who reside in China for a continuous
period of not less than one year, with a few exceptions, who participate in stock incentive plans of overseas publicly-listed
companies. Pursuant to these rules, these individuals who participate in any stock incentive plan of an overseas publicly-listed
company, are required to register with SAFE through a domestic qualified agent, which could be the Chinese subsidiaries of such
overseas listed company, and complete certain other procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulations
Relating to Labor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the China Labor Law, which was adopted in 1995, and the China Labor Contract Law, which was adopted in 2008 and amended in
2012, a written labor contract is required when an employment relationship is established between an employer and an employee.
The China Labor Law stipulates the maximum number of working hours per day and per week while other labor-related regulations
and rules of China stipulate the minimum wages. An employer is required to set up occupational safety and sanitation systems,
implement the national occupational safety and sanitation rules and standards, educate employees on occupational safety and sanitation,
prevent accidents at work and reduce occupational hazards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
employer is obligated to sign an indefinite term labor contract with an employee if the employer continues to employ the employee
after two consecutive fixed-term labor contracts, with certain exceptions. The employer also has to pay compensation to the employee
if the employer terminates an indefinite term labor contract, with certain exceptions. Except where the employer proposes to renew
a labor contract by maintaining or raising the conditions of the labor contract and the employee is not agreeable to the renewal,
an employer is required to compensate the employee when a definite term labor contract expires. Furthermore, under the Regulations
on Paid Annual Leave for Employees issued by the State Council in December 2007 and effective as of January 2008, an employee
who has served an employer for more than one year and less than ten years is entitled to a 5-day paid vacation, those whose service
period ranges from 10 to 20&nbsp;years are entitled to a 10-day paid vacation, and those who have served for more than 20&nbsp;years
are entitled to a 15-day paid vacation. An employee who does not use such vacation time at the request of the employer must be
compensated at three times their normal daily salaries for each waived vacation day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Regulations on Occupational Injury Insurance which was adopted in 2004 and amended in 2010, and the Interim Measures concerning
the Maternity Insurance for Enterprise Employees, which was adopted in 1995, Chinese companies must pay occupational injury insurance
premiums and maternity insurance premiums for their employees. Pursuant to the Interim Regulations on the Collection and Payment
of Social Insurance Premiums, which was adopted in 1999, and the Interim Measures concerning the Administration of the Registration
of Social Insurance, which was adopted in 1999, basic pension insurance, medical insurance and unemployment insurance are collectively
referred to as social insurance. Both Chinese companies and their employees are required to contribute to the social insurance
plans. The aforesaid measures are reiterated in the Social Insurance Law of China, which was adopted in July 2011, which stipulates
the system of social insurance of China, including basic pension insurance, medical insurance, unemployment insurance, occupational
injury insurance and maternity insurance. Pursuant to the Regulations on the Administration of Housing Fund, which was adopted
in 1999 and amended in 2002, Chinese companies must register with applicable housing fund management centers and help each of
their employees to establish a special housing fund account in an entrusted bank. Both Chinese companies and their employees are
required to contribute to the housing funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulations
Relating to Environmental Protection</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Environmental Protection Law, which was adopted in 1989 and amended in 2015, effectively established the legal framework for environment
protection in China. The Environmental Protection Law requires the Ministry of Environmental Protection (the &ldquo;MEP&rdquo;),
to implement uniform supervision and administration of environmental protection work nationwide and establishes national environmental
quality standards and pollutants discharge standards. Enterprises producing environmental contamination and other public hazards
must incorporate environmental protection work into their planning and establish environmental protection systems.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
the adoption of the Environmental Impact Assessment Law of China in 2003 and the Rule on Classification for Environmental Impact
Assessment of Construction Projects in 2009, the Chinese government established a system to appraise the environmental impact
of construction projects and classify the appraisal based on the degree of environmental impact caused by the construction project</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a015_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MANAGEMENT</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our executive officers and directors, their ages and the positions held by them:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 2px solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 2px solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 2px solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Appointed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 2px solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hengfang
    Li <SUP>(1) (2)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Chairman of the Board</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    7, 2016 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangfeng
    Dai <SUP>(1) (2)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Operating Officer and Director</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    7 2016 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhizhong
    Hu <SUP>(1) (2)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Technology Officer and Director</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    7, 2016 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yuxia
    Jia <SUP>(1)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingchun
    Wang <SUP>(1) (3)&nbsp;(5)&nbsp;(6) (7)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    7, 2016 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhi
    Li <SUP>(1) (3)&nbsp;(5)(6) (7)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    7, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>&nbsp;</SUP>Sophia
    Liu <SUP>(1) (4)&nbsp;(5)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    7, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>&nbsp;</SUP>Austin
    Huang <SUP>(1) (4)&nbsp;(6) (7)</SUP></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0">60</TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    7, 2016</FONT></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 390px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 43px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 112px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: left; line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    individual&rsquo;s business address is c/o Beijing REIT Technology Development Co., Ltd. X-702, 60 Anli Road, Chaoyang District,
    Beijing China.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
                                         C director whose term expires at the 2019 succeeding annual meeting of shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
                                         B director whose term expires at the 2018 succeeding annual meeting of shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
                                         A director whose term expires at the  2020 annual meeting of shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(5)</SUP></FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                         of audit committee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(6)</SUP></FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                         of compensation committee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(7)</SUP></FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                         of nominating committee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"><B>Hengfang Li.</B>&nbsp;Mr.&nbsp;Li
has served as the Chief Executive Officer and Chairman of ReTo Eco-Solutions since November 2016. Mr.&nbsp;Li founded Beijing
REIT in 1999 and has served as Beijing REIT&rsquo;s Chief Executive Officer and Chairman since 1999. Mr. Li served as the chief
representative in China of the German Hess Group from 1995 until 1999. From 1988 through 1995, Mr. Li was an engineer, senior
engineer and then branch director at China North Vehicle Engine Research Center. Mr.&nbsp;Li holds a Master degree in Engine Studies
from Beijing Institute of Technology. Mr.&nbsp;Li was nominated as a director because of his experience serving as an executive
in the construction materials industry and has extensive knowledge, experience and relationships in China&rsquo;s construction
materials industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"><B>Guangfeng Dai.
</B>Mr.&nbsp;Dai has served as the Chief Operating Officer and Director of ReTo Eco-Solutions since November 2016. Mr.&nbsp;Dai
has served as Beijing REIT&rsquo;s Chief Operating Officer and Director since 2000. Mr. Dai served as the deputy representative
in China for Hess Mechanical Engineering Co., Ltd. of Germany from 1997 until 2000. From 1995 through 1997, Mr. Dai was a senior
engineer at Yanxing Corporation of China. From 1992 through 1994, Mr. Dai was a senior engineer at China North Industries Group
Corporation. Mr.&nbsp;Dai received his Master degree in Automobile Engineering from Beijing Institute of Technology. Mr.&nbsp;Dai
was nominated as a director because of his operations and management experience and of his knowledge of our Company as a long-term
executive of Beijing REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white"><B>Zhizhong Hu. </B>Mr.
Hu has served as the Chief Technology Officer and Director of ReTo Eco-Solutions since November 2016. Mr. Hu has served as Beijing
REIT&rsquo;s Chief Technology Officer and Director since 2000. Mr. Hu served as the general manager and executive director of
Yichang Hayes Building Materials Co., Ltd. from 1997 through 2000. From 1996 through 1997, Mr. Hu served as the business representative
for Hayes Mechanical Engineering Co., Ltd. of Germany. Mr.&nbsp;Hu received his Bachelor&rsquo;s Degree in Mechanical Engineering
from Nanjing University of Science and Technology. Mr. Hu was nominated as a director because of his experience in research and
development.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>Yuxia Jia<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">.
</FONT></B><FONT STYLE="font: 10pt/107% Times New Roman, Times, Serif">Ms. Jia has served as the Chief Financial Officer of ReTo
Eco-Solutions since September 2016. Ms. Jia joined Beijing REIT in November 2000 as an accountant, and in September 2005 Ms. Jia
was promoted to Chief Financial Officer. Between July 1997 and October 2000, she worked as&nbsp;a cashier and accounting assistant&nbsp;for
Beijing Shengda High-Tech Development Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Jia received her Associate&rsquo;s degree in accounting from China Agricultural University in 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Xingchun Wang. </B>Mr. Wang has served
as an independent director of ReTo Eco-Solutions since November 2016. Since November 2015, Mr. Wang has been the general manager
of the investment development department of Chengzhi Shareholding Co., Ltd, a Shenzhen Stock Exchange listed company (stock code:
000990). Between May 2014 and October 2015, Mr. Wang served as the deputy general manager and secretary to the board of Beijing
Huaxiang Lianxin Technology Co., Ltd. Between June 2010 and April 2014, Mr. Wang worked as Chief Financial Officer, director and
secretary to the board of Beijing Dongbiao Electric Shareholding Co., Ltd. Between May 2009 and June 2010, Mr. Wang worked as
the deputy general manager of Beijing Qinchuan Dadi Investment Co., Ltd. Mr. Wang is a member of China Certified Public Accountants
and a member of China Certified Tax Accountant. Mr. Wang holds a Bachelor&rsquo;s Degree in Accounting from Shanxi Finance and
Economic College, and a Master&rsquo;s Degree in Economics from Northwest University of Politics and Law. Mr. Wang was nominated
as a director because of his knowledge in accounting, investments and management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Zhi Li. </B>Dr. Li has served as an independent
director of ReTo Eco-Solutions since November 2016. Since December 2013, Dr. Li has been vice president and director of risk management
of Heling Investment Management Beijing Co., Ltd. Between June 2010 and December 2013, Mr. Li served as general manager of the
forest finance and international business department of China Forestry Equity Exchange. Between April 2004 and June 2010, Dr.
Li worked as deputy director of China Zhongrui Yuehua Accounting Firm. Between September 2002 and March 2004, Dr. Li was a visiting
scholar of the business school of Columbia University. Dr. Li is a member of China Certified Public Accountants. Mr. Li holds
a Ph.D in Economics from Xiamen University. Dr. Li was nominated as a director because of his experience in accounting, economics
and management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Sophia Liu. </B>Ms. Liu has served as an
independent director of ReTo Eco-Solutions since November 2016. Since January 2012, Ms. Liu has been assistant vice president
of corporate finance of Alexandria Real Estate Equities Inc. (NYSE: ARE). Between April 2010 and January 2012, Ms. Liu served
as assistant vice president of internal audit of East West Bank (NYSE: EWBC). Between December 2004 and April 2010, Ms. Liu worked
as manager for the assurance advisory business services of Ernst &amp; Young, LLP. Ms. Liu is a member of American Institute of
Certified Public Accountants (AICPA). Ms. Liu received her Master&rsquo;s Degree in Accounting from University of Southern California.
Ms. Liu was nominated as a director because of her experience in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.45pt"><B>Austin Huang.</B> Dr. Huang has served
as an independent director of ReTo Eco-Solutions since November 2016. Dr. Huang has served as the Principal Engineer for Merit
Engineering, Inc. since 1993. Among other awards, Mr. Huang has received the Diplomat of Geotechnical Engineering by the Academy
of Geoprofessionals in 2011 and named a Fellow, ACCE (American Society of Civil engineering) in 2007. Mr. Huang has served as
an expert witness on geo-retaining wall design issues. In addition, he has presented two papers in the area of slope stability
and pile foundations with socket in bedrock in international conferences. He holds 19 research publications including six in leading
research journals. Dr. Huang holds a Master&rsquo;s Degree and Ph.D. in Geotechnical Engineering from University of Wisconsin.
Dr. Huang was nominated as a director because of his experience in geotechnical engineering, including, slope stability, soil
infiltration and retaining walls that are areas applicable to our sponge city projects.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Executive
Compensation </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has not adopted or established a formal policy or procedure for determining the amount of compensation paid
to our executive officers. Currently, our board of directors determines the compensation to be paid to our executive officers
based on our financial and operating performance and prospects, and contributions made by the officers to our success. Each of
our named executive officers are measured by a series of performance criteria by the board of directors, or the compensation committee
on a yearly basis. Such criteria are set forth based on certain objective parameters such as job characteristics, required professionalism,
management skills, interpersonal skills, related experience, personal performance and overall corporate performance. The board
of directors will make an independent evaluation of appropriate compensation to key employees, with input from management. The
board of directors has oversight of executive compensation plans, policies and programs</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2016, we expensed an aggregate of approximately
$85,005 as salaries, bonuses and fees to our senior officers named in this prospectus. Other than salaries, fees and share incentives,
we do not otherwise provide pension, retirement or similar benefits to our officers and directors.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Employment
Agreements </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Chinese laws, there are some situations where we can terminate employment agreements without paying economic compensation, such
as the employer maintains or raises the employment conditions but the employee refuses to accept the new employment agreement,
when the employment agreement is scheduled to expire, the employee is retired in accordance with laws or the employee is dead,
declared dead or has disappeared. For termination of employment in absence of legal cause we are obligated to pay the employee
two-month&rsquo;s salary for each year we have employed the employee. We are, however, permitted to terminate an employee for
cause without paying economic compensation, such as when the employee has committed a crime, being proved</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unqualified
for recruitment during the probation period, seriously violating the rules and regulations of the employer, or the employee&rsquo;s
actions or inactions have resulted in a material adverse effect to us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
employment agreements with our executive officers generally provide for a term of three years, provided that either party may
terminate the agreement on 60 days notice and a salary to be paid monthly, subject to certain limitations. The agreements also
provide that the executive officers are to work an average of 40&nbsp;hours per week and are entitled to all legal holidays as
well as other paid leave in accordance with Chinese laws and regulations and our internal work policies. Under such agreements,
our executive officers may be terminated for cause without further compensation. During the agreement and for three years afterward,
our executive officers are required to keep trade secrets confidential.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contracts that we have entered into with executive officers include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Employment
Agreement of Hengfang Li</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into an employment agreement with Hengfang Li effective September 1, 2016, providing for Mr. Li to serve as the Company&rsquo;s
Chief Executive Officer. Under the terms of Mr.&nbsp;Li employment agreement, Mr. Li is, among other matters, to take overall
responsibility for the operational management and financial management of the Company in compliance with all applicable laws and
devote a minimum of forty hours per week to the Company&rsquo;s business and affairs and in return will be entitled to the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Annual
    compensation of RMB 168,000 (approximately $24,200); and</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reimbursement
                                         of reasonable business expenses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&nbsp;Li&rsquo;s
employment agreement is for an initial term of three years, renewable for an additional 24 months unless either party terminates
it in writing at least sixty days before the expiration of the initial term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Mr. Li&rsquo;s employment agreement provides for confidentiality and nondisclosure provisions, whereby Mr.&nbsp;Li is required
to keep trade secrets confidential during the course of his employment and for a period of 36 months following the termination
of his employment. His employment contract also contains a non-compete clause for a duration of 24 months following his employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Employment
Agreement of Guangfeng Dai</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into an employment agreement with Guangfeng Dai effective September 1, 2016, providing for Mr. Dai to serve as the Company&rsquo;s
Chief Operating Officer. Under the terms of Mr.&nbsp;Dai&rsquo;s employment agreement, Mr. Dai is, among other matters, to support
the Company&rsquo;s CEO in developing, executing and managing the Company&rsquo;s business plan with an emphasis on operations
and sales in compliance with all applicable laws and devote a minimum of forty hours per week to the Company&rsquo;s business
and affairs and in return will be entitled to the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Annual
    compensation of RMB 156,000 (approximately $22,500); and</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reimbursement
                                         of reasonable business expenses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&nbsp;Dai&rsquo;s
employment agreement is for an initial term of three years, renewable for an additional 24 months unless either party terminates
it in writing at least sixty days before the expiration of the initial term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Mr. Dai&rsquo;s employment agreement provides for confidentiality and nondisclosure provisions, whereby Mr.&nbsp;Dai is required
to keep trade secrets confidential during the course of his employment and for a period of 36 months following the termination
of his employment. His employment contract also contains a non-compete clause for a duration of 24 months following his employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Employment
Agreement of Zhizhong Hu</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into an employment agreement with Zhizhong Hu effective September 1, 2016, providing for Mr. Hu to serve as the Company&rsquo;s
Chief Technology Officer. Under the terms of Mr.&nbsp;Hu&rsquo;s employment agreement, Mr. Hu is, among other matters, to create
overall technology standards and practices, build the Company&rsquo;s technology team and manage data systems and effectiveness
in compliance with all applicable laws and devote a minimum of forty hours per week to the Company&rsquo;s business and affairs
and in return will be entitled to the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Annual
    compensation of RMB 156,000 (approximately $22,500); and</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reimbursement
                                         of reasonable business expenses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&nbsp;Hu&rsquo;s
employment agreement is for an initial term of three years, renewable for an additional 24 months unless either party terminates
it in writing at least sixty days before the expiration of the initial term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Mr. Hu&rsquo;s employment agreement provides for confidentiality and nondisclosure provisions, whereby Mr.&nbsp;Hu is required
to keep trade secrets confidential during the course of his employment and for a period of 36 months following the termination
of his employment. His employment contract also contains a non-compete clause for a duration of 24 months following his employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Employment
Agreement of Yuxia Jia</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into an employment agreement with Yuxia Jia effective September 1, 2016, providing for Ms. Jia to serve as the Company&rsquo;s
Chief Financial Officer. Under the terms of Ms.&nbsp;Jia&rsquo;s employment agreement, Ms. Jia is, among other matters, to setup
and oversee all financial and operational controls and metrics of the Company, maintain responsibility for all financial operations
of the Company and develop and direct financial plans for the strategic growth of the Company in compliance with all applicable
laws and devote a minimum of forty hours per week to the Company&rsquo;s business and affairs and in return will be entitled to
the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Annual
    compensation of RMB 102,000 (approximately $14,700); and</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reimbursement
                                         of reasonable business expenses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.&nbsp;Jia&rsquo;s
employment agreement is for an initial term of three years, renewable for an additional 24 months unless either party terminates
it in writing at least sixty days before the expiration of the initial term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Ms. Jia&rsquo;s employment agreement provides for confidentiality and nondisclosure provisions, whereby Ms.&nbsp;Jia is required
to keep trade secrets confidential during the course of her employment and for a period of 36 months following the termination
of her employment. Her employment contract also contains a non-compete clause for a duration of 24 months following her employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
of Directors and Board Committees </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Composition
of Board </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors currently consists of seven directors. We expect that all current directors will continue to serve after this
offering. There are no family relationships between any of our executive officers and directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The directors will be divided into three classes,
as nearly equal in number as the then total number of directors permits. All directors hold office until the next annual meeting
of shareholders at which their respective class of directors is re-elected and until their successors have been duly elected and
qualified. Officers are elected by and serve at the discretion of the board of directors. Class A directors were reelected at our
2017 annual general meeting of shareholders and shall face reelection every three years thereafter. Class B directors shall face
re-election at our 2018 annual general meeting of shareholders and every three years thereafter. Class C directors shall face re-election
at our 2019 annual general meeting of shareholders and every three years thereafter.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of directors changes, any increase or decrease will be apportioned among the classes so as to maintain the number of
directors in each class as nearly as possible. Any additional director of a class elected to fill a vacancy resulting from an
increase in such class will hold office for a term that coincides with the remaining term of that class. Decreases in the number
of directors will not shorten the term of any incumbent director. These board provisions could make it more difficult for third
parties to gain control of our Company by making it difficult to replace members of the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no membership qualifications for directors. Further, there are no share ownership qualifications for directors unless so fixed
by us in a general meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors maintains a majority of independent directors who are deemed to be independent under the definition of independence
provided by NASDAQ Stock Market Rule 4200(a)(15). Xingchum Wang, Zhi Li, Sophia Liu and Austin Huang are our independent directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no other arrangements or understandings pursuant to which our directors are selected or nominated. We do not have any service
contacts with our directors that provide for benefits upon termination of employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors plays a significant role in our risk oversight. The board of directors makes all relevant company decisions.
As such, it is important for us to have both our Chief Executive Officer and Chief Financial Officer serve on the Board as they
play key roles in the risk oversight or the Company. As a smaller reporting company with a small board of directors, we believe
it is appropriate to have the involvement and input of all of our directors in risk oversight matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
Committees </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
three committees have been established under the board: the audit committee, the compensation committee and the nominating committee.
The audit committee is responsible for overseeing the accounting and financial reporting processes of our Company and audits of
the financial statements of our Company, including the appointment, compensation and oversight of the work of our independent
auditors. The compensation committee of the board of directors reviews and makes recommendations to the board regarding our compensation
policies for our officers and all forms of compensation, and also administers our incentive compensation plans and equity-based
plans (but our board retains the authority to interpret those plans). The nominating committee of the board of directors is responsible
for the assessment of the performance of the board, considering and making recommendations to the board with respect to the nominations
or elections of directors and other governance issues. The nominating committee considers diversity of opinion and experience
when nominating directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingchun
Wang and Zhi Li serve on all three committees, Austin Huang serves on the nominating and compensation committee, Sophia Liu serves
on the audit committee. At this time, Xingchun Wang chairs the nominating committee; Sophia Liu chairs the audit committee; and
Austin Huang chairs the compensation committee. Sophia Liu qualifies as an &ldquo;audit committee financial expert&rdquo; as that
term is defined by the applicable SEC regulations and Nasdaq Capital Market corporate governance requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Duties
of Directors </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Islands law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our
directors also have a duty to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable
circumstances. See &ldquo;Description of Share Capital&mdash;Differences in Corporate Law&rdquo; for additional information on
our directors&rsquo; fiduciary duties under British Virgin Islands law. In fulfilling their duty of care to us, our directors
must ensure compliance with our Memorandum and Articles of Association. Shareholders shall have the right to seek damages if a
duty owed by our directors is breached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functions and powers of our board of directors include, among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">having
                                         all the powers necessary for managing and for directing and supervising, the business
                                         and affairs for the Company</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
                                         officers and determining the term of office of the officers;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fixing
                                         the emoluments of officers;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
                                         all powers of the Company to incur indebtedness, liabilities or obligations and to secure
                                         indebtedness, liabilities or obligations whether of the Company or of any third party;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">designating
                                         committees of directors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">executing
                                         checks, promissory notes, drafts, bills of exchange and other negotiable instruments
                                         on behalf of the Company; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
                                         that any sale, transfer, lease, exchange, or other disposition is in the usual or regular
                                         course of the business carried on by the Company and such determination is, in the absence
                                         of fraud, conclusive.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested
Transactions </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director may vote, attend a board meeting or sign a document on our behalf with respect to any contract or transaction in which
he or she is interested. A director must promptly disclose the interest to all other directors after becoming aware of the fact
that</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">he
or she is interested in a transaction we have entered into or are to enter into. A general notice or disclosure to the board or
otherwise contained in the minutes of a meeting or a written resolution of the board or any committee of the board that a director
is a shareholder, director, officer or trustee of any specified firm or company and is to be regarded as interested in any transaction
with such firm or company will be sufficient disclosure, and, after such general notice, it will not be necessary to give special
notice relating to any particular transaction. A director may be counted for a quorum upon a motion in respect of any contract
or arrangement which he shall make with our Company, or in which he is so interested and may vote on such motion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Remuneration
and Borrowing </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors may receive such remuneration as our board of directors may determine from time to time. Each director is entitled to
be repaid or prepaid for all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred in attending
meetings of our board of directors or committees of our board of directors or shareholder meetings or otherwise in connection
with the discharge of his or her duties as a director. The compensation committee will assist the directors in reviewing and approving
the compensation structure for the directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may exercise all the powers of the company to borrow money and to mortgage or charge our undertakings and property
or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security for any
debt, liability or obligation of the company or of any third party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Qualification
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director is not required to hold shares as a qualification to office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director
Compensation </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">Officers are elected by and serve at the discretion
of the board of directors. Employee directors do not receive any compensation for their services. Non-employee directors are entitled
to receive $10,000 per year for serving as directors and may receive option grants from our Company. In addition, non-employee
directors are entitled to receive compensation for their actual travel expenses for each board of directors meeting attended,
up to a maximum of $2,000 per meeting and $4,000 per year. We did not pay our non-employee directors compensation in 2016, because
the directors&rsquo; compensation will become effective upon completion of this offering.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation
of Director and Officer Liability </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Islands law, each of our directors and officers, in performing his or her functions, is required to act honestly
and in good faith with a view to our best interests. Our Memorandum and Articles of Association provide that, to the fullest extent
permitted by British Virgin Islands law or any other applicable laws, our directors will not be personally liable to us or our
shareholders for any acts or omissions in the performance of their duties. Such limitation of liability does not affect the availability
of equitable remedies such as injunctive relief or rescission. These provisions will not limit the liability of directors under
United States federal securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may indemnify any of our directors or anyone serving at our request as a director of another entity against all expenses, including
legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal,
administrative or investigative proceedings. We may only indemnify a director if he or she acted honestly and in good faith with
the view to our best interests and, in the case of criminal proceedings, the director had no reasonable cause to believe that
his or her conduct was unlawful. The decision of our board of directors as to whether the director acted honestly and in good
faith with a view to our best interests and as to whether the director had no reasonable cause to believe that his or her conduct
was unlawful, is in the absence of fraud sufficient for the purposes of indemnification, unless a question of law is involved.
The termination of any proceedings by any judgment, order, settlement, conviction or the entry of no plea does not, by itself,
create a presumption that a director did not act honestly and in good faith and with a view to our best interests or that the
director had reasonable cause to believe that his or her conduct was unlawful. If a director to be indemnified has been successful
in defense of any proceedings referred to above, the director is entitled to be indemnified against all expenses, including legal
fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the director or officer in connection
with the proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may purchase and maintain insurance in relation to any of our directors or officers against any liability asserted against the
directors or officers and incurred by the directors or officers in that capacity, whether or not we have or would have had the
power to indemnify the directors or officers against the liability as provided in our Memorandum and Articles of Association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted for our directors or officers under the foregoing
provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in
the Securities Act and is therefore unenforceable as a matter of United States law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a016_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RELATED
PARTY TRANSACTIONS</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transactions
with Related Persons </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">The Company periodically borrows working capital
loans from our Chief Executive Officer and major shareholder, Mr. Hengfang Li, to support the Company&rsquo;s operations when
needed. These loans are interest free and due upon demand. As of December 31, 2015 and 2016, the balance due to Mr. Hengfang Li
was as follows:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">December&nbsp;31,</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; border-bottom: Black 1.5pt solid; text-align: center; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">December&nbsp;31,</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 76%; text-align: left; padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr.
    Hengfang Li &ndash; (1)</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,199,620</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">426,843</FONT></TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,199,620</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">426,843</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt/107% Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt/107% Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Mr.
    Hengfang Li is the Chief Executive Officer (&ldquo;CEO&rdquo;) and major shareholder of the Company. Mr. Li periodically provides
    working capital loan to support the Company&rsquo;s operations when needed. </FONT></TD></TR>
</TABLE>





<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2016
and 2015, the acquisition deposit made to related parties were as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;31,</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</FONT></TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;31,</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</FONT></TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
    of non-controlling interest &ndash;Venture Business International Limited (&ldquo;VBI&rdquo;) - (2)</FONT></TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">565,000</FONT></TD><TD STYLE="width: 1%; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="width: 1%; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">565,000</FONT></TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="padding: 0; border-bottom: Black 4pt double; font-family: Times New Roman,serif; text-align: right; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">As
    of December 31, 2016, the Company made a deposit of $565,000 to VBI with the intention to acquire VBI&rsquo;s 15.68% non-controlling
    equity interest in REIT Changjiang for $3.6 million. The transaction is expected to be completed in fiscal year 2017 (see
    Note 16). </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the years ended December 31,
2016 and 2015, Beijing REIT sold equipment and production lines to a related party amounting $384,504 and $0, respectively. There
was no balance with this related party as of December 31, 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 36pt; text-align: left">The Company&rsquo;s principal shareholders
also provided personal guarantees for the Company&rsquo;s short-term and long-term bank loans.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a017_v1"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPAL
STOCKHOLDERS</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following tables set forth
certain information with respect to the beneficial ownership of our common shares as of August 4, 2017, and as adjusted to
reflect the sale of the common shares offered by us in this offering, for:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 4%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    stockholder known by us to be the beneficial owner of more than 5% of our outstanding common shares; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 4%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our directors; </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 4%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our named executive officers; and </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 4%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    of our directors and executive officers as a group. </FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have determined beneficial ownership in accordance with the rules of the SEC, which generally define beneficial ownership to include
any shares over which a person exercises sole or shared voting or investment power. Such determination is not necessarily indicative
of beneficial ownership for any other purpose. Except as indicated by the footnotes below, we believe, based on the information
furnished to us, that the persons and entities named in the table below have sole voting and investment power or the power to
receive the economic benefit with respect to all common shares that they beneficially own, subject to applicable community property
laws. None of the stockholders listed in the table are a broker-dealer or an affiliate of a broker dealer. None of the stockholders
listed in the table are located in the United States and none of the common shares held by them are located in the United States.
Two of our record stockholders are incorporated in the British Virgin Islands that own in the aggregate 1.07% of our common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Applicable percentage ownership prior
to the offering is based on 18,640,000 common shares outstanding as of the date of this filing. The table also lists the
percentage ownership after this offering based on 22,340,000 common shares outstanding immediately after the completion of
this offering (including 900,000 shares in escrow as of August 4, 2017 issued to pre-IPO investors for total consideration of
$3.6 million), assuming no exercise of the underwriters&rsquo; option to purchase additional common shares from us in this
offering. Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o ReTo
Eco-Solutions, Inc., X-702, 60 Anli Road, Beijing, People&rsquo;s Republic of China 100101.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beneficial&nbsp;Ownership</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prior&nbsp;to&nbsp;Offering<SUP>&nbsp;</SUP></B></FONT></TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beneficial&nbsp;Ownership</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>After&nbsp;Offering<SUP>&nbsp;</SUP></B></FONT></TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-indent: 0">Name
    of Beneficial Owner</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">Common&nbsp;Shares</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">Percentage</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">Percentage</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hengfang
    Li <SUP>(1) </SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">9,788,419</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">53</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">44</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangfeng
    Dai <SUP>(2) </SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">780,632</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhizhong
    Hu <SUP>(3) </SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">780,632</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Yuxia Jia</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Xingchun Wang</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Zhi Li</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Sophia Liu</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Austin Huang</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">All directors and
    executive officers as a group</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">11,349,683</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">61</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">51</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Great
    Deal International Development Limited <SUP>(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">3,903,161</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Good
    Venture Industrial Limited <SUP>(5)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">1,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">5% or greater beneficial
    owners as a group</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">5,653,161</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">30</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
                                         than 1%.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Chief Executive Officer. Includes: (i) sole power to direct the voting and/or disposition of (a) 10,000 common shares
    held by Soothie Holdings Limited, a British Virgin Islands limited liability company controlled by Mr. Li; (b) 8,217,154 common
    shares held by 15 investors pursuant to a proxy voting agreement; and (c) 40% of the 3,903,161 shares held by Great Deal International
    Development Limited, a Hong Kong Limited Liability company in which Mr. Li owns 40% of the company.</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    20% of the 3,903,161 shares held by Great Deal International Development Limited, a Hong Kong Limited Liability company in
    which Mr. Dai owns 20% of the company.</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    20% of the 3,903,161 shares held by Great Deal International Development Limited, a Hong Kong Limited Liability company in
    which Mr. Hu owns 20% of the company.</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    3,903,161 shares directly held by Great Deal International Development Limited, a Hong Kong limited liability company whose
    shareholders include Mr.&nbsp;Hengfang Li (40%), Guangfeng Dai (20%), and Zhizhong Hu (20%). Mr.&nbsp;Li, Dai, and Hu hold
    40%, 20%, and 20%, respectively, voting and investment power over the shares held. These are the same shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    1,750,000 shares directly held by Good Venture Industrial Limited, a Hong Kong limited liability company controlled by Feng
    Wu.</FONT></TD></TR>
</TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><A NAME="a018_v1"></A><FONT STYLE="font-size: 10pt"><B>DESCRIPTION
OF SHARE CAPITAL</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We were incorporated
as an international business company under the International Business Companies Act, 1984, in the British Virgin Islands on August
7, 2015 under the name &ldquo;ReTo Eco-Solutions, Inc.&rdquo;, company no. 1885527. As of the date of this prospectus, we have
authorized 200,000,000 common shares, of $0.001 par value per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The following are summaries
of the material provisions of our Memorandum and Articles of Association that will be in force at the time of the closing of this
offering and the BVI Act, insofar as they relate to the material terms of our common shares. The forms of our Memorandum and Articles
of Association are filed as exhibits to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>General </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of our issued common shares
are fully paid and non-assessable. Certificates representing the common shares are issued in registered form. Our shareholders
who are non-residents of the British Virgin Islands may freely hold and vote their common shares. At the completion of this offering,
there will be 22,340,000 common shares issued and outstanding. If the underwriters exercise in full their option to purchase additional
common shares from us, at the completion of this offering, there would be 22,760,000 common shares issued and outstanding.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Listing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have applied to list our common shares
on the NASDAQ Capital Market under the symbol &ldquo;RETO.&rdquo; We cannot guarantee that we will be successful in listing the
common shares; however, we will not complete this offering unless we are so listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The transfer agent and registrar for the
common shares is Vstock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><B><I>Distributions </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The holders of our common
shares are entitled to such dividends as may be declared by our board of directors subject to the BVI Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><B><I>Voting rights </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; text-align: left">Any action required
or permitted to be taken by the shareholders must be effected at a duly called annual or special meeting of the shareholders entitled
to vote on such action and may be effected by a resolution in writing. At each general meeting, each shareholder who is present
in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have
one vote for each common share which such shareholder holds. Cumulative voting is not a concept that is accepted as a common practice
in the British Virgin Islands, and we have made no provisions in our Memorandum and Articles of Association to allow cumulative
voting for elections of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our directors are not required to hold
a share as a qualification for office. With regards to conflicts of interest, our directors are entitled to vote a matter relating
to an interested transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Meetings </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We must provide written
notice of all meetings of shareholders, stating the time, place and, in the case of a special meeting of shareholders, the purpose
or purposes thereof, at least seven days before the date of the proposed meeting to those persons whose names appear as shareholders
in the register of members on the date of the notice and are entitled to vote at the meeting. Our board of directors shall call
a special meeting upon the written request of shareholders holding at least 30% of our outstanding voting shares. In addition,
our board of directors may call a special meeting of shareholders on its own motion. A meeting of shareholders held in contravention
of the requirement to give notice is valid if shareholders holding at least 90 percent of the total voting rights on all the matters
to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the
meeting shall constitute waiver in relation to all the shares which that shareholder holds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">At any meeting of shareholders,
a quorum will be present if there are shareholders present in person or by proxy representing not less than on 1/3 of the issued
common shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented by only a single
shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be dissolved
if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day, and if shareholders
representing not less than one-third of the votes of the common shares or each class of shares entitled to vote on the matters
to be considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present.
No business may be transacted at any general meeting unless a quorum is present at the commencement of business. If present, the
chair of our board of directors shall be the chair presiding at any meeting of the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A corporation that is a shareholder shall
be deemed for the purpose of our Memorandum and Articles of Association to be present in person if represented by its duly authorized
representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation
which he represents as that corporation could exercise if it were our individual shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Protection of minority shareholders
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">We would normally expect
British Virgin Islands courts to follow English case law precedents, which permit a minority shareholder to commence a representative
action, or derivative action in our name, to challenge (1) an act which is ultra vires or illegal, (2) an act which constitutes
a fraud against the minority by parties in control of us, (3) the act complained of constitutes an infringement of individual
rights of shareholders, such as the right to vote and pre-emptive rights and (4) an irregularity in the passing of a resolution
which requires a special or extraordinary majority of the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Pre-emptive rights </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">There are no pre-emptive
rights applicable to the issue by us of new common shares under either British Virgin Islands law or our Memorandum and Articles
of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Transfer of common shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Subject to the restrictions
in our Memorandum and Articles of Association, the lock-up agreements with the representative of the underwriters described in
&ldquo;Shares Eligible for Future Sale&mdash;Lock-Up Agreements&rdquo; and applicable securities laws, any of our shareholders
may transfer all or any of his or her common shares by written instrument of transfer signed by the transferor and containing
the name and address of the transferee. Our board of directors may resolve by resolution to refuse or delay the registration of
the transfer of any common share. If our board of directors resolves to refuse or delay any transfer, it shall specify the reasons
for such refusal in the resolution. Our directors may not resolve or refuse or delay the transfer of a common share unless the
person transferring the shares has failed to pay any amount due in respect of any of those shares.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Liquidation </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are wound up and the assets available
for distribution among our shareholders are more than sufficient to repay all amounts paid to us on account of the issue of shares
immediately prior to the winding up, the excess shall be distributable <I>pari passu</I> among those shareholders in proportion
to the amount paid up immediately prior to the winding up on the shares held by them, respectively. If we are wound up and the
assets available for distribution among the shareholders as such are insufficient to repay the whole of the amounts paid to us
on account of the issue of shares, those assets shall be distributed so that, to the greatest extent possible, the losses shall
be borne by the shareholders in proportion to the amounts paid up immediately prior to the winding up on the shares held by them,
respectively. If we are wound up, the liquidator appointed by us may, in accordance with the BVI Act, divide among our shareholders
in specie or kind the whole or any part of our assets (whether they shall consist of property of the same kind or not) and may,
for such purpose, set such value as the liquidator deems fair upon any property to be divided and may determine how such division
shall be carried out as between the shareholders or different classes of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Calls on common shares and forfeiture
of common shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors may from time to
time make calls upon shareholders for any amounts unpaid on their common shares in a notice served to such shareholders at least
fourteen days prior to the specified time of payment. The common shares that have been called upon and remain unpaid are subject
to forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Redemption of common shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of the BVI Act,
we may issue shares on terms that are subject to redemption, at our option or at the option of the holders, on such terms and
in such manner as may be determined by our Memorandum and Articles of Association and subject to any applicable requirements imposed
from time to time by, the BVI Act, the SEC, the NASDAQ Capital Market, or by any recognized stock exchange on which our securities
are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Modifications of rights </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All or any of the special rights attached
to any class of shares may, subject to the provisions of the BVI Act, be amended only pursuant to a resolution passed at a meeting
by the holders of not less than fifty percent of the issued shares in that class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Changes in the number of shares we
are authorized to issue and those in issue </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may from time to time by resolution
of our board of directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">amend
                                         our memorandum of association to increase or decrease the maximum number of shares we
                                         are authorized to issue;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">subject
                                         to our memorandum, divide our authorized and issued shares into a larger number of shares;
                                         and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">subject
                                         to our memorandum, combine our authorized and issued shares into a smaller number of
                                         shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Untraceable shareholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are entitled to sell any shares of a
shareholder who is untraceable, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">all
                                         checks or warrants in respect of dividends of these shares, not being less than three
                                         in number, for any sums payable in cash to the holder of such shares have remained uncashed
                                         for a period of twelve years prior to the publication of the notice and during the three
                                         months referred to in the third bullet point below;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">we
                                         have not during that time received any indication of the whereabouts or existence of
                                         the shareholder or person entitled to these shares by death, bankruptcy or operation
                                         of law; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">we
                                         have caused a notice to be published in newspapers in the manner stipulated by our Memorandum
                                         and Articles of Association, giving notice of our intention to sell these shares, and
                                         a period of three months has elapsed since such notice.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The net proceeds of any such sale shall
belong to us, and when we receive these net proceeds we shall become indebted to the former shareholder for an amount equal to
the net proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Inspection of books and records </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under British Virgin Islands Law, holders
of our common shares are entitled, upon giving written notice to us, to inspect (i) our Memorandum and Articles of Association
(our charter), (ii) the register of members, (iii) the register of directors and (iv) minutes of meetings and resolutions of members
(shareholders), and to make copies and take extracts from the documents and records. However, our directors can refuse access
if they are satisfied that to allow such access would be contrary to our interests. See &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Rights of non-resident or foreign
shareholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are no limitations imposed by our
Memorandum and Articles of Association (our charter) on the rights of non-resident or foreign shareholders to hold or exercise
voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles of Association governing the
ownership threshold above which shareholder ownership must be disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Issuance of additional common shares
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Memorandum and Articles of Association
(our charter) authorizes our board of directors to issue additional common shares from authorized but unissued shares, to the
extent available, from time to time as our board of directors shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Differences in Corporate Law </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The BVI Act and the laws of the British
Virgin Islands affecting British Virgin Islands companies like us and our shareholders differ from laws applicable to U.S. corporations
and their shareholders. Set forth below is a summary of the significant differences between the provisions of the laws of the
British Virgin Islands applicable to us and, for illustrative purposes only, the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;),
which governs companies incorporated in the state of Delaware.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Mergers and similar arrangements
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the laws of the British Virgin Islands,
two or more companies may merge or consolidate in accordance with Section 170 of the BVI Act. A merger means the merging of two
or more constituent companies into one of the constituent companies and a consolidation means the uniting of two or more constituent
companies into a new company. In order to merge or consolidate, the directors of each constituent company must approve a written
plan of merger or consolidation, which must be authorized by a resolution of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While a director may vote on the plan of
merger or consolidation even if he has a financial interest in the plan, the interested director must disclose the interest to
all other directors of the company promptly upon becoming aware of the fact that he is interested in a transaction entered into
or to be entered into by the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A transaction entered into by our Company
in respect of which a director is interested (including a merger or consolidation) is voidable by us unless the director&rsquo;s
interest was (a) disclosed to the board prior to the transaction or (b) the transaction is (i) between the director and the company
and (ii) the transaction is in the ordinary course of the company&rsquo;s business and on usual terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the above, a transaction
entered into by the company is not voidable if the material facts of the interest are known to the shareholders and they approve
or ratify it or the company received fair value for the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shareholders not otherwise entitled to
vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any provision
that, if proposed as an amendment to the Memorandum or Articles of Association, would entitle them to vote as a class or series
on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective
of whether they are entitled to vote at the meeting to approve the plan of merger or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The shareholders of the constituent companies
are not required to receive shares of the surviving or consolidated company but may receive debt obligations or other securities
of the surviving or consolidated company, other assets, or a combination thereof. Further, some or all of the shares of a class
or series may be converted into a kind of asset while the other shares of the same class or series may receive a different kind
of asset. As such, not all the shares of a class or series must receive the same kind of consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After the plan of merger or consolidation
has been approved by the directors and authorized by a resolution of the shareholders, articles of merger or consolidation are
executed by each company and filed with the Registrar of Corporate Affairs in the British Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A shareholder may dissent from a mandatory
redemption of his shares, an arrangement (if permitted by the court), a merger (unless the shareholder was a shareholder of the
surviving company prior to the merger and continues to hold the same or similar shares after the merger) or a consolidation. A
shareholder properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A shareholder dissenting from a merger
or consolidation must object in writing to the merger or consolidation before the vote by the shareholders on the merger or consolidation,
unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders,
the company must give notice of this fact to each shareholder within twenty days who gave written objection. These shareholders
then have twenty days to give to the company their written election in the form specified by the BVI Act to dissent from the merger
or consolidation, provided that in the case of a merger, the twenty days starts when the plan of merger is delivered to the shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon giving notice of his election to dissent,
a shareholder ceases to have any shareholder rights except the right to be paid the fair value of his shares. As such, the merger
or consolidation may proceed in the ordinary course notwithstanding his dissent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Within seven days of the later of the delivery
of the notice of election to dissent and the effective date of the merger or consolidation, the company must make a written offer
to each dissenting shareholder to purchase his shares at a specified price per</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">share that the company determines to be the
fair value of the shares. The company and the shareholder then have thirty days to agree upon the price. If the company and a
shareholder fail to agree on the price within the thirty days, then the company and the shareholder shall, within twenty days
immediately following the expiration of the thirty-day period, each designate an appraiser and these two appraisers shall designate
a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior
to the shareholders&rsquo; approval of the transaction without taking into account any change in value as a result of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Under Delaware law each
corporation&rsquo;s board of directors must approve a merger agreement. The merger agreement must state, among other terms, the
terms of the merger and method of carrying out the merger. This agreement must then be approved by the majority vote of the outstanding
stock entitled to vote at an annual or special meeting of each corporation, and no class vote is required unless provided in the
certificate of incorporation. Delaware permits an agreement of merger to contain a provision allowing the agreement to be terminated
by the board of directors of either corporation, notwithstanding approval of the agreement by the stockholders of all or any of
the corporations (1) at any time prior to the filing of the agreement with the Secretary of State or (2) after filing if the agreement
contains a post-filing effective time and an appropriate filing is made with the Secretary of State to terminate the agreement
before the effective time. In lieu of filing an agreement of merger, the surviving corporation may file a certificate of merger,
executed in accordance with Section 103 of the DGCL. The surviving corporation is also permitted to amend and restate its certification
of incorporation in its entirety. The agreement of merger may also provide that it may be amended by the board of directors of
either corporation prior to the time that the agreement filed with the Secretary of State becomes effective, even after approval
by stockholders, so long as any amendment made after such approval does not adversely affect the rights of the stockholders of
either corporation and does not change any term in the certificate of incorporation of the surviving corporation. If the agreement
is amended after filing but before becoming effective, an appropriate amendment must be filed with the Secretary of State. If
the surviving corporation is not a Delaware corporation, it must consent to service of process for enforcement of any obligation
of the corporation arising as a result of the merger; such obligations include any suit by a stockholder of the disappearing Delaware
corporation to enforce appraisal rights under Delaware law.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">If a proposed merger
or consolidation for which appraisal rights are provided is to be submitted for approval at a shareholder meeting, the subject
company must give notice of the availability of appraisal rights to its shareholders at least 20 days prior to the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">A dissenting shareholder
who desires to exercise appraisal rights must (a) not vote in favor of the merger or consolidation; and (b) continuously hold
the shares of record from the date of making the demand through the effective date of the applicable merger or consolidation.
Further, the dissenting shareholder must deliver a written demand for appraisal to the company before the vote is taken. The Delaware
Court of Chancery will determine the fair value of the shares exclusive of any element of value arising from the accomplishment
or expectation of the merger, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining
such fair value, the court will take into account &ldquo;all relevant factors.&rdquo; Unless the Delaware Court of Chancery in
its discretion determines otherwise, interest from the effective date of the merger through the date of payment of the judgment
will be compounded quarterly and accrue at 5% over the Federal Reserve discount rate.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Shareholders&rsquo; suits </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are both statutory and common law
remedies available to our shareholders as a matter of British Virgin Islands law. These are summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><U>Prejudiced
                                         members</U>: A shareholder who considers that the affairs of a company have been, are
                                         being, or are likely to be, conducted in a manner that is, or any act or acts of the
                                         company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly
                                         prejudicial to him in that capacity, can apply to the court under Section 184I of the
                                         BVI Act, inter alia, for an order that his shares be acquired, that he be provided compensation,
                                         that the Court regulate the future conduct of the company, or that any decision of the
                                         company which contravenes the BVI Act or our memorandum and articles of association be
                                         set aside. There is no similar provision under Delaware law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><U>Derivative
                                         actions</U>: Section 184C of the BVI Act provides that a shareholder of a company may,
                                         with the leave of the Court, bring an action in the name of the company to redress any
                                         wrong done to it. We would normally expect British Virgin Islands courts to follow English
                                         case law precedents, which permit a minority shareholder to commence a representative
                                         action, or derivative action in our name, to challenge (1) an act which is ultra vires
                                         or illegal, (2) an act which constitutes a fraud against the minority by parties in control
                                         of us, (3) the act complained of constitutes an infringement of individual rights of
                                         shareholders, such as the right to vote and pre-emptive rights and (4) an irregularity
                                         in the passing of a resolution which requires a special or extraordinary majority of
                                         the shareholders. Under Delaware law, a stockholder is eligible to bring a derivative
                                         action if the holder held stock at the time of the challenged wrongdoing and continues
                                         from that time to hold stock throughout the course of the litigation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; font-size: 10pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    is the &ldquo;continuous ownership&rdquo; rule, which is a requirement for a stockholder to bring and maintain a derivative
    action. The law also requires the stockholder first to demand the Board of Directors of the corporation to assert the claims
    or the stockholder must state in the derivative action particular reasons why making such a demand would be futile.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><U>Just
                                         and equitable winding up</U>: In addition to the statutory remedies outlined above, shareholders
                                         can also petition for the winding up of a company on the grounds that it is just and
                                         equitable for the court to so order. Save in exceptional circumstances, this remedy is
                                         only available where the company has been operated as a quasi partnership and trust and
                                         confidence between the partners has broken down. Under Delaware law the <FONT STYLE="color: #44484A">court
                                         can use its equitable power of dissolution and appoint a receiver when fraud and gross
                                         mismanagement by corporate officers cause real imminent danger of great loss, and cannot
                                         be otherwise prevented.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Indemnification of directors and
executive officers and limitation of liability </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">British Virgin Islands law does not limit
the extent to which a company&rsquo;s articles of association may provide for indemnification of officers and directors, except
to the extent any provision providing indemnification may be held by the British Virgin Islands courts to be contrary to public
policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under our Memorandum and Articles of Association,
we indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably
incurred in connection with legal, administrative or investigative proceedings for any person who:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 24.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">is
                                         or was a party or is threatened to be made a party to any threatened, pending or completed
                                         proceedings, whether civil, criminal, administrative or investigative, by reason of the
                                         fact that the person is or was our director; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.7pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 24.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">is
                                         or was, at our request, serving as a director or officer of, or in any other capacity
                                         is or was acting for, another body corporate or a partnership, joint venture, trust or
                                         other enterprise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These indemnities only apply if the person
acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no
reasonable cause to believe that his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This standard of conduct is generally the
same as permitted under the Delaware General Corporation Law for a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions,
we have been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Anti-takeover provisions in our Memorandum
and Articles of Association </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some provisions of our Memorandum and Articles
of Association may discourage, delay or prevent a change in control of our Company or management that shareholders may consider
favorable, including provisions that provide for a staggered board of directors and prevent shareholders from taking an action
by written consent in lieu of a meeting. However, under British Virgin Islands law, our directors may only exercise the rights
and powers granted to them under our Memorandum and Articles of Association, as amended and restated from time to time, as they
believe in good faith to be in the best interests of our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Directors&rsquo; fiduciary duties
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under British Virgin Islands law, our
directors owe the company certain statutory and fiduciary duties including, among others, a duty to act honestly, in good faith,
for a proper purpose and with a view to what the directors believe to be in the best interests of the company. Our directors are
also required, when exercising powers or performing duties as a director, to exercise the care, diligence and skill that a reasonable
director would exercise in comparable circumstances, taking into account without limitation, the nature of the company, the nature
of the decision and the position of the director and the nature of the responsibilities undertaken. In the exercise of their powers,
our directors must ensure neither they nor the company acts in a manner that contravenes the BVI Act or our Memorandum and Articles
of Association, as amended and re-stated from time to time. A shareholder has the right to seek damages for breaches of duties
owed to us by our directors.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Delaware corporate law, a director
of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty
of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily
prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to
shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate
position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of
the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder
and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed
basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this
presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning
a transaction by a director, a director must prove the procedural fairness of the transaction and that the transaction was of
fair value to the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Shareholder action by written
consent </I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">British Virgin Islands law provides
that shareholders may approve corporate matters by way of a written resolution without a meeting signed by or on behalf of shareholders
sufficient to constitute the requisite majority of shareholders who would have been entitled to vote on such matter at a general
meeting; provided that if the consent is less than unanimous, notice must be given to all non-consenting shareholders. Our Memorandum
and Articles of Association does permit shareholders to act by written consent. Under the DGCL, a corporation may eliminate the
right of shareholders to act by written consent by amendment to its certificate of incorporation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Shareholder proposals </I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">British Virgin Islands law and our Memorandum
and Articles of Association allow our shareholders holding not less than 30% of the votes of the outstanding voting shares to
requisition a shareholders&rsquo; meeting. We are not obliged by law to call shareholders&rsquo; annual general meetings, but
our Memorandum and Articles of Association do permit the directors to call such a meeting. The location of any shareholders&rsquo;
meeting can be determined by the board of directors and can be held anywhere in the world. Under the DGCL, a shareholder has the
right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing
documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing
documents, but shareholders may be precluded from calling special meetings.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Cumulative voting </I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although permitted under British Virgin
Islands law, our Memorandum and Articles of Association do not provide for cumulative voting. Cumulative voting potentially facilitates
the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the
votes to which the shareholder is entitled on a single director, which increases the shareholder&rsquo;s voting power with respect
to electing such director. Under the DGCL, cumulative voting for elections of directors is not permitted unless the corporation&rsquo;s
certificate of incorporation specifically provides for it. As a result, our shareholders are not afforded any less protections
or rights on this issue than shareholders of a Delaware corporation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Removal of directors </I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under our Memorandum and Articles of
Association, directors can be removed from office, with or without cause, by a resolution of shareholders passed at a meeting
of shareholders called for the purposes of removing the director of for purposes including the removal of the director or by written
resolution passed by at least 75 percent of the vote of the shareholders entitled to vote or by a resolution of directors passed
at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director.
Under the DGCL, a director of a corporation with a classified board may be removed only for cause with the approval of a majority
of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Transactions with interested shareholders
</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Delaware General Corporation Law
contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically
elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in
certain business combinations with an &ldquo;interested shareholder&rdquo; for three years following the date that such person
becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15% or
more of the target&rsquo;s outstanding voting shares within the past three years. This has the effect of limiting the ability
of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute
does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board
of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder.
This encourages any potential acquirer of a Delaware public corporation to negotiate the terms of any acquisition transaction
with the target&rsquo;s board of directors. British Virgin Islands law has no comparable statute.</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Dissolution; Winding Up </I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the BVI Act and our Memorandum
and Articles of Association, we may appoint a voluntary liquidator by a resolution of the shareholders or by resolution of directors.
Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must
be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by
the board of directors may it be approved by a simple majority of the corporation&rsquo;s outstanding shares. Delaware law allows
a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions
initiated by the board.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Variation of rights of shares
</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of
the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under BVI law and our Memorandum
and Articles of Association, if at any time our shares are divided into different classes of shares, the rights attached to any
class may only be varied, whether or not our company is in liquidation, with the consent in writing of or by a resolution passed
at a meeting by the holders of not less than 50 percent of the issued shares in that class.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Amendment of governing documents
</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As permitted by BVI law, our Memorandum
and Articles of Association may be amended by a resolution of shareholders and, subject to certain exceptions, by a resolution
of directors. Any amendment is effective from the date it is registered at the Registry of Corporate Affairs in the British Virgin
Islands. Under the Delaware General Corporation Law, a corporation&rsquo;s governing documents may be amended with the approval
of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a019_v1"></A>SHARES ELIGIBLE
FOR FUTURE SALE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Before our initial public offering, there
has not been a public market for shares of our common shares. Future sales of substantial amounts of shares of our common shares
in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing
market price for our common shares to fall or impair our ability to raise equity capital in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will have 22,340,000 shares of
our common shares outstanding immediately after the closing of this offering. Of these shares, all of the 2,800,000 shares that
we are selling in our initial public offering, plus any shares sold by us upon exercise of the underwriters&rsquo; option to purchase
additional common shares, may be resold in the public market immediately following our initial public offering. The common shares
that were not offered and sold in our initial public offering are &ldquo;restricted securities,&rdquo; as that term is defined
in Rule 144 under the Securities Act. Since those restricted securities are not a part of this offering, they are eligible for
public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rule
144 or Rule 701 under the Securities Act, which are summarized below.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the lock-up agreements and
market standoff provisions described below and subject to the provisions of Rules 144 and 701 under the Securities Act, these
restricted securities will be available for sale in the public market as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 24.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">on
                                         the date of this prospectus, none of these restricted securities will be available for
                                         sale in the public market;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 24.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">91
                                         days after the date of this prospectus, common shares held by non-officer or director
                                         shareholders subject to the terms of the lock-up agreements; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 24.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">181
                                         days after the date of this prospectus, an additional common shares held by officer and
                                         director shareholders subject to the terms of the lock-up agreements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><B>Rule 144</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, under Rule 144 as currently
in effect, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, a person
(or persons whose shares are aggregated) who is deemed to be an affiliate of our Company at the time of sale, or at any time during
the preceding three months, and who has beneficially owned restricted shares for at least six months, would be entitled to sell
within any three-month period a number of our common shares that does not exceed the greater of 1% of the then outstanding common
shares or the average weekly trading volume of common shares during the four calendar weeks preceding such sale. Sales under Rule
144 are subject to certain manner of sale provisions, notice requirements and the availability of current public information about
our Company. In addition, sales by our affiliates may be subject to the terms of lock-up agreements. See &ldquo;Shares Eligible
for Future Sale &ndash; Lock-Up Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A person who has not been our affiliate
at any time during the three months preceding a sale, and who has beneficially owned his or her common shares for at least six
months, would be entitled under Rule 144 to sell such shares without regard to any manner of sale, notice provisions or volume
limitations described above. Any such sales must comply with the public information provision of Rule 144 until our common shares
have been held for one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><B>Rule 701</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities issued in reliance on Rule 701
are also restricted and may be sold by shareholders other than affiliates of our Company subject only to manner of sale provisions
of Rule 144 and by affiliates under Rule 144 without compliance with its six-month holding period requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><B>Lock-Up Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our directors, executive officers
and certain existing stockholders will enter into lock-up agreements with the representative of the underwriters prior to the
commencement of this offering pursuant to which each of these persons or entities, for a period of 180 days from the effective
date of the registration statement of which this prospectus is a part, agree, subject to certain exceptions, not to: (1) offer,
pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly
or indirectly, any common shares or any securities convertible into, exercisable or exchangeable for or that represent the right
to receive common shares (including common shares which may be deemed to be beneficially owned by such person in accordance with
the rules and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of a stock
option or warrant) whether now owned or hereafter acquired; (2) enter into any swap or other agreement that transfers, in whole
or in part, any of the economic consequences of ownership of the foregoing securities, whether any such transaction described
in clause (1) or (2) above is to be settled by delivery of common shares or such other securities, in cash or otherwise; (3) make
any demand for or exercise any right with respect to, the registration of any common shares or any security convertible into or
exercisable or exchangeable for common shares; or (4) publicly disclose the intention to do any of the foregoing.&nbsp; See &ldquo;Underwriting&rdquo;
for a description of the lock-up provisions.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a020_v1"></A>TAX MATTERS
APPLICABLE TO U.S. HOLDERS OF OUR COMMON SHARES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following sets forth the material British
Virgin Islands, Chinese and U.S. federal income tax matters related to an investment in our common shares. It is directed to U.S.
Holders (as defined below) of our common shares and is based on laws and relevant interpretations thereof in effect as of the
date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences
relating to an investment in our common shares, such as the tax consequences under state, local and other tax laws. Unless otherwise
noted in the following discussion, this section is the opinion of Haneberg Hurlbert PLC, our U.S. and British Virgin Islands counsel,
insofar as it relates to legal conclusions with respect to matters of U.S. federal income tax law and British Virgin Islands tax
law, and of Kaitong Law Firm, our China counsel, insofar as it relates to legal conclusions with respect to matters of Chinese
tax law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following brief description applies
only to U.S. Holders (defined below) that hold common shares as capital assets and that have the U.S. dollar as their functional
currency. This brief description is based on the tax laws of the United States in effect as of the date of this prospectus and
on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and
administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change,
which change could apply retroactively and could affect the tax consequences described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The brief description below of the U.S.
federal income tax consequences to &ldquo;U.S. Holders&rdquo; will apply to you if you are a beneficial owner of shares and you
are, for U.S. federal income tax purposes,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">an
                                         individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">a
                                         corporation (or other entity taxable as a corporation for U.S. federal income tax purposes)
                                         organized under the laws of the United States, any state thereof or the District of Columbia;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">an
                                         estate whose income is subject to U.S. federal income taxation regardless of its source;
                                         or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">a
                                         trust that (1) is subject to the primary supervision of a court within the United States
                                         and the control of one or more U.S. persons for all substantial decisions or (2) has
                                         a valid election in effect under applicable U.S. Treasury regulations to be treated as
                                         a U.S. person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WE URGE POTENTIAL PURCHASERS OF OUR SHARES TO CONSULT THEIR
OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF
OUR SHARES. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>China Enterprise Income Tax </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Enterprise Income Tax
Law of China (the &ldquo;EIT Law&rdquo;), which was promulgated on March 16, 2007, became effective on January 1, 2008 and last
amended on February 24, 2017, the income tax for both domestic and foreign-invested enterprises is at a uniform rate of 25%, unless
they qualify for certain exceptions. The Regulation on the Implementation of Enterprise Income Tax Law of China (the &ldquo;EIT
Rules&rdquo;) was promulgated on December 6, 2007 and became effective on January 1, 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 29, 2016, the Chinese Ministry of Science and Technology, Ministry of Finance and State Administration
of Taxation enacted the Administrative Measures for Certifying High and New Technology Enterprises (2016 Version) (the &ldquo;Certifying
Measures&rdquo;), which retroactively became effective on January 1, 2016. Under the EIT Law and the Certifying Measures, certain
qualified high-tech companies may benefit from a preferential tax rate of 15% if they own their core intellectual properties and
are classified into certain industries strongly supported by the Chinese government and set forth by certain departments of the
Chinese State Council. Beijing REIT was granted the high and new technology enterprise (&ldquo;HNTE&rdquo;) qualification valid
until December 2019. There can be no assurance, however, that Beijing REIT will continue to meet the qualifications for such a
reduced tax rate. In addition, there can be no guaranty that relevant governmental authorities will not revoke Beijing REIT&rsquo;s
&ldquo;high and new technology enterprise&rdquo; status in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Uncertainties exist with respect
to how the EIT Law applies to the tax residence status of ReTo and our offshore subsidiaries. Under the EIT Law, an enterprise
established outside of China with a &ldquo;de facto management body&rdquo; within China is considered a &ldquo;resident enterprise&rdquo;,
which means that it is treated in a manner similar to a Chinese enterprise for enterprise income tax purposes. Although the EIT
Rules define &ldquo;de facto management body&rdquo; as a managing body that exercises substantive and overall management and control
over the production and business, personnel, accounting books and assets of an enterprise, the only official guidance for this
definition currently available is set forth in Circular 82 issued by the State Administration of Taxation, on April 22, 2009 which
provides that a foreign enterprise controlled by a Chinese company or a Chinese company group will be classified as a &ldquo;resident
enterprise&rdquo; with its &ldquo;de facto management bodies&rdquo; located within China if all of the following criteria are
satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">the
                                         place where the senior management and core management departments that are in charge
                                         of its daily operations perform their duties is mainly located in China;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">its
                                         financial and human resources decisions are made by or are subject to approval by persons
                                         or bodies in China;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">its
                                         major assets, accounting books, company seals, and minutes and files of its board and
                                         shareholders&rsquo; meetings are located or kept in China; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">more
                                         than half of the enterprise&rsquo;s directors or senior management with voting rights
                                         frequently reside in China.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not believe that we meet the conditions
outlined in the preceding paragraph since ReTo does not have a Chinese enterprise or enterprise group as our primary controlling
shareholder. In addition, we are not aware of any offshore holding companies with a corporate structure similar to the Company
that has been deemed a China &ldquo;resident enterprise&rdquo; by the Chinese tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are deemed a China resident enterprise,
we may be subject to the EIT at the rate of 25% on our global income, except that the dividends we receive from our Chinese subsidiaries
may be exempt from the EIT to the extent such dividends are deemed dividends among qualified resident enterprises. If we are considered
a resident enterprise and earn income other than dividends from our Chinese subsidiaries, a 25% EIT on our global income could
significantly increase our tax burden and materially and adversely affect our cash flow and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>China Business Tax and VAT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35pt">Pursuant to the Provisional Regulation of
China on Business Tax last amended on November 10, 2008 and effective as of January 1, 2009 and the Detailed Rules for the Implementation
of the Provisional Regulation of China on Business Tax last amended on October 28, 2011 and effective as of November 1, 2011,
all entities and individuals engaged in providing taxable services, transfer of intangible assets or the sale of real estate are
subject to business tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35pt">Pursuant to the Provisional Regulations
on value added tax (&ldquo;VAT&rdquo;) of China effective as of January 1, 2009 and last amended on February 6, 2016 and the Detailed
Rules for the Implementation of the Provisional Regulation of China on VAT last amended on October 28, 2011 and effective as of
November 1, 2011, all entities or individuals in China engaging in the sale of goods, the provision of processing services, repairs
and replacement services, and the importation of goods are required to pay VAT. The amount of VAT payable is calculated as &ldquo;output
VAT&rdquo; minus &ldquo;input VAT&rdquo; and the rate of VAT for the China Operating Companies is as follows: 17% for Beijing
REIT; 17% for Gu&rsquo;an REIT; 3% for Dingxuan; 6% for REIT Technology; 6% for REIT Construction; 17% for Ruirong; 17% for Xinyi;
and 17% for REIT Changjiang for sales of our goods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>People&rsquo;s Republic of China Taxation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the EIT law and EIT Rules,
both of which became effective on January 1, 2008, the income tax for both domestic and foreign-invested enterprises is at a uniform
rate of 25%, unless they qualify for certain exceptions. On January 29, 2016, the Chinese Ministry of Science and Technology,
Ministry of Finance and State Administration of Taxation enacted the Administrative Measures for Certifying High and New Technology
Enterprises&nbsp;(2016 Version), which retroactively became effective on January 1, 2016, provide that certain qualified high-tech
companies may benefit from a preferential tax rate of 15% if they own their core intellectual properties and are classified into
certain industries strongly supported by the Chinese government and set forth by certain departments of the Chinese State Council.
Beijing REIT was granted the HNTE qualification valid for three years commencing on December 22, 2016. There can be no assurance,
however, that Beijing REIT will continue to meet the qualifications for such a reduced tax rate. In addition, there can be no
guaranty that relevant governmental authorities will not revoke Beijing REIT&rsquo;s &ldquo;high and new technology enterprise&rdquo;
status in the future. We are a holding company incorporated in the British Virgin Islands and we gain substantial income by way
of dividends from our Chinese subsidiaries. The EIT Law and Rules provide that China-sourced income of foreign enterprises, such
as dividends paid by a Chinese subsidiary to its equity holders that are non-resident enterprises, will normally be subject to
Chinese withholding tax at a rate of 10%, unless any such foreign investor&rsquo;s jurisdiction of incorporation has tax treaty
with China that provides for a different withholding arrangement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>British Virgin Islands Taxation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the BVI Act as currently in effect,
a holder of common shares who is not a resident of the British Virgin Islands is exempt from British Virgin Islands income tax
on dividends paid with respect to the common shares and all holders of common shares are not liable to the British Virgin Islands
for income tax on gains realized during that year on sale or disposal of such shares. The British Virgin Islands does not impose
a withholding tax on dividends paid by a company incorporated or re-registered under the BVI Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are no capital gains, gift or inheritance
taxes levied by the British Virgin Islands on companies incorporated or re-registered under the BVI Act. In addition, shares of
companies incorporated or re-registered under the BVI Act are not subject to transfer taxes, stamp duties or similar charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is no income tax treaty or convention
currently in effect between the United States and the British Virgin Islands or between China and the British Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>United States Federal Income Taxation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following does not address the tax
consequences to any particular investor or to persons in special tax situations such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">a
                                         dealer in securities or currencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">a
                                         person whose &ldquo;functional currency&rdquo; is not the United States dollar;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">banks;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">financial
                                         institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">insurance
                                         companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">regulated
                                         investment companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">real
                                         estate investment trusts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">broker-dealers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">traders
                                         that elect to mark-to-market;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">U.S.
                                         expatriates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">tax-exempt
                                         entities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">persons
                                         liable for alternative minimum tax;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">persons
                                         holding our common shares as part of a straddle, hedging, conversion or integrated transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">persons
                                         that actually or constructively own 10% or more of our voting shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">persons
                                         who acquired our common shares pursuant to the exercise of any employee share option
                                         or otherwise as consideration; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">persons
                                         holding our common shares through partnerships or other pass-through entities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prospective purchasers are urged to consult
their tax advisors about the application of the U.S. Federal tax rules to their particular circumstances as well as the state,
local, foreign and other tax consequences to them of the purchase, ownership and disposition of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Taxation of Dividends and Other Distributions
on our Common Shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the passive foreign investment
company rules discussed below, the gross amount of distributions made by us to you with respect to the common shares (including
the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of
receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as
determined under U.S. federal income tax principles). The dividends will not be eligible for the dividends-received deduction
allowed to corporations in respect of dividends received from other U.S. corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to non-corporate U.S. Holders,
including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income,
provided that (1) the common shares are readily tradable on an established securities market in the United States, or in the event
we are deemed to be a Chinese &ldquo;resident enterprise&rdquo; under the China tax law, we</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">are eligible for the benefits of an approved qualifying income
tax treaty with the United States that includes an exchange of information program, (2) we are not a passive foreign investment
company (as discussed below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3)
certain holding period requirements are met. Under U.S. Internal Revenue Service authority, common shares are considered for purpose
of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the
NASDAQ Capital Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid
with respect to our common shares, including the effects of any change in law after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dividends will constitute foreign source
income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above),
the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to
the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends.
The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this
purpose, dividends distributed by us with respect to our common shares will constitute &ldquo;passive category income&rdquo; but
could, in the case of certain U.S. Holders, constitute &ldquo;general category income.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent that the amount of the distribution
exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be
treated first as a tax-free return of your tax basis in your common shares, and to the extent the amount of the distribution exceeds
your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal
income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution
would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Taxation of Dispositions of Common
Shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the passive foreign investment
company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a
share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars)
in the common shares. The gain or loss will generally be capital gain or loss. Capital gains are generally subject to United States
federal income tax at the same rate as ordinary income, except that non-corporate U.S. Holders who have held common shares for
more than one year may be eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.
Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit
limitation purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Passive Foreign Investment Company
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on our current and anticipated operations
and the composition of our income and assets, we do not expect to be a passive foreign investment company, or PFIC, for U.S. federal
income tax purposes for our current taxable year ending December 31, 2015. Our actual PFIC status for the current taxable years
ending December 31, 2015 will not be determinable until after the close of such taxable years and, accordingly, there is no guarantee
that we will not be a PFIC for the current taxable year. PFIC status is a factual determination for each taxable year which cannot
be made until the close of the taxable year. A non-U.S. corporation is considered a PFIC for any taxable year if either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">at
                                         least 75% of its gross income is passive income; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">at
                                         least 50% of the value of its assets (based on an average of the quarterly values of
                                         the assets during a taxable year) is attributable to assets that produce or are held
                                         for the production of passive income (the &ldquo;asset test&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will be treated as owning our proportionate
share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly,
at least 25% (by value) of the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We must make a separate determination each
year as to whether we are a PFIC. As a result, our PFIC status may change. In particular, because the value of our assets for
purposes of the asset test will generally be determined based on the market price of our common shares, our PFIC status will depend
in large part on the market price of our common shares. Accordingly, fluctuations in the market price of the common shares may
cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the
composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. If
we are a PFIC for any year during which you hold common shares, we will continue to be treated as a PFIC for all succeeding years
during which you hold common shares. However, if we cease to be a PFIC, you may avoid some of the adverse effects of the PFIC
regime by making a &ldquo;deemed sale&rdquo; election with respect to the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are a PFIC for any taxable year during
which you hold common shares, you will be subject to special tax rules with respect to any &ldquo;excess distribution&rdquo; that
you receive and any gain you realize from a sale or other disposition (including a pledge) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the common shares, unless you make a &ldquo;mark-to-market&rdquo;
election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions
you received during the shorter of the three preceding taxable years or your holding period for the common shares will be treated
as an excess distribution. Under these special tax rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">the
                                         excess distribution or gain will be allocated ratably over your holding period for the
                                         common shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">the
                                         amount allocated to the current taxable year, and any taxable year prior to the first
                                         taxable year in which we were a PFIC, will be treated as ordinary income, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 36pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 31.5pt; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0">the
                                         amount allocated to each other year will be subject to the highest tax rate in effect
                                         for that year and the interest charge generally applicable to underpayments of tax will
                                         be imposed on the resulting tax attributable to each such year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The tax liability for amounts allocated
to years prior to the year of disposition or &ldquo;excess distribution&rdquo; cannot be offset by any net operating losses for
such years, and gains (but not losses) realized on the sale or other disposition of the common shares cannot be treated as capital,
even if you hold the common shares as capital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A U.S. Holder of &ldquo;marketable stock&rdquo;
(as defined below) in a PFIC may make a mark-to-market election for such stock to elect out of the tax treatment discussed above.
If you make a mark-to-market election for the common shares, you will include in ordinary income each year an amount equal to
the excess, if any, of the fair market value of the common shares as of the close of your taxable year over your adjusted tax
basis in such common shares. You are allowed a deduction for the excess, if any, of the adjusted tax basis of the common shares
over their fair market value as of the close of the taxable year. However, deductions are allowable only to the extent of any
net mark-to-market gains on the common shares included in your income for prior taxable years. Amounts included in your income
under a mark-to-market election, as well as gain on the actual sale or other disposition of the common shares, are treated as
ordinary income. Ordinary loss treatment also applies to the deductible portion of any mark-to-market loss on the common shares,
as well as to any loss realized on the actual sale or disposition of the common shares, to the extent that the amount of such
loss does not exceed the net mark-to-market gains previously included for such common shares. Your tax basis in the common shares
will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply
to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital
gains rate for qualified dividend income discussed above under &ldquo;&mdash;Taxation of Dividends and Other Distributions on
our Common Shares&rdquo; generally would not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The mark-to-market election is available
only for &ldquo;marketable stock&rdquo;, which is stock that is traded in other than <I>de minimis</I> quantities on at least
15 days during each calendar quarter (&ldquo;regularly traded&rdquo;) on a qualified exchange or other market (as defined in applicable
U.S. Treasury regulations), including the NASDAQ Capital Market. If the common shares are regularly traded on the NASDAQ Capital
Market and if you are a holder of common shares, the mark-to-market election would be available to you were we to be or become
a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Alternatively, a U.S. Holder of stock in
a PFIC may make a &ldquo;qualified electing fund&rdquo; election with respect to such PFIC to elect out of the tax treatment discussed
above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross
income for a taxable year such holder&rsquo;s pro rata share of the corporation&rsquo;s earnings and profits for the taxable year.
However, the qualified electing fund election is available only if such PFIC provides such U.S. Holder with certain information
regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare
or provide the information that would enable you to make a qualified electing fund election. If you hold common shares in any
year in which we are a PFIC, you will generally be required to file U.S. Internal Revenue Service Form 8621 to report your ownership
of our common shares as well as distributions received on the common shares, any gain realized on the disposition of the common
shares, any PFIC elections you would like to make in regard to the common shares, and any information required to be reported
pursuant to such an election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You are urged to consult your tax advisors
regarding the application of the PFIC rules to your investment in our common shares and the elections discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Information Reporting and Backup
Withholding </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dividend payments with respect to our common
shares and proceeds from the sale, exchange or redemption of our common shares may be subject to information reporting to the
U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 28%. Backup withholding will not apply,
however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on
U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish
their exempt status generally must provide such certification on U.S. Internal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Service Form W-9. U.S. Holders are urged to consult
their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Backup withholding is not an additional
tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain
a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the
U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Hiring Incentives to Restore
Employment Act of 2010, certain United States Holders are required to report information relating to common shares, subject to
certain exceptions (including an exception for shares held in accounts maintained by certain financial institutions), by attaching
a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each
year in which they hold shares. U.S. Holders are urged to consult their own tax advisors regarding the application of the U.S.
information reporting and backup withholding rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Non-U.S. Holder generally may eliminate
the requirement for information reporting and backup withholding by providing certification of its foreign status to the payor,
under penalties of perjury, on the applicable IRS Form W-8BEN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a021_v1"></A>ENFORCEABILITY
OF CIVIL LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are incorporated under the laws of the
British Virgin Islands with limited liability. We are incorporated in the British Virgin Islands because of certain benefits associated
with being a British Virgin Islands corporation, such as political and economic stability, an effective judicial system, a favorable
tax system, the absence of exchange control or currency restrictions and the availability of professional and support services.
However, the British Virgin Islands has a less developed body of securities laws as compared to the United States and provides
protections for investors to a significantly lesser extent. In addition, British Virgin Islands companies may not have standing
to sue before the federal courts of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Substantially all of our assets are located
outside the United States. In addition, all of our directors and officers are nationals and/or residents of countries other than
the United States, and all or a substantial portion of such persons&rsquo; assets are located outside the United States. As a
result, it may be difficult for investors to effect service of process within the United States upon us or such persons or to
enforce against them or against us, judgments obtained in United States courts, including judgments predicated upon the civil
liability provisions of the securities laws of the United States or any state thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have appointed Vcorp Agent Services,
Inc. as our agent to receive service of process with respect to any action brought against us in the United States District Court
for the Southern District of New York under the federal securities laws of the United States or of any State of the United States
or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities
laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Kaitong Law Firm, our counsel as to Chinese
law, has advised us that there is uncertainty as to whether the courts of China would (1) recognize or enforce judgments of United
States courts obtained against us or such persons predicated upon the civil liability provisions of the securities laws of the
United States or any state thereof, or (2) be competent to hear original actions brought in each respective jurisdiction, against
us or such persons predicated upon the securities laws of the United States or any state thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Kaitong Law Firm has advised us that the
recognition and enforcement of foreign judgments are provided for under the Chinese Civil Procedure Law. Chinese courts may recognize
and enforce foreign judgments in accordance with the requirements of the Chinese Civil Procedure Law based either on treaties
between China and the country where the judgment is made or in reciprocity between jurisdictions. Accordingly, there is uncertainty
whether China courts will recognize or enforce judgments of United States or British Islands Courts because China does not have
any treaties or other agreements with the British Virgin Islands or the United States that provide for the reciprocal recognition
and enforcement of foreign judgments. Kaitong Law Firm has further advised us that under Chinese law, Chinese courts will not
enforce a foreign judgment against us or our officers and directors if the court decides that such judgment violates the basic
principles of Chinese law or national sovereignty, security or social public interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have been advised by Haneberg Hurlbert
PLC, our counsel as to British Virgin Islands law, that the United States and the British Virgin Islands do not have a treaty
providing for reciprocal recognition and enforcement of judgments of courts of the United States in civil and commercial matters
and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil
liability, whether or not predicated solely upon the U.S. federal securities laws, is unlikely to be enforceable in the British
Virgin Islands. We have also been advised by Haneberg Hurlbert PLC that a final and conclusive judgment obtained in U.S. federal
or state courts under which a sum of money is payable as compensatory damages (i.e., not being a sum claimed by a revenue authority
for taxes or other charges of a similar nature by a governmental authority, or in respect of a fine or penalty or multiple or
punitive damages) may be the subject of an action on a debt in the court of the British Virgin Islands under the common law doctrine
of obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 0.5in">We have entered into an underwriting agreement
with ViewTrade Securities, Inc. to act as representative for the underwriters named below. Subject to the terms and conditions
of the underwriting agreement, the underwriters named below have agreed to purchase, and we have agreed to sell to them, the number
of our common shares at the public offering price, less the underwriting discounts and commissions, as set forth on the cover
page of this prospectus and as indicated below:</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number of Shares</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">ViewTrade Securities, Inc.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,800,000</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">Total&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,800,000</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares of the common
shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to other conditions.
The underwriters are obligated to take and pay for all of the common shares offered by this prospectus if any such shares are
taken.&nbsp;However, the underwriters are not required to take or pay for the shares covered by the underwriters&rsquo; option
to purchase additional shares described below.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to
contribute to payments the underwriters may be required to make in respect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters will initially offer the shares to be sold in this offering directly to the public at the public offering price set
forth on the cover of this prospectus and to selected dealers at the initial public offering price less a selling concession not
in excess of $ &nbsp;&nbsp;&nbsp;&nbsp; per share. After the offering, the underwriters may change the offering price and other
selling terms. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover of this
prospectus.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have applied to list our common shares on the NASDAQ Capital Market under the symbol &ldquo;RETO.&rdquo;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have granted to the underwriters an option,
exercisable for 45 days from the date of this prospectus, to purchase up to 420,000 additional common shares at the public offering
price listed on the cover page of this prospectus, less underwriting discounts and commissions. To the extent the option is exercised,
each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional
common shares as the number listed next to the underwriter&rsquo;s name in the preceding table bears to the total number of common
shares listed next to the names of all underwriters in the preceding table.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table shows the per share and
total initial public offering price, underwriting discounts and commissions, and proceeds before expenses to us. &nbsp;These amounts
are shown assuming both no exercise and full exercise of the underwriters&rsquo; option to purchase up to an additional 420,000
common shares.</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per&nbsp;Share</B></FONT></TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No&nbsp;Exercise</B></FONT></TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Full&nbsp;Exercise</B></FONT></TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 67%; padding: 0; text-indent: 0; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Initial
    public offering price</B></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; text-indent: 0; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting
    discounts and commissions<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; text-indent: 0; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proceeds,
    before expenses</B></FONT></TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="line-height: 107%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="line-height: 107%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
    not include a 1.5% non-accountable expense allowance or other expenses described below.&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will also pay to the underwriters
by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to 1.5% of the
gross proceeds from the offering. In addition, we have agreed to pay up to $100,000 of the legal fees of counsel and up to an
additional $15,000 for certain costs and expenses incurred by the underwriters in connection with the offering, as provided in
the underwriting agreement, to the underwriters.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We shall also be responsible for
all expenses relating to the offering, including, without limitation, (a) all filing fees and communication expenses relating
to the registration of the shares to be sold in the offering with the SEC and the filing of the offering materials with FINRA&#894;
(b) all fees and expenses relating to the listing of such shares on a mutually acceptable stock exchange&#894; (c) all fees, expenses
and disbursements relating to the registration or qualification of such shares under the &ldquo;blue sky&rdquo; securities laws
of such states and other jurisdictions as the representative may reasonably designate&#894; (d) fees and expenses of the transfer
agent for such shares&#894; (e) stock transfer taxes, if any, payable upon the transfer of securities from us to the underwriters&#894;
and (f) the fees and expenses of our accountants and the fees and expenses of our legal counsel and other agents and representatives.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and commissions and non-accountable
expense allowance, will be approximately $800,000.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pricing
of the Offering</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this offering, there has been no public market for our common shares. The initial public offering price of the shares has been
negotiated between us and the underwriters. Among the factors considered in determining the initial public offering price of the
shares, in addition to the prevailing market conditions, are our historical performance, estimates of our business potential and
earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation
of companies in related businesses.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification
Escrow Agreement</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed with the underwriters in this offering to establish an escrow account in the United States and to fund such account
with $500,000 from this offering that may be utilized by the underwriters to fund any bona fide indemnification claims of the
underwriters arising during a two year period following the offering. The escrow account will not be interest bearing, and we
will be free to invest the assets in securities. All funds that are not subject to an indemnification claim will be returned to
us after the two year period expires.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Sales of Similar Securities</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have agreed not to offer, pledge,
announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any common
shares or any securities convertible into or exercisable or exchangeable for common shares or enter into any swap or other agreement
that transfers, in whole or in part, any of the economic consequences of ownership of our common shares, whether any such transaction
is to be settled by delivery of common shares or such other securities, in cash or otherwise, without the prior written consent
of the representative, for a period of 180 days from the effective date of the registration statement of which this prospectus
is a part.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our directors, executive
officers and holders of more than 5% of our common shares will enter into lock-up agreements with the representative prior to
the commencement of this offering pursuant to which each of these persons or entities, for a period of 180 days from the effective
date of the registration statement of which this prospectus is a part, agree not to: (1) offer, pledge, announce the intention
to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any common shares
or any securities convertible into, exercisable or exchangeable for or that represent the right to receive common shares (including
common shares which may be deemed to be beneficially owned by such person in accordance with the rules and regulations of the
Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant) whether now
owned or hereafter acquired; (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of the foregoing securities, whether any such transaction described in clause (1) or (2) above is to
be settled by delivery of common shares or such other securities, in cash or otherwise; (3) make any demand for or exercise any
right with respect to, the registration of any common shares or any security convertible into or exercisable or exchangeable for
common shares; or (4) publicly disclose the intention to do any of the foregoing.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The lock-up restrictions described
in the immediately preceding paragraph do not apply with respect to any transfer:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0">(i)</TD><TD STYLE="padding: 0; text-indent: 0">as
                                         a bona fide gift or gifts,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0">(ii)</TD><TD STYLE="padding: 0; text-indent: 0">to
                                         any trust for the direct or indirect benefit of the holder or the immediate family of
                                         the holder,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0">(iii)</TD><TD STYLE="padding: 0; text-indent: 0">if
                                         the holder is a corporation, partnership, limited liability company, trust or other business
                                         entity (1) transfers to another corporation, partnership, limited liability company,
                                         trust or other business entity that is a direct or indirect affiliate of the holder or
                                         (2) distributions of our common shares or any security convertible into or exercisable
                                         for our common shares to limited partners, limited liability company members or stockholders
                                         of the holder,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0">(iv)</TD><TD STYLE="padding: 0; text-indent: 0">if
                                         the holder is a trust, transfers to the beneficiary of such trust,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0">(v)</TD><TD STYLE="padding: 0; text-indent: 0">by
                                         testate succession or intestate succession; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0">(vi)</TD><TD STYLE="padding: 0; text-indent: 0">pursuant
                                         to the underwriting agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">provided, in the case of clauses (i)-(v), that (x) such transfer will not involve a disposition for value,
(y) the transferee agrees in writing with the representative to be bound by the terms of a lock-up agreement, and (z) no filing
by any party under Section 16(a) of the Exchange Act will be required or will be made voluntarily in connection with such transfer.
Furthermore, notwithstanding the foregoing, the holder may transfer common shares in a transaction not involving a public offering
or public resale; provided that (x) the transferee agrees in writing with the representative to be bound by the terms of a lock-up
agreement, and (y) no filing by any party under Section 16(a) of the Exchange Act is required or is made voluntarily in connection
with such transfer.</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Electronic
Offer, Sale and Distribution of Securities</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members,
if any, participating in this offering and the underwriters may distribute prospectuses electronically. The underwriters may agree
to allocate a number of common shares to selling group members for sale to their online brokerage account holders. The common
shares to be sold pursuant to Internet distributions will be allocated on the same basis as other allocations. Other than the
prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus
or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriters,
and should not be relied upon by investors.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0"><B>Price Stabilization, Short Positions and Penalty
Bids</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this offering,
the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our common shares. Specifically,
the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position.
A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters
under option to purchase additional shares. The underwriters can close out a covered short sale by exercising the option to purchase
additional shares or purchasing shares in the open market. In determining the source of shares to close out a covered short sale,
the underwriters will consider, among other things, the open market price of shares compared to the price available under the
option to purchase additional shares. The underwriters may also sell shares in excess of the option to purchase additional shares,
creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market.
A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the
price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The underwriters may also impose
a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our
common shares in this offering because the underwriter repurchases those shares in stabilizing or short covering transactions.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Finally, the underwriters may bid
for, and purchase, our common shares in market making transactions, including &ldquo;passive&rdquo; market making transactions
as described below.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These activities may stabilize or
maintain the market price of our common shares at a price that is higher than the price that might otherwise exist in the absence
of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities
at any time without notice. These transactions may be effected on the NASDAQ Capital Market, in the over-the-counter market, or
otherwise.</P>



<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Passive
Market Making</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this offering, the underwriters may engage in passive market making transactions in our common shares on the NASDAQ
Capital Market in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of
offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its
bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below
the passive market maker&rsquo;s bid, then that bid must then be lowered when specified purchase limits are exceeded.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Potential
Conflicts of Interest</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary
course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their
various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively
trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their
own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or
instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express
independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that
they acquire, long and/or short positions in such securities and instruments.</FONT></P>

<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Selling
Restrictions</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities
offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus
may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in
connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances
that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this
prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution
of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered
by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters are expected to make offers and sales both in and outside the United States through their respective selling agents.
Any offers and sales in the United States will be conducted by broker-dealers registered with the SEC.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Hong
Kong</I></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common shares may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer
to the public within the meaning of the Companies Ordinance (Cap. 622, Laws of Hong Kong), or (ii) to &ldquo;professional investors&rdquo;
within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii)
in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; within the meaning of the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong), and no advertisement, invitation or document
relating to the shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether
in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in
Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to shares which are or are intended
to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; within the meaning of the
Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>People&rsquo;s
Republic of China</I></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">This prospectus has not been and will not be
circulated or distributed in China, and common shares may not be offered or sold, and will not be offered or sold to any person
for re-offering or resale, directly or indirectly, to any resident of China except pursuant to applicable laws and regulations
of China. For the purpose of this paragraph, China does not include Taiwan, and the special administrative regions of Hong Kong
and Macau.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a023_v1"></A>EXPENSES RELATED
TO THIS OFFERING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">The estimated expenses payable by us
in connection with the offering described in this registration statement (other than the underwriting discounts and commissions)
will be as follows. With the exception of the filing fees for the U.S. Securities Exchange Commission, FINRA and NASDAQ, all amounts
are estimates.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">U.S. Securities and Exchange Commission
    registration fee</TD><TD STYLE="width: 2%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right; padding: 0; text-indent: 0">1,773</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">FINRA filing fee</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">4,100</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">NASDAQ listing fee</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">70,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">Legal fees and expenses for Chinese counsel</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">80,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">Legal fees and expenses for BVI counsel</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">10,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">Legal fees and expenses for U.S. counsel</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">310,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">Accounting fees and expenses</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">270,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">Printing fees and expenses</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">50,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">Miscellaneous</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 2px solid; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2px solid; padding: 0; text-indent: 0">4,127</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">Total</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">800,000</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">*</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<B>* Estimated</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a024_v1"></A>LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain matters as to U.S. federal law
in connection with this offering will be passed upon for us by Haneberg Hurlbert PLC, 1111 E. Main st., Suite 2010, Richmond,
VA 23219. The validity of the shares and certain legal matters relating to the offering as to British Virgin Islands law will
be passed upon for us by Haneberg Hurlbert PLC. Certain legal matters relating to the offering as to Chinese law will be passed
upon for us by Kaitong Law Firm, People&rsquo;s Republic of China. Haneberg Hurlbert PLC may rely upon Kaitong Law Firm with respect
to matters governed by Chinese law. K&amp;L Gates LLP, Miami, FL has acted as counsel for the underwriters with respect to this
offering.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a025_v1"></A>EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The consolidated financial statements
for each of the years ended December 31, 2016 and 2015, as set forth in this prospectus and elsewhere in the registration statement
have been so included in reliance on the report of Friedman LLP, an independent registered public accounting firm, given on their
authority as experts in accounting and auditing. Friedman LLP is a member of &ldquo;DFK International&rdquo;, an international
association of independent and global accounting firms and business advisors. The current address of Friedman LLP is 1700 Broadway,
New York, New York 10019.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a026_v1"></A>INTERESTS OF
NAMED EXPERTS AND COUNSEL</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No expert or counsel named in this prospectus
as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being
registered or upon other legal matters in connection with the registration or offering of the common stock was employed on a contingency
basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant.
Nor was any such person connected with the registrant as a promoter, managing or principal underwriter, voting trustee, director,
officer, or employee.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a027_v1"></A>DISCLOSURE OF
COMMISSION POSITION ON INDEMNIFICATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Insofar as indemnification
for liabilities arising under the Securities Act, may be permitted to our directors, officers or persons controlling us, we have
been advised that it is the SEC&rsquo;s opinion that such indemnification is against public policy as expressed in such act and
is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a028_v1"></A>WHERE YOU CAN
FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the SEC a registration
statement on Form F-1 under the Securities Act with respect to the common shares offered hereby. This prospectus, which constitutes
a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits
filed therewith. For further information about us and the common shares offered hereby, reference is made to the registration
statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or
any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance
we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. We currently do
not file periodic reports with the SEC. Upon closing of our initial public, we will be required to file periodic reports (including
an annual report on Form 20-F, which we will be required to file within 120 days from the end of each fiscal year), and other
information with the SEC pursuant to the Exchange Act. A copy of the registration statement and the exhibits filed therewith may
be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, NE, Washington, DC 20549,
and copies of all or any part of the registration statement may be obtained from that office. Please call the SEC at 1-800-SEC-0330
for further information about the public reference room. The SEC also maintains a website that contains reports, proxy and information
statements and other information regarding registrants that file electronically with the SEC. The address of the website is <I>www.sec.gov.
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 91%; font-family: Calibri,sans-serif; background-color: White; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Consolidated
    Financial Statements</B></FONT></TD>
    <TD STYLE="width: 9%; text-align: right; font-family: Calibri,sans-serif; background-color: White; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; background-color: White; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; background-color: White; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><A HREF="#f_01"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Report
    of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">F-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><A HREF="#f_02"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Consolidated
    Balance Sheets at December 31, 2016 and 2015</FONT></A></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">F-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><A HREF="#f_03"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Consolidated
    Statements of Income and Comprehensive Income for the years ended December 31, 2016 and 2015</FONT></A></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">F-3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><A HREF="#f_04"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Consolidated
    Statements of Changes in Equity for the years ended December 31, 2016 and 2015</FONT></A></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">F-4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><A HREF="#f_05"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Consolidated
    Statements of Cash Flows for the years ended December 31, 2016 and 2015</FONT></A></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">F-5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><A HREF="#f_06"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Notes
    to Consolidated Financial Statements</FONT></A></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">F-6
    &ndash; F-30</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><IMG SRC="report_001.jpg" ALT="" STYLE="height: 38.25pt; width: 231pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><A NAME="f_01"></A><B>REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">To the Board of Directors and Shareholders of</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">RETO Eco-Solutions, Inc.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">We have audited the accompanying consolidated balance
sheets of ReTo Eco-Solutions, Inc. and subsidiaries (collectively, the &quot;Company&quot;) as of December 31, 2016 and 2015,
and the related consolidated statements of income and comprehensive income, changes in equity and cash flows for each of the years
in the two-year period ended December 31, 2016. The Company&rsquo;s management is responsible for these consolidated financial
statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">We conducted our audits in accordance with the standards
of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control
over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In our opinion, the consolidated financial statements
referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2016 and
2015, and the results of its operations and its cash flows for the each of the years in the two-year period ended December 31,
2016 in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">/s/ Friedman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</P>

<P STYLE="margin: 0pt 0">April 12, 2017</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><IMG SRC="report_002.jpg" ALT="" STYLE="height: 45pt; width: 468pt"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="f_02"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RETO
ECO-SOLUTIONS INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED
BALANCE SHEETS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0">December 31,</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0">December 31,</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2016</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2015</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><U>ASSETS</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0">Current Assets:</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding: 0; text-indent: 0">Cash and cash equivalents</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">1,594,594</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">532,627</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Restricted cash</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">230,400</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">154,000</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Accounts receivable, net</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">15,207,029</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">9,116,558</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Advances to suppliers, net</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,882,408</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">759,804</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">Inventories</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,308,526</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,161,886</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Project deposit</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,381,709</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Acquisition deposit</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">565,000</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Prepaid expenses and other current assets</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">356,498</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">417,970</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total Current Assets</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">21,144,455</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">15,524,554</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Property, plant and equipment, net</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">34,160,330</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">28,338,161</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Intangible assets, net</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">7,092,370</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">6,037,729</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Other assets</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">174,829</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">297,851</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Deferred tax assets</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">89,015</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">49,472</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total Assets</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">62,660,999</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">50,247,767</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="9" STYLE="font-weight: bold; text-decoration: underline; text-align: center; padding: 0; text-indent: 0">LIABILITIES
    AND EQUITY</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Current Liabilities:</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Short term bank loans, net</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">5,734,666</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">5,390,000</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Long term bank loans-current portion</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">4,391,260</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3,747,374</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Bank notes payable</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">720,000</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">770,000</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Billings in excess of costs and estimated earnings on uncompleted
    contracts</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">178,086</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Advances from customers</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">7,924,658</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">5,376,215</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Deferred revenue</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">507,200</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">562,956</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Accounts payable</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">4,405,118</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">4,474,644</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Accrued and other liabilities</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">915,307</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">634,636</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Taxes payable</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,310,902</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">726,907</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Due to related parties</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">1,199,620</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">426,843</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total Current Liabilities</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">28,108,731</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">22,287,661</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Long term bank loans</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">6,249,600</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">8,870,400</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total Liabilities</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">34,358,331</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">31,158,061</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0">Commitments</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0">Equity</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Common Stock, $0.001 par value, 200,000,000 shares authorized, 18,640,000
    and 17,840,000 shares issued and outstanding as of December 31, 2016 and 2015 *</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">18,640</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">17,840</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Additional paid-in capital</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">23,741,828</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">19,551,388</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Statutory reserve</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,033,524</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">349,663</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0">Accumulated earnings (deficit)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">224,512</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(3,195,148</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Accumulated other comprehensive loss</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(1,728,096</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(454,074</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total RETO Eco Solutions Inc. stockholders' equity</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">23,290,408</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">16,269,669</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Noncontrolling interest</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">5,012,260</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">2,820,037</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total equity</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">28,302,668</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">19,089,706</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total Liabilities and Equity</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">62,660,999</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">50,247,767</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Retroactively restated for effect of stock recapitalization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="f_03"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RETO
ECO-SOLUTIONS INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">For
    the Years ended December 31,</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2016</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2015</TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; padding: 0; text-indent: 0">Revenues</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">32,424,269</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">17,384,373</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Cost of goods sold</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">18,272,017</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">9,265,313</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Gross Profit</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">14,152,252</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">8,119,060</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Operating Expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Selling expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,580,825</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,462,144</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">General and administrative expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3,878,709</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,607,846</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Research and development expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">503,688</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">458,246</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total operating expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">5,963,222</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">4,528,236</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Income from Operations</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">8,189,030</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">3,590,824</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Other Income ( Expense):</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Interest expense</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(1,450,389</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">(1,032,329</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Other income (expense)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(283,205</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">92,880</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Total other expense, net</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(1,733,594</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(939,449</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Income Before Income Taxes</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding: 0; text-indent: 0">6,455,436</TD><TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding: 0; text-indent: 0">2,651,375</TD><TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Provision for Income Taxes</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">1,952,356</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">295,760</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Net Income</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding: 0; text-indent: 0">4,503,080</TD><TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding: 0; text-indent: 0">2,355,615</TD><TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Less: net income attributable to non-controlling interest</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">399,559</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">41,270</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Net income attributable to ReTo Eco-Solutions,
    Inc.</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">4,103,521</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">2,314,345</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Net Income</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">4,503,080</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,355,615</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Other Comprehensive Loss:</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Foreign currency translation loss</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(1,699,975</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(905,144</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Comprehensive Income</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,803,105</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,450,471</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Less: comprehensive income attributable to non-controlling interest</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(26,394</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0">(65,195</TD><TD STYLE="padding: 0; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0; text-indent: 0">Comprehensive income (loss) attributable to ReTo
    Eco-Solutions, Inc.</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">2,829,499</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">1,515,666</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0">Earning per share</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Basic and diluted</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">0.25</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">0.13</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0">Weighted average number of shares</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Basic and diluted *</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">18,043,836</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">17,840,000</TD><TD STYLE="padding: 0; font-weight: bold; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Retroactively restated for effect of stock recapitalization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="f_04"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RETO
ECO-SOLUTIONS INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR
THE YEARS ENDED DECEMBER 31, 2016 AND 2015</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Additional</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Accumulated</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Accumulated
    Other</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Common
    Stock</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">paid-in</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Statutory</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Earnings</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Comprehensive</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Noncontrolling</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Shares*</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Capital</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Reserve</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(Deficit)</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Income
    (Loss)</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Interest</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Equity</FONT></TD><TD STYLE="padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Balance at January&nbsp;1,
    2015</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">17,840,000</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">17,840</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">16,453,112</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">102,964</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(5,262,794</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">344,605</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">3,022,508</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">14,678,235</FONT></TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Conversion of shareholder loan to capital</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">3,325,019</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">3,325,019</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">2,314,345</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">41,270</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">2,355,615</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Appropriations to statutory reserve</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">246,699</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(246,699</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Change in non-controlling interest in
    REIT Changjiang:</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;-Withdrawal of capital by original
    minority shareholder in REIT Changjiang</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(289,987</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(3,035,032</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(3,325,019</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;-Capital contribution by new minority
    shareholder in REIT Changjiang</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">63,244</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">2,849,516</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">2,912,760</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Capital contribution by a non-controlling
    shareholder in REIT Xingyi</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">48,240</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">48,240</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Foreign currency translation adjustment</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(798,679</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(106,465</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(905,174</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Balance at December 31, 2015</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">17,840,000</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">17,840</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">19,551,388</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">349,663</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">(3,195,148</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">(454,074</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">2,820,037</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">19,089,676</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">4,103,521</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">399,559</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">4,503,080</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Appropriation to statutory reserve</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">683,861</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(683,861</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Foreign currency translation adjustment</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(1,274,022</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(425,953</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">(1,699,975</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Additional capital contributed by original
    shareholders (see Note 16)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">991,240</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">991,240</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Additional capital contribution by non-controlling
    shareholder in REIT Xinyi</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">2,218,617</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">2,218,617</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Conversion of loan payable to common
    stock</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">800,000</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">800</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">3,199,200</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">3,200,000</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Balance at December 31, 2016</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">18,640,000</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">18,640</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">23,741,828</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">1,033,524</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">224,512</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">(1,728,096</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">5,012,260</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">28,302,668</FONT></TD><TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Retroactively
restated for effect of stock recapitalization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="f_05"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RETO
ECO-SOLUTIONS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
    the Years ended</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2015</B></FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH
    FLOWS FROM OPERATING ACTIVITIES</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 76%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,503,080</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,355,615</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
    to reconcile net income to net cash provided by operating activities:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
    from disposal of property and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,598</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax benefit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(44,685</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(45,448</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and amortization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,361,260</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,257,220</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bad
    debt provisions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,101,698</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">311,331</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in operating assets:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64,200</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,451,292</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,353,931</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances
    to suppliers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,761,639</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,206,987</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745,161</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">353,894</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,281</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(79,951</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in operating liabilities:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">231,012</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,809,758</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances
    from customers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,028,340</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(368,457</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Billings
    in excess of costs and estimated earnings</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(174,038</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65,924</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20,067</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21,400</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,078,982</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">420,593</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    and other liabilities</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333,863</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(105,410</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash provided by operating activities</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,937,956</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,858,327</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH
    FLOWS FROM INVESTING ACTIVITIES</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from property and equipment disposal</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,655</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addition
    of property, equipment and construction in progress</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,372,067</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,709,343</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    of intangible assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,681,870</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
    made for planned acquisition of minority interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(565,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Payment)
    collection on project deposit</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,317,700</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,471,700</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in investing activities</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,301,237</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,163,388</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH
    FLOWS FROM FINANCING ACTIVITIES</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from short-term bank loans</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,597,297</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    financing cost</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(98,774</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from long-term bank loans</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">752,500</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,617,500</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of short-term bank loans</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,772,500</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,250,197</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of long-term bank loans</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,962,331</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,624,960</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from bank notes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">802,500</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    received from stock issuance for reorganization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,457,500</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    to original shareholders of Beijing REIT</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,466,260</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from investor loan (see Note 16)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,200,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from related party loans</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">817,495</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">424,019</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
    contribution from noncontrolling shareholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,218,617</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,912,760</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in restricted cash</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(90,300</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(160,500</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash provided by financing activities</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,653,244</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,721,122</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFFECT
    OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(227,996</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85,022</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NET
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,061,967</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,498,917</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH
    AND CASH EQUIVALENTS, BEGINNING OF YEAR</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">532,627</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,031,544</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH
    AND CASH EQUIVALENTS, END OF YEAR</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,594,594</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">532,627</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUPPLEMENTAL
    DISCLOSURES OF CASH FLOW INFORMATION:</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    paid</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,430,901</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,237,325</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    tax paid</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">719,479</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,867</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Cash
    Financing Activities</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    of investor loans to equity</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,200,000</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,325,019</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withdrawal
    of capital by original minority shareholder in REIT Changjiang</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,325,019</FONT></TD><TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
</TABLE>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><A NAME="f_06"></A><B>RETO ECO-SOLUTIONS, INC.
AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 1 &ndash; ORGANIZATION AND DESCRIPTION OF BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">ReTo Eco-Solutions, Inc. (&ldquo;RETO&rdquo; or the &ldquo;Company&rdquo;)
is a limited liability company established under the laws of the British Virgin Islands on August 7, 2015 as a holding company
to develop business opportunities in the People&rsquo;s Republic of China (&ldquo;PRC&rdquo; or &ldquo;China&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">RETO owns 100% equity interest of REIT Holdings (China)
Limited (&ldquo;REIT Holdings&rdquo;), a limited liability company established in Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Beijing REIT Technology Development Co., Ltd. (&ldquo;Beijing
REIT&rdquo;) was established on May 12, 1999 under the laws of PRC, with the registered capital of RMB 24 million (approximately
$3.5 million) and additional paid in capital of RMB 100 million (approximately $15.4 million) contributed by four individual shareholders.
Over the years, Beijing REIT has established five other subsidiaries consisting: Gu&rsquo;an REIT Machinery Manufacturing Co.,
Ltd. (&ldquo;Gu&rsquo;an REIT&rdquo;) was incorporated on May 12, 2008; Beijing REIT Eco Engineering Technology Co., Ltd. (&ldquo;REIT
Eco Engineering&rdquo;) was incorporated on April 24, 2014; Langfang Ruirong Mechanical and Electrical Equipment Co., Ltd. (&ldquo;Ruirong&rdquo;)
was incorporated on May 12, 2014; Nanjing Dingxuan Environment Protection Technology Development Co., Ltd. (&ldquo;Dingxuan&rdquo;)
was incorporated on October 17, 2014; and REIT Technology Development (America), Inc. (&ldquo;REIT US&rdquo;) was incorporated
on February 27, 2014.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Gu&rsquo;an REIT is the main operating entity focusing
on the development and distribution of specialized equipment for industrial waste processing, while the other four subsidiaries
are relatively new and have limited activities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On February 7, 2016, Beijing REIT and its individual
original shareholders entered into an equity transfer agreement, pursuant to which these shareholders agreed to transfer all of
their ownership interests in Beijing REIT with a carrying value of RMB 24 million (or $3,466,260) to REIT Holdings (the &ldquo;Transfer&rdquo;)
(see Note 16). After this equity transfer, Beijing REIT became a Wholly Foreign-Owned Enterprise (&ldquo;WOFE&rdquo;) and amended
the registration with the State Administration for Industry and Commerce (&ldquo;SAIC&rdquo;) on March 21, 2016. As part of this
equity transfer, the Company issued a total of 17,830,000 of its common shares at $0.25 per share to all of the Company&rsquo;s
original shareholders or former shareholders in Beijing REIT. Among total proceeds of $4,457,500 from the share issuance, the
Company paid $3,466,260 (approximately RMB 24 million) to the original shareholders of Beijing REIT as the consideration for the
transfer of their equity interests in Beijing REIT. Since these shares were issued to the original shareholders of Beijing REIT,
the transaction is considered as a part of the reorganization. The Company believes it is appropriate to reflect these share issuances
as nominal stock issuance on a retroactive basis similar to stock split pursuant to ASC 260. The Company has retroactively adjusted
all shares and per share data for all the periods presented.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">REIT Mingsheng Environmental Protection Construction
Materials (Changjiang) Co., Ltd. (&ldquo;REIT Changjiang&rdquo;) was incorporated in Hainan Province, China, on November 22, 2011
with the original registered capital of RMB 100 million (approximately $16 million). REIT Changjiang is engaged in hauling and
processing construction and mining waste, with which it produces recycled aggregates and bricks for environmental-friendly uses.
On January 10, 2016, Zhongrong Huanneng Investment (Beijing) Co., Ltd. (&ldquo;Zhongrong&rdquo;) signed an equity transfer agreement
with Beijing REIT, pursuant to which the shareholders of Zhongrong agreed to transfer all of its equity interests held on behalf
of four individual shareholders in REIT Changjiang to Beijing REIT. At the time of the transfer, REIT Changjiang was controlled
in majority (84.32%) by the same four individual shareholders as those of Beijing REIT. Zhongrong and Beijing REIT are considered
under common control since they are owned by the same four individual shareholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">For accounting purposes, the above mentioned transactions
were accounted for in a manner similar to a recapitalization. RETO and its wholly-owned subsidiary REIT Holdings, which now owns
all of the interests of Beijing REIT, as well as REIT Changjiang which were effectively controlled by the same majority shareholders
of Beijing REIT. Therefore, RETO, REIT Holdings, Beijing REIT and REIT Changjiang are all considered under common control. Accordingly,
the consolidation of Beijing REIT and REIT Changjiang into RETO has been accounted for at carrying value and prepared on the basis
as if the aforementioned reorganization had become effective as of the beginning of the first period presented in the accompanying
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 1 &ndash; ORGANIZATION AND DESCRIPTION OF BUSINESS (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On June 1, 2015, Hainan REIT Construction Project Co.,
Ltd. (&ldquo;REIT Construction&rdquo;) was incorporated as a wholly-owned subsidiary of REIT Changjiang.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On July 15, 2015, Bejing REIT established a new subsidiary,
REIT Xinyi New Material Co., Ltd. (&ldquo;REIT Xinyi&rdquo;) wherein Beijing REIT owns 70% equity interest, with the remaining
30% owned by a non-controlling shareholder.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In February 2016, Beijing REIT established a joint venture,
REIT Q GREEN Machines Private Limited (&ldquo;REIT India&rdquo;), together with an Indian company Q Green Techcon Private Limited
(&ldquo;Q Green&rdquo;). Beijing REIT owns 51% equity interest of REIT India.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On March 2, 2017, Xinyi REIT Ecological Technology Co,
Ltd (&ldquo;REIT Ecological&rdquo;) was incorporated as a wholly-owned subsidiary of REIT Holdings.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company, through its subsidiaries, is a manufacturer
and distributor of environmental-friendly construction materials, made from industrial and construction waste, as well as equipment
used for production of these materials.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Basis of Presentation and Principles of Consolidation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The accompanying consolidated financial statements have
been prepared in accordance with accounting principles generally accepted in the United States of America (&ldquo;U.S. GAAP&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The accompanying consolidated financial statements of
the Company reflect the principal activities of the entities listed below. All inter-company balances and transactions have been
eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Name
    of the entity</B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Place
    of</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Incorporation</B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0; text-align: center; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Ownership</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Percentage</B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">ReTo
    Eco-Solutions, Inc. (&ldquo;RETO&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">British
    Virgin Islands</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Parent</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">REIT
    Holdings (China) Limited &nbsp;(&ldquo;REIT Holdings&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Hong
    Kong, China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beijing
    REIT Technology Development Co., Ltd. (&ldquo;Beijing REIT&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beijing,
    China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">WOFE,100</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Gu&rsquo;an
    REIT Machinery Manufacturing Co., Ltd. (&ldquo;Gu&rsquo;an REIT&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Gu&rsquo;an,
    China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">REIT
    Mingsheng Environment Protection Construction Materials (Changjiang) Co., Ltd. (&ldquo;REIT Changjiang&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Changjiang,
    China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">84.32</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beijing
    REIT Eco-Engineering Technology Co., Ltd. (&ldquo;REIT Eco-Engineering&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beijing,
    China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Langfang
    Ruirong Mechanical and Electrical Equipment Co., Ltd. (&ldquo;Ruirong&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Langfang,
    China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Hainan
    REIT Construction Project Co., Ltd. (&ldquo;REIT Construction&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Haikou,
    China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">84.32</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">REIT
    Xinyi New Materials Co., Ltd. (&ldquo;REIT Xinyi&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Xinyi,
    China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">70</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Nanjing
    Dingxuan Environmental Protection Technology Development Co., Ltd. (&ldquo;Dingxuan&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Nanjing,
    China</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">REIT
    Technology Development (America), Inc. (&ldquo;REIT US&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">California,
    U.S.A</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">REIT
    Q GREEN Machines Private Limited (&ldquo;REIT India&rdquo;)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">India</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">51</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xinyi
    REIT Ecological Technology Co, Ltd (&ldquo;REIT Ecological&rdquo;)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xinyi,
                                         China</FONT></P>


</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></P>


</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Non-controlling interests</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Non-controlling interests represent the non-controlling
shareholders&rsquo; proportionate share of equity interests in REIT Changjiang, REIT Construction, REIT Xinyi and REIT India.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The preparation of financial statements in conformity
with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Significant estimates required to be made by management
include, but are not limited to, the valuation of accounts receivable, inventories, advances to suppliers, useful lives of property,
plant and equipment, intangible assets, the recoverability of long-lived assets, provision necessary for contingent liabilities,
revenue recognition under the percentage of completion method, and realization of deferred tax assets. Actual results could differ
from those estimates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Cash and Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company considers all highly liquid investment instruments
with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company maintains most
of the bank accounts in the PRC. Cash balances in bank accounts in PRC are not insured by the Federal Deposit Insurance Corporation
or other programs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Restricted Cash</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Restricted cash consists of cash equivalents used as
collateral to secure short-term bank notes payable and bank borrowings. The Company is required to keep certain amounts on deposit
that are subject to withdrawal restrictions. Upon the maturity of the bank acceptance notes and bank borrowings, the Company is
required to deposit the remainder to the escrow account to settle the bank notes payable and bank borrowings. The notes payable
and bank borrowings are generally short term in nature due to their short maturity period of three months to one year; thus, restricted
cash is classified as a current asset.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">As of December 31, 2016 and 2015, the Company had restricted
cash of $230,400 and $154,000, respectively, related to the bank acceptance notes payable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Accounts Receivable, net</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Accounts receivable are recognized and carried at original
invoiced amount less an estimated allowance for uncollectible accounts. The Company usually grants credit to customers with good
credit standing with a maximum of 180 days and determines the adequacy of reserves for doubtful accounts based on individual account
analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective
evidence that the Company may not be able to collect amounts due. The allowance is based on management&rsquo;s best estimates
of specific losses on individual exposures, as well as a provision on historical trends of collections. Based on the assessment
of customers&rsquo; credit and ongoing relationship, the Company&rsquo;s payment terms typically range from 90 days to 1 year.
The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements
of income and comprehensive income. Actual amounts received may differ from management&rsquo;s estimate of credit worthiness and
the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management
has determined that the likelihood of collection is not probable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Inventories</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Inventories are stated at the lower of cost or market
value. Costs include the cost of raw materials, freight, direct labor and related production overhead. The cost of inventories
is calculated using the weighted average method. Any excess of the cost over the net realizable value of each item of inventories
is recognized as a provision for diminution in the value of inventories. Net realizable value is the estimated selling price in
the normal course of business less any costs to complete and sell products.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Advances to Suppliers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">Advances to suppliers consist
of balances paid to suppliers for services and materials that have not been provided or received. Advances to suppliers are short-term
in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the
assets to be impaired if the collectability of the advance becomes doubtful. The Company uses the aging method to estimate the
allowance for uncollectible balances. In addition, at each reporting date, the Company generally determines the adequacy of allowance
for doubtful accounts by evaluating all available information, and then records specific allowances for those advances based on
the specific facts and circumstances. Allowance for uncollectible balances amounted to $542,151 and $30,520 as of December 31,
2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Property, Plant and Equipment</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Property and equipment are stated at cost. The straight-line
depreciation method is used to compute depreciation over the estimated useful lives of the assets, as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84%; font-family: Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 16%; font-family: Calibri,sans-serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Useful
    life</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Property</FONT></TD>
    <TD STYLE="padding: 0; font-family: Calibri,sans-serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">30&ndash;50
    years</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Machinery
    equipment</FONT></TD>
    <TD STYLE="padding: 0; font-family: Calibri,sans-serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5&ndash;15
    years</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Transportation
    vehicles</FONT></TD>
    <TD STYLE="padding: 0; font-family: Calibri,sans-serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5&ndash;10
    years</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Office
    equipment and furniture</FONT></TD>
    <TD STYLE="padding: 0; font-family: Calibri,sans-serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3&ndash;5
    years</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Expenditures for maintenance and repairs, which do not
materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments
which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets
retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of
income and other comprehensive income in other income or expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white"><B>Construction-in-Progress (&ldquo;CIP&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">Construction-in-progress represents
property and buildings under construction and consists of construction expenditures, equipment procurement, and other direct costs
attributable to the construction. Construction-in-progress is not depreciated. Upon completion and ready for intended use, construction-in-progress
is reclassified to the appropriate category within property, plant and equipment.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Capitalized Interest</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Capitalized interest is accounted for in accordance with
FASB Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic 835-20 &ldquo;Capitalization of Interest&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">For loans to finance projects and provide for working
capital, the Company charges the borrowing costs related to working capital loans to interest expense when incurred and capitalized
interest costs related to project development as a component of the project costs.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The interest to be capitalized for a project is based
on the amount of borrowings related specifically to such project. Interest for any period is capitalized based on the amounts
of accumulated expenditures and the interest rate of the loans. The interest capitalization period begins when expenditures have
been incurred and activities necessary to prepare the asset (including administrative activities before construction) have begun,
and ends when the project is substantially completed. Interest capitalized is limited to the amount of interest incurred.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The interest rate used in determining the amount of interest
capitalized is the weighted average rate applicable to the project-specific borrowings. However, when accumulated expenditures
exceed the principal amount of project-specific borrowings, the Company also capitalizes interest on borrowings that are not specifically
related to the project, at a weighted average rate of such borrowings.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s significant judgments and estimates
related to interest capitalization include the determination of the appropriate borrowing rates for the calculation, and the point
at which capitalization is started and discontinued. Changes in the rates used or the timing of the capitalization period may
affect the balance of property under development and the costs of sales recorded. The Company did not capitalize any interest
for the years ended December 31, 2016 because the Company did not use any bank borrowings in the current construction project
in its majority-owned Xinyi REIT. They used the cash generated from operations and capital injection from the shareholders on
the Xinyi REIT construction project. For the year ended December 31, 2015, the capitalized interest of $469,086 was primarily
related to the REIT Changjiang construction project, which was completed in 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Intangible Assets</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Intangible assets consist primarily of land use rights
and software. Under the PRC law, all land in the PRC is owned by the government and cannot be sold to an individual or company.
The government grants individuals and companies the right to use parcels of land for specified periods of time. These land use
rights are sometimes referred to informally as &ldquo;ownership.&rdquo; Land use rights are stated at cost less accumulated amortization.
Intangible assets are amortized using the straight-line method with the following estimated useful lives:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 88%; font-weight: bold; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Items</TD><TD STYLE="width: 1%; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 11%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Useful
    life</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Land use rights</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">45-49 years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Software</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">10 years</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Impairment of Long-lived Assets</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company reviews long-lived assets, including definitive-lived
intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may
not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset&rsquo;s
carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these
assets as of December 31, 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Fair Value of Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">ASC 825-10 requires certain disclosures regarding the
fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy
prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and
minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Level
    1 - Quoted prices in active markets for identical assets and liabilities. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Level
    2 - Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset
    or liability, either directly or indirectly, for substantially the full term of the financial instrument. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Level
    3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the
    assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that
    use significant unobservable inputs. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company considers the recorded value of its financial
assets and liabilities, which consist primarily of cash and cash equivalents, restricted cash, accounts receivable, advance to
suppliers, cost and estimated earnings in excess of billing, accounts payable, accrued and other liabilities, billings in excess
of cost and estimated earnings, advances from customers, deferred revenue, taxes payable and due to related parties to approximate
the fair value of the respective assets and liabilities at December 31, 2016 and 2015 based upon the short-term nature of the
assets and liabilities. The Company believes that the carrying amount of the short-term and long term borrowings approximates
fair value at December 31, 2016 and 2015 based on the terms of the borrowings and current market rates as the rates of the borrowings
are reflective of the current market rate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Revenue Recognition</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company currently generates its revenues from the
following main sources:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif">Revenue
                                         from machinery and equipment sales</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company provides installation service in connection
with product sales. The Company evaluates them as a single arrangement and determines whether the arrangement contains more than
one unit of accounting in accordance with the standard ASC 605, &ldquo;Multiple-Deliverable Revenue Arrangement&rdquo;. An arrangement
is separated, if (1) the delivered element(s) has (have) value to the customer on a stand-alone basis and (2) if the arrangement
includes a general right of return relative to the delivered element(s), delivery or performance of the undelivered element(s)
is (are) considered probable and substantially in the control of the Company. If both criteria are fulfilled, the appropriate
revenue recognition convention is then applied to each separate unit of accounting. Generally, the total arrangement consideration
is allocated to the separate units of accounting based on their relative fair values. Reliable fair values are sales prices for
the component when it is regularly sold on a stand-alone basis, third-party prices for similar components or, under certain circumstances,
cost plus, an adequate business specific profit margin related to the relevant element. If the criteria are not met, revenue is
deferred until such criteria are met or until the period in which the last undelivered element is delivered. The amount allocable
to the delivered elements is limited to the amount that is not contingent upon delivery of additional elements or meeting other
specified performance conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company considers the installation and product sales
as single delivered element based on the fact that there are no other third parties who can provide installation service for the
equipment the Company sells in the market and the delivered machinery and equipment have little to no value to the customers without
the installation service. In addition, the Company does not provide any installation service to its customers without product
sales. Thus there is no reliable fair value for the installation service on a stand-alone basis. Accordingly, the revenue is recognized
when the product is delivered and installation is completed since the criteria for multiple-deliverable revenue arrangements in
ASC 605 are not met.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Revenue Recognition (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company allows certain customers to retain
approximately 5-20% of the agreed purchase or installation price as security retention for one year after the Company delivers
products and provides services. The Company considers this one-year term as a warranty period for the Company&rsquo;s products
sold and services rendered. Revenue was recognized when the product is delivered and installation is completed and security retention
was recorded in account receivable on our balance sheets. Historically, the Company has not experienced significant customer complaints
on products sold or services provided. No customers have claimed damages for any loss incurred due to quality problems. Therefore,
no separate warranty provisions were provided as of December 31, 2016 and 2015 based on historical experience. As of December
31, 2016 and 2015, there were $787,518 and $338,541 related to the security retention included in the account receivable balance,
respectively.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 18pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif">Revenue
                                         from construction materials sales</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Revenue from sales of construction materials is recognized,
net of estimated provisions for sales allowances, when the products are shipped and title is transferred. Revenue is recognized
when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists (sales agreements and customer
purchase orders are used to determine the existence of an arrangement); (ii) delivery of goods has occurred and risks and benefits
of ownership have been transferred, which is when the goods are received by the customer at its designated location in accordance
with the sales terms; (iii) the sales price is both fixed and determinable, and (iv) collectability is reasonably assured. Historically,
sales returns have been minimal.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 18pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif">Revenue
                                         from municipal construction projects</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; text-indent: 0pt">The Company previously had one fixed-priced
construction contract. Revenue for this construction contract was recognized on the percentage-of-completion method, measured
by the percentage of costs incurred to date to estimated total costs for the contract. Contract costs included all direct material,
labor costs, equipment and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs
and depreciation costs. General and administrative costs were charged to expense as incurred. Provisions for estimated losses
on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions
and estimated profitability, including those arising from contract penalty provisions and final contract settlements may result
in revisions to costs and income and are recognized in the period in which the revisions are determined. There were no changes
in job performance, job conditions and estimated profitability, including those arising from contract penalty provisions and final
contract settlements may result in revisions to costs and income. The project commenced in 2014 and was completed in 2015. For
the year ended December 31, 2014, the Company entered into one fixed price construction contract and 62.7% was considered as completed
and therefore recognized as revenue, based on the costs incurred and estimated total cost to complete the construction project.
For the year ended December 31, 2015, the Company recognized the remaining 37.3% of the revenue of $1,249,699 from the contract
when the project was completed. There was no revenue recognized from similar construction contracts for the year ended December
31, 2016. The Company does not anticipate it will be taking on such long-term construction jobs going forward.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The asset account - &ldquo;costs and estimated earnings
in excess of billings on uncompleted contracts&rdquo; represents revenues recognized in excess of amounts billed. The liability
account - &ldquo;billings in excess of costs and estimated earnings on uncompleted contracts&rdquo; represents billings in excess
of revenues recognized. As of December 31, 2015, $178,066 of billings in excess of costs and estimated earning on uncompleted
contracts were included in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Revenue from claims and unapproved change orders is recorded
only to the extent that contract costs relating to the claim have been incurred and the amounts have been received or awarded.
For the years ended December 31, 2016 and 2015, no revenue has been recognized from claims or unapproved change orders.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Revenue Recognition (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif">Revenue
                                         from technological consulting and other services</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Revenues from technological consulting and other services
are recognized when services are rendered and contract amounts are earned.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Shipping and Handling</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Proceeds collected from customers for shipping and handling
costs are included in revenues. Shipping and handling costs are expensed as incurred and are included in operating expenses, as
a part of selling, and general and administrative expenses, in the Company&rsquo;s consolidated statements of income and comprehensive
income. Total shipping and handling expenses were $630,218 and $586,707 for the years ended December 31, 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company accounts for income taxes under ASC 740.
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated
financial statement carrying amounts of existing assets and liabilities and their respective tax bases.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including
the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The provisions of ASC 740-10-25, &ldquo;Accounting for
Uncertainty in Income Taxes,&rdquo; prescribe a more-likely-than-not threshold for financial statement recognition and measurement
of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition
of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for
interest and penalties associated with tax positions, and related disclosures. The Company records a liability for uncertain tax
positions when it is probable that a loss has been incurred and the amount can be reasonably estimated.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">To the extent applicable, the Company records interest
and penalties as a general and administrative expense. The Company&rsquo;s subsidiaries in China and Hong Kong are subject to
the income tax laws of the PRC and Hong Kong. No significant taxable income was generated outside the PRC for the years ended
December 31, 2016 and 2015. As of December 31, 2016, the tax years ended December 31, 2011 through December 31, 2016 for the Company&rsquo;s
PRC subsidiaries remain open for statutory examination by PRC tax authorities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Value added tax (&ldquo;VAT&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Sales revenue represents the invoiced value of goods,
net of VAT. The VAT is based on gross sales price and VAT rates range up to 17%, depending on the type of products sold. The VAT
may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its
finished products. The Company recorded a VAT payable net of payments in the accompanying consolidated financial statements. All
of the VAT returns of the Company have been and remain subject to examination by the tax authorities for five years from the date
of filing.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Earnings per Share </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company computes earnings per share (&ldquo;EPS&rdquo;)
in accordance with ASC 260, &ldquo;Earnings per Share&rdquo; (&ldquo;ASC 260&rdquo;). ASC 260 requires companies with complex
capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common
shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of
potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of
the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that
increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December
31, 2016 and 2015, the Company had no dilutive security outstanding that could potentially dilute EPS in the future.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Foreign Currency Translation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s principal country of operations is
the PRC. The financial position and results of its operations are determined using RMB, the local currency, as the functional
currency. The Company&rsquo;s financial statements are reported using U.S. Dollars. The results of operations and the consolidated
statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period.
Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange
in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at
the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to
assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding
balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period
to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements
of changes in equity. Gains and losses from foreign currency transactions are included in the results of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The value of RMB against US$ and other currencies may
fluctuate and is affected by, among other things, changes in the PRC&rsquo;s political and economic conditions. Any significant
revaluation of RMB may materially affect the Company&rsquo;s financial condition in terms of US$ reporting. The following table
outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">December&nbsp;31,
    2016</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">December&nbsp;31,
    2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">Year-end spot rate</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; font: 10pt Times New Roman,serif; padding: 0; text-align: center; text-indent: 0">US$0=RMB 6.9448</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; font: 10pt Times New Roman,serif; padding: 0; text-align: center; text-indent: 0">US$1=RMB 6.4917</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">Average rate</TD><TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-align: center; text-indent: 0">US$1=RMB 6.6441</TD><TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-align: center; text-indent: 0">US$1=RMB 6.2288</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Concentrations and Credit Risk</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">A majority of its expense transactions
are denominated in RMB and a significant portion of the Company and its subsidiaries&rsquo; assets and liabilities are denominated
in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required
by law to be transacted only by authorized financial institutions at exchange rates set by the People&rsquo;s Bank of China (&ldquo;PBOC&rdquo;).
Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange
regulatory bodies which require certain supporting documentation in order to affect the remittance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">As of December 31, 2016 and
2015, $1,581,404 and $530,275 of the Company&rsquo;s cash and cash equivalents was on deposit at financial institutions in the
PRC where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits
in the event of bank failure.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Accounts receivable are typically unsecured and derived
from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company's assessment of its customers'
creditworthiness and its ongoing monitoring of outstanding balances.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTE
2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Concentrations and Credit Risk (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s sales are made to customers that
are located primarily in China. The Company has a concentration of its revenues and receivables with specific customers. For the
years ended December 31, 2016 and 2015, no customer accounted for more than 10% of the Company&rsquo;s total revenue. As of December
31, 2016, none of account receivable accounted for more than 10% of the total outstanding accounts receivable balance, As of December
31, 2015, one account receivable accounted for 12% of the total outstanding accounts receivable balance.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">For the years ended December 31, 2016 and 2015, the Company
purchased approximately 41% and 39% of its raw materials from one major supplier, respectively. Advanced payments to three major
vendors accounted for 23%, 16% and 14% of the total advance payments outstanding as of December 31, 2016. Advanced payments to
two major vendors accounted for 41% and 13% of the total advance payments outstanding as of December 31, 2015.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Risks and Uncertainties</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The operations of the Company are located in the PRC.
Accordingly, the Company&rsquo;s business, financial condition, and results of operations may be influenced by political, economic,
and legal environments in the PRC, as well as by the general state of the PRC economy. The Company&rsquo;s results may be adversely
affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses
from these situations and believes that it is in compliance with existing laws and regulations including its organization and
structure disclosed in Note 1, this may not be indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Reclassifications</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; text-indent: 0pt">Certain prior year amounts have been
reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results
of operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Recent Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In May 2014, the Financial Accounting Standards Board
(&ldquo;FASB&rdquo;) issued Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2014-09, &ldquo;Revenue from Contracts with Customers
(Topic 606)&rdquo; (&ldquo;ASU 2014-09&rdquo;). ASU 2014-09 requires an entity to recognize the amount of revenue to which it
expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue
recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect
transition method. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue
and cash flows arising from customer contracts. In August 2015, the FASB issued ASU No. 2015-14, &ldquo;Deferral of the Effective
Date&rdquo; (&ldquo;ASU 2015-14&rdquo;), which defers the effective date for ASU 2014-09 by one year. For public entities, the
guidance in ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 (including interim reporting
periods within those periods). Earlier application is permitted for public entities only as of annual reporting periods beginning
after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the
guidance in ASU No. 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within
annual reporting periods beginning after December 15, 2019. In March 2016, the FASB issued ASU No. 2016-08, &ldquo;Principal versus
Agent Considerations (Reporting Revenue versus Net)&rdquo; (&ldquo;ASU 2016-08&rdquo;), which clarifies the implementation guidance
on principal versus agent considerations in the new revenue recognition standard. In April 2016, the FASB issued ASU No. 2016-10,
&ldquo;Identifying Performance Obligations and Licensing&rdquo; (&ldquo;ASU 2016-10&rdquo;), which reduces the complexity when
applying the guidance for identifying performance obligations and improves the operability and understandability of the license
implementation guidance. In May 2016, the FASB issued ASU No. 2016-12 &ldquo;Narrow-Scope Improvements and Practical Expedients&rdquo;
(&ldquo;ASU 2016-12&rdquo;), which amends the guidance on transition, collectability, noncash consideration and the presentation
of sales and other similar taxes. These amendments have the same effective date as the new revenue standard. The Company is continuing
to evaluate the impact its pending adoption of Topic 606 will have on the Company&rsquo;s financial position, results of operations
and cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Recent Accounting Pronouncements (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In November 2015, the FASB issued Accounting Standards
Update (&ldquo;ASU&rdquo;) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17),
which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities be classified as noncurrent
on the balance sheet. For public business entities, the amendments in this ASU are effective for annual periods beginning after
December 15, 2016, including interim periods within those annual periods. For all other entities, the amendments in this ASU are
effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December
15, 2018. Earlier application is permitted. The Company has early applied this ASU during the year ended December 31, 2016, and
retrospectively applied it to the prior period presented. The adoption of ASU No. 2015-17 had no impact on the Company&rsquo;s
results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In January 2016, the FASB issued ASU No. 2016-01, &ldquo;Financial
Instruments &ndash; Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities&rdquo;.
The new guidance is intended to improve the recognition and measurement of financial instruments. The new guidance makes targeted
improvements to existing U.S. GAAP by: (1) requiring equity investments (except those accounted for under the equity method of
accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized
in net income. Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments
for disclosure purposes; (2) Requiring separate presentation of financial assets and financial liabilities by measurement category
and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the
financial statements; (3) Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions
used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance
sheet; and. (4) Requiring a reporting organization to present separately in other comprehensive income the portion of the total
change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as &ldquo;own
credit&rdquo;) when the organization has elected to measure the liability at fair value in accordance with the fair value option
for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017,
including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal
years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities
that are not public business entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December
15, 2017, including interim periods within those fiscal years. The Company does not expect this update will have a material impact
on the Company&rsquo;s consolidated financial position, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In February 2016, the FASB issued ASU No. 2016-02, &ldquo;Leases
(Topic 842)&rdquo;, to increase the transparency and comparability about leases among entities. The new guidance requires lessees
to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. &nbsp;It also requires additional
disclosures about leasing arrangements. For public business entities, ASU 2016-02 is effective for interim and annual periods
beginning after December 15, 2018, and requires a modified retrospective approach to adoption. For all other entities, the amendments
in this ASU are effective for fiscal years beginning after December 15, 2019, and interim reporting periods within fiscal years
beginning after December 15, 2020. Early adoption is permitted. The Company does not expect that the adoption of this guidance
will have a material impact on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Recent Accounting Pronouncements (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In August 2016, the FASB issued ASU No. 2016-15, &ldquo;Statement
of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in how certain cash
receipts and cash payments are presented and classified in the statement of cash flows&rdquo;. The amendments provide guidance
on the following eight specific cash flow issues: (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement of Zero-Coupon
Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest
Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4)Proceeds from the Settlement
of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned; (6) Life
Insurance Policies; (7) Distributions Received from Equity Method Investees; (8) Beneficial Interests in Securitization Transactions;
and Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments are effective for public
business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption
is permitted, including adoption in an interim period. For all other entities, the amendments are effective for fiscal years beginning
after December 15, 2018, and interim reporting periods within fiscal years beginning after December 15, 2019. The amendments should
be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively
for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The
Company is currently evaluating the impact of adoption on the consolidated financial statements and related disclosure.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In October 2016, the FASB issued ASU No. 2016-17, &ldquo;Consolidation
(Topic 810): Interests Held through Related Parties That Are under Common Control&rdquo;. The amendments affect reporting entities
that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities
under common control. Specifically, the amendments change the evaluation of whether a reporting entity is the primary beneficiary
of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable interest entity
treats indirect interests in the entity held through related parties that are under common control with the reporting entity.
The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including interim
periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December
15, 2016, and interim reporting periods within fiscal years beginning after December 15, 2017. Early adoption is permitted. The
Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In November 2016, the FASB issued ASU No. 2016-18, &quot;Statement
of Cash Flows (Topic 230): Restricted Cash&quot;, which requires that a statement of cash flows explain the change during the
period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents.
Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash
equivalents when reconciling the beginning-of- period and end-of-period total amounts shown on the statement of cash flows. The
amendments in this ASU apply to all entities that have restricted cash or restricted cash equivalents and are required to present
a statement of cash flows under Topic 230. The amendments are effective for public business entities for fiscal years beginning
after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for
fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early
adoption is permitted. The amendments should be applied using a retrospective transition method to each period presented. The
adoption of this guidance will increase cash and cash equivalents by the amount of restricted cash on the Company's consolidated
statement of cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 2 &ndash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Recent Accounting Pronouncements (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In January 2017, the FASB issued ASU No. 2017-01, &quot;Business
Combinations (Topic 805): Clarifying the Definition of a Business&quot;. The amendments in this ASU clarify the definition of
a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for
as acquisitions (or disposals) of assets or businesses. Basically these amendments provide a screen to determine when a set is
not a business. If the screen is not met, the amendments in this ASU first, require that to be considered a business, a set must
include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output
and second, remove the evaluation of whether a market participant could replace missing elements. These amendments take effect
for public businesses for fiscal years beginning after December 15, 2017 and interim periods within those periods, and all other
entities should apply these amendments for fiscal years beginning after December 15, 2018, and interim periods within annual periods
beginning after December 15, 2019. The Company does not expect that the adoption of this guidance will have a material impact
on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 3 &ndash; ACCOUNTS RECEIVABLE, NET</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Accounts receivable consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Trade accounts receivable</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">15,948,216</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">9,431,102</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Less: allowances for doubtful
    accounts</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(741,187</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(314,544</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Accounts receivable, net</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">15,207,029</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">9,116,558</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 4 &ndash; ADVANCES TO SUPPLIERS, NET</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Advances to suppliers includes prepayments for raw material
used for production, construction material for the Company&rsquo;s construction projects, as well as prepayment for the Company&rsquo;s
construction subcontractors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Raw material prepayments
    for equipment production</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">728,429</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">286,032</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Construction material prepayments</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,263,942</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">124,557</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Prepayment to construction subcontractors</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">432,188</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">379,735</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Subtotal</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">2,424,559</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">790,324</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Less: allowances for doubtful
    accounts</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(542,151</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(30,520</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Advances to suppliers, net</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">1,882,408</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">759,804</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Our suppliers generally require prepayments from us before
delivery good or service. It usually takes 3 to 6 months for the vendors to deliver raw material for our equipment production
and takes up to 6 to 12 months for the vendors to deliver the construction material. The prepayment is necessary to secure the
supply in the market or secure a favorable price.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 5 &ndash; INVENTORY, NET</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Inventories consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">As
    of<BR>
    December&nbsp;31, 2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">As
    of<BR>
    December&nbsp;31, 2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Raw materials</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">910,950</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">953,605</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Work-in-progress</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">110,748</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Finished goods</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">397,576</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">1,097,533</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Total inventory</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">1,308,526</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">2,161,886</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">No inventory reserves were recorded for the years ended December 31, 2016
and 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 6 &ndash; PROJECT DEPOSIT</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On June 17, 2015, the Company signed a Letter of Intent
with Suzhou Jingsheng New Construction Material Co., Ltd. (&ldquo;Suzhou Jingsheng&rdquo;) in order to start a possible joint-venture
environmental protection project. Total budgeted cost for this project is estimated to be RMB 320 million (approximately $46.1
million). Suzhou Jingsheng was responsible for obtaining government approval, conducting planning and design and obtaining the
feasibility report for this project. The Company was responsible for providing the environmental-friendly construction materials,
equipment and technology for this potential project. The Company provided a refundable deposit of RMB 15.4 million (equivalent
to $2,381,709 as of December 31, 2015) to Suzhou Jingsheng. In January 2016, the project application was rejected by the local
government and the Company collected the deposit back in full from Suzhou Jingsheng in May 2016.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 7 - PREPAID EXPENSES AND OTHER CURRENT ASSETS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s prepaid expenses and other current
assets are as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; padding: 0; text-indent: 0">December
    31,</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; padding: 0; text-indent: 0">December
    31,</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Other receivable
    (1)</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">294,233</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">378,561</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Prepaid rent expense (2)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">174,830</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">297,851</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Value added tax receivable</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">59,385</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Auction bidding deposit and others</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">2,879</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">39,409</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Subtotal</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">531,327</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">715,821</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Less: current portion</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(356,498</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(417,970</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Total noncurrent portion</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">174,829</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">297,851</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Other
    receivables represent mainly advances to employees for business development purposes and prepaid employee insurance and welfare
    benefit which will be subsequently deducted from the employee payroll.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman,serif; margin: 0">(2)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">The
    Company&rsquo;s subsidiary Beijing REIT leases headquarter offices of 658 square meters from March 1, 2011 to August 30, 2018,
    and prepaid rent expense to the landlord, which is amortized over the lease term.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 8 &ndash; PROPERTY, PLANT AND EQUIPMENT, NET</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Property, plant and equipment, net consisted of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Property and buildings</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">26,548,526</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">20,451,918</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Machinery and equipment</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">3,020,150</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,077,074</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Automobiles</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">667,639</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">653,005</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Office and electric equipment</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">745,392</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">980,490</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Subtotal</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">30,981,707</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">23,162,487</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Construction in progress (&ldquo;CIP&rdquo;)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">7,045,919</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">8,130,266</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Less: accumulated depreciation</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(3,867,296</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(2,954,592</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Property and equipment, net</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">34,160,330</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">28,338,161</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depreciation expense was $1,185,476 and $1,119,985 for the
years ended December 31, 2016 and 2015, respectively.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s construction in progress consisted
of the following components:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">As
    of December 31,</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">CIP on manufacturing
    plant and production line in REIT Changjiang (a)</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">6,559,908</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Construction costs on REIT Xinyi&rsquo;s
    new manufacturing plant (b)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">7,045,919</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">1,570,358</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: left; padding: 0; text-indent: 0">Total CIP</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">7,045,919</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">8,130,266</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s
                                         subsidiary, REIT Changjiang, is engaged in manufacturing and sales of environmental-friendly
                                         new construction materials. REIT Changjiang started the construction of the manufacturing
                                         plant and production lines in March 2012, including land improvement, plant building
                                         construction and two production lines setup. Total budgeted cost for the project is RMB
                                         200 million (approximately $28.8 million). The two production lines have been put into
                                         use in July 2013. The outstanding construction in progress balance as of December 31,
                                         2015 primarily included costs incurred on the plant fencing wall, landscaping and production
                                         line upgrade. The Company fully completed the plant construction work in 2016.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In connection with the CIP project, in September
        2013, the Company borrowed RMB 96 million (approximately $13.8 million) long-term bank loan from Industrial and Commerce
        Bank of China for six years and pledged land use right of 306,000 square meters and the construction in progress on this
        land with an aggregated carrying value of $27,838,179 at December 31, 2016 as collaterals to safeguard this loan (see
        Note 11). The project was completed in 2016 and all CIP related to this project have been transferred to fixed assets
        account. The Company capitalized a total interest of $469,086 for this long-term loan for the year ended December 31,
        2015 and did not capitalize any interest in 2016.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">In
    2015, the Company formed a new subsidiary REIT Xinyi together with a 30% non-controlling interest shareholder Xinyi Transportation
    Investment Co., Ltd. (&ldquo;Xinyi Transportation&rdquo;) and plans to construct a new manufacturing plant on a 206,667 square
    meters land, to produce concrete cutting machines and eco-friendly bricks for road pavement and building construction use.
    Total budgeted cost for the whole project is RMB 800 million (approximately $115.2 million). The Company started the land
    improvement in late 2015 and plant construction in 2016. The project is expected to be fully completed by May 2019 (See Note
    14).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.8pt; text-align: left; text-indent: -28.8pt"><B>NOTE 9 &ndash; INTANGIBLE
ASSETS, NET</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 28.8pt; text-align: left; text-indent: -28.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Intangible assets, net consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31,<BR> 2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31,<BR> 2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Land use rights</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">7,630,879</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">6,462,739</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Software</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">31,470</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">4,679</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Total</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">7,662,349</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">6,467,418</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Less: accumulated amortization</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(569,979</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(429,689</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Intangible assets, net</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">7,092,370</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">6,037,729</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">As of December 31, 2016 and 2015, land use right of 306,000
square meters with a carrying value of approximately $7.1 million and $6.0 million, respectively, was pledged with the bank as
the collateral for one of the Company&rsquo;s long-term bank loans (see Note 11).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Amortization expense was $175,784 and $137,235 for the
years ended December&nbsp;31, 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Estimated future amortization expense is as follows as
of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Years
    ending December 31,</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Amortization
    expense</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2017</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">158,701</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2018</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">158,701</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2019</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">158,701</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2020</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">158,701</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2021</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">158,701</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">Thereafter</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">6,298,865</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">7,092,370</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 10 &ndash; SHORT-TERM BANK LOANS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Short-term loans consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31,<BR> 2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31,<BR> 2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">China Merchants Bank
    (&ldquo;CMB&rdquo;)</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 11%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">(1)</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">2,880,000</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">5,390,000</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Beijing Bank (&ldquo;BJB&rdquo;),
    net</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">(2)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">2,854,666</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">&mdash;</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Total</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">5,734,666</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">5,390,000</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">From
    June 2015 to August 2015, Beijing REIT entered into several short-term bank loan agreements with CMB to borrow an aggregate
    of RMB 30 million (equivalent to $5,390,000 as of December 31, 2015) as working capital for one year. These loans bear variable
    interest rates based on the prevailing interest rates set by the People&rsquo;s Bank of China at the time of borrowing, plus
    20 basis points. The effective rates range from 5.22% to 6.12% per annum. These loans were guaranteed by the third-party guaranty
    company as well as by the principal shareholders of the Company. These loans were fully repaid upon maturity in 2016. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: left">On June 16, 2016, Beijing REIT entered into
a line of credit agreement with CMB Beijing Huizhong Beili Branch to borrow an aggregate of RMB 20 million (approximately $2.9
million) as working capital for one year with due date on June 16, 2017. The loan had a variable interest rate based on the prevailing
interest rate set by the People&rsquo;s Bank of China at the time of borrowing, plus 20 basis points. The effective rate was 5.2%
per annum. The loan was guaranteed by the third-party guaranty company as well as the Chairman and Chief Executive Officer of
the Company.&nbsp; The Company is required to make monthly interest payments with principal due at maturity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 10 &ndash; SHORT-TERM BANK LOANS (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">From
    December 2015 to May 2016, Beijing REIT entered into a series of loan agreements with BJB to borrow RMB 25 million (equivalent
    to $3.6 million as of December 31, 2016) as working capital for one year. $720,000 of these loans bears fixed interest rate
    of 5.22% per annum; $1,440,000 of these loans bears fixed interest rate of 4.785% and remaining $1,440,000 of these loans
    bears fixed interest rate of 5.655% per annum. These loans were also guaranteed by the third-party guaranty company as well
    as the principal shareholders of the Company. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0 0 0 0.25in">The Company received the above loans proceeds in fiscal
2016. For the year ended December 31, 2016, the Company repaid $2,160,000 upon maturity and renewed certain loan agreements for
additional one year. <FONT STYLE="text-transform: uppercase">A</FONT>s of December 31, 2016, the aggregated loan balance was $2,854,666,
consisting of (1) loan balance of $1,440,000 due on May 9, 2017 with a fixed interest rate of 4.785% per annum, (2) loan balance
of $1,440,000 due on February 28, 2017 with a fixed interest of 5.655% per annum and (3) loan of $73,440 due on December 21, 2017
with a variable interest rate based on the prevailing interest rates set by the People&rsquo;s Bank of China at the time of borrowing,
plus 71 basis points. The effective rate was 5.01% per annum, and (4) offset by unamortized debt issuance costs of $98,774 incurred
for these loans for the year ended December 31, 2016. These loans are guaranteed by the third-party guaranty company as well as
a related party, the CEO and principal shareholder of the Company. The Company is required to make monthly interest payment with
principal due at maturity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">For years ended December 31, 2016 and 2015, interest
expense on all short-term bank loans amounted to $635,875 and $350,148, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 11 &ndash; BANK NOTE PAYABLE</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s bank notes payable consisted of the
following:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; padding: 0; text-indent: 0">December&nbsp;31,</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; padding: 0; text-indent: 0">December&nbsp;31,</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Beijing Bank (&ldquo;BJB&rdquo;)</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">720,000</TD><TD STYLE="width: 1%; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">770,000</TD><TD STYLE="width: 1%; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Total</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">720,000</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">770,000</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">On December 3, 2015, the Company&rsquo;s subsidiary, Beijing
REIT, entered into a bank note bill agreement with BJB to borrow RMB 5 million (equivalent to $770,000) as working capital for
three months (from December 3, 2015 to March 3, 2016) as working capital, with interest rate of 5.6% per annum. The bank note
was guaranteed by a third-party guaranty company. The Company was also required to deposit RMB 1 million (equivalent to $154,000)
restricted cash to guarantee this bank note. The note was fully repaid upon maturity in March 2016.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On December 20, 2016, Beijing REIT entered into a bank
note bill agreement with BJB to borrow RMB 5 million (equivalent to $720,000) as working capital for six months (from December
20, 2016 to June 20, 2017) as working capital, with interest rate of 5.6% per annum. The bank note was guaranteed by a third-party
guaranty company. The Company was also required to deposit RMB 1 million (equivalent to $144,000) restricted cash to guarantee
this bank note.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 12 &ndash; LONG TERM BANK LOANS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31, 2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31, 2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Long-term bank loan
    - Industrial and Commercial Bank of China (&ldquo;ICBC&rdquo;) (1)</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">9,920,860</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">12,617,774</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Long-term bank loan &ndash; Changjiang
    Agriculture Credit Union (&ldquo;CACU&rdquo;)&nbsp;&nbsp;(2)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">720,000</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Subtotal</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">10,640,860</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">12,617,774</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Less: current maturities of long-term
    loan</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(4,391,260</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(3,747,374</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Long-term loan-noncurrent portion</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">6,249,600</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">8,870,400</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 18pt; padding: 0; text-indent: 0">(1)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">In
                                         September 2013, the Company&rsquo;s subsidiary, REIT Changjiang, entered into a line
                                         of credit agreement with ICBC, which gives REIT Changjiang the ability to borrow up to
                                         96 million RMB (approximately $13.8 million) from ICBC for six years. The loan is used
                                         in the construction of REIT Changjiang&rsquo;s manufacturing plant. The loan bears a
                                         variable interest rate based on the prevailing interest rate for a 5-year loan set by
                                         the People&rsquo;s Bank of China at the time of borrowing, plus 29 basis points, adjusted
                                         every six months. The Company pledged its land use right of 306,000 square meters and
                                         the construction in progress on this land with an aggregated carrying value of $27,838,179
                                         at December 31, 2016 as collaterals for this line of credit. The Company is required
                                         to make monthly interest payment with principal due at maturity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 18pt; padding: 0; text-indent: 0">(2)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">On
                                         December 15, 2016, the Company&rsquo;s subsidiary, REIT Changjiang, entered into a loan
                                         agreement with CACU to borrow $720,000 as working capital for two years with a fixed
                                         interest rate of 8% per annum. The Company pledged its equipment with carrying value
                                         of $2,737,911 as of December 31, 2016. The loan is guaranteed by the CEO and principal
                                         shareholder of the Company. The Company is required to make monthly interest payment
                                         with principal due at maturity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">For years ended December 31, 2016 and 2015, total interest
on the Company&rsquo;s long-term bank loans amounted to $795,025 and $1,151,267, among which $0 and $469,086 has been capitalized
and $795,025and $682,181 has been charged to interest expense, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">As of December 31, 2016, the repayment schedule of this
loan is as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-align: center; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    in RMB</FONT></TD><TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    in USD</FONT></TD><TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 76%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    2017</FONT></TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,894,859</FONT></TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,008,860</FONT></TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    2017</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,600,000</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,382,400</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    2018</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,600,000</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,382,400</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    2018</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,600,000</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,382,400</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    2019</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,600,000</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,102,400</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    2019</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,600,000</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,382,400</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73,894,859</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,640,860</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 13 &ndash; TAXES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Corporate
    Income Taxes</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company is subject to income taxes on an entity basis
on income arising in or derived from the location in which each entity is domiciled.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">RETO is incorporated in the British Virgin Islands and
is exempt from paying income tax. REIT Holdings is registered in Hong Kong as a holding company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt/normal Calibri,sans-serif; margin: 0"><FONT STYLE="font-family: Times New Roman,serif">The Company&rsquo;s
operating subsidiaries are all incorporated in the PRC and are subject to PRC income tax, which is computed according to the relevant
laws and regulations in the PRC. Under the Corporate Income Tax Law of PRC, corporate income tax rate applicable to all companies,
including both domestic and foreign-invested companies, is 25%. However, Beijing REIT is recognized as a High-technology Company
by Chinese government and subject to a favorable income tax rate of 15%. In addition, since the products manufactured by REIT
Changjiang qualify as eco-friendly construction materials, 10% of its revenue can be exempt from income tax for the year ended
December 31, 2015. REIT Changjiang did not receive such exemption for the year ended December 31, 2016. Nanjing Dingxuan primarily
provides technological services to customers, based on local tax regulation, its taxable income was assessed at 10% of its revenue
for both years ended December 31, 2016 and 2015. The estimated tax savings as a result of the Company&rsquo;s preferred tax rates
for the years ended December 31, 2016 and 2015 amounted to $196,303 and $369,478, respectively. Per share effect of the tax exemption
were $0.01 and $0.02 for the years ended December 31, 2016 and 2015, respectively.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">The following table reconciles
the statutory rate to the Company&rsquo;s effective tax rate:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31,<BR>
    2016</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31,<BR>
    2015</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman, Times, Serif; text-align: left">China statutory income tax rate</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">25.0</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">25.0</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Effect of favorable income tax rate in certain entity
    in PRC</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(3.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(13.9</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Non-PRC entities not subject to PRC tax (3)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Research and Development (&ldquo;R&amp;D&rdquo;)
    tax credit (1)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(0.5</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(1.5</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Non-deductible expenses-permanent difference&nbsp;(2)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">0.3</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">4.6</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">0.2</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Effective tax rate</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">30.2</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">11.2</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to PRC
    tax regulation, 150% of current year R&amp;D expense approved by local tax authority could be deducted from tax income.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents expenses
    incurred by the Company that were not deductible for PRC income tax.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the tax
    losses incurred from operations outside of China. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 13 &ndash; TAXES (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 18pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Corporate
    Income Taxes (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 18pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The breakdown
of the Company&rsquo;s income before income tax expense is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31,<BR>
    2016</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31,<BR>
    2015</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman, Times, Serif; text-align: left">Income before income tax expense from
    China</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">7,252,723</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif; text-align: right">2,764,578</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Loss before income tax expense
    from outside of China</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(797,287</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(113,203</TD><TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">6,455,436</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,651,375</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Loss before income
tax expense from outside of China represents the losses incurred in ReTo, REIT Holdings and REIT US, which are mainly holding
companies incorporated outside of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; background-color: white">The income tax provision (benefit) for the years
ended December 31, 2016 and 2015 is as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: left; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">December&nbsp;31,<BR>
    2016</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; padding: 0; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0">December&nbsp;31,<BR>
    2015</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-align: right; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-align: right; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">Current</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; padding: 0; text-align: right; text-indent: 0">1,997,042</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; padding: 0; text-align: right; text-indent: 0">341,208</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">Deferred</TD><TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; padding: 0; text-align: right; text-indent: 0">(44,685</TD><TD STYLE="padding: 0; font: 10pt Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; padding: 0; text-align: right; text-indent: 0">(45,448</TD><TD STYLE="padding: 0; font: 10pt Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">Total</TD><TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; padding: 0; text-align: right; text-indent: 0">1,952,356</TD><TD STYLE="padding: 0; font: 10pt Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; padding: 0; text-align: right; text-indent: 0">295,760</TD><TD STYLE="padding: 0; font: 10pt Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Deferred income taxes reflect the net effects of temporary
difference between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income
tax purposes. The Company&rsquo;s deferred tax assets as of December 31, 2016 and 2015 were $89,015 and $49,472, respectively,
which were derived from the temporary difference from provision of doubtful accounts. The Company periodically evaluates the likelihood
of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance
to the extent it believes a portion will not be realized. The increases in valuation allowance for the years ended December 31,
2016 and 2015 was approximately $295,000 and $5,600.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Deferred
    tax asset</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Provision of doubtful
    accounts</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">89,015</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">49,472</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Tax losses carried forward</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,445,876</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,152,398</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Valuation allowance on tax losses</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(1,445,876</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(1,152,398</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">89,015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">49,472</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>(b)</B></FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Value
    added tax</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company is subject to a value added tax (&ldquo;VAT&rdquo;)
for selling merchandise. The applicable VAT rate is 17% for products sold in the PRC. The amount of VAT liability is determined
by applying the applicable tax rate to the invoiced amount of goods sold (output VAT) less VAT paid on purchases made with the
relevant supporting invoices (input VAT). Under the commercial practice of the PRC, the Company pays VAT based on tax invoices
issued.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>(c)</B></FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Taxes
    Payable</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s taxes payable consists of the following
as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; padding: 0; text-indent: 0">December
    31,</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; padding: 0; text-indent: 0">December
    31,</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; font-weight: bold; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">VAT tax payable</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">461,107</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">221,049</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Corporate income tax payable</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,596,874</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">419,030</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Land use tax and other taxes
    payable</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">252,921</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">86,828</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Total</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">2,310,902</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">726,907</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 14 &ndash; COMMITMENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B><I>Lease Obligation</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s subsidiary Beijing REIT and REIT
U.S. lease office spaces under operating leases. Operating lease expense amounted to $196,330 and $264,696 for the years ended
December&nbsp;31, 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Future minimum lease payments under non-cancelable operating leases are
as follows as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman,serif; border-bottom: Black 1.5pt solid; padding: 0; text-align: left; text-indent: 0">Year
    ending December 31,</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2017</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">88,936</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2018</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">45,044</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2019</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">10,535</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2020</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">10,535</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">2021</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">10,535</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">Thereafter</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">5,268</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-align: left; text-indent: 0">Total</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">170,853</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>Capital commitments </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In 2015, the Company formed a new subsidiary REIT Xinyi
together with a 30% non-controlling interest shareholder Xinyi Transportation and plans to construct a new manufacturing plant
on a 206,667 square meters land, to produce concrete cutting machines and eco-friendly bricks for road pavement and building construction
use. The project is expected to be fully completed by May 2019 (See Note 8). As of December 31, 2016, the remaining capital commitment
was approximately $7.8 million for the related construction.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 15 &ndash; RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">As of December 31, 2016 and 2015, the balances due to
related parties were as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31,<BR> 2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December
    31,<BR> 2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Mr. Hengfang Li &nbsp;-
    (1)</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">1,199,620</TD><TD STYLE="width: 1%; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">426,843</TD><TD STYLE="width: 1%; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Total</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">1,199,620</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">426,843</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">As of December 31, 2016 and 2015, the acquisition deposit
made to related parties were as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,<BR>
    2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Shareholder of non-controlling
    interest &ndash;Venture Business International Limited (&ldquo;VBI&rdquo;) - (2)</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">565,000</TD><TD STYLE="width: 1%; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 1%; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Total</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">565,000</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: left; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Mr.
    Hengfang Li is the Chief Executive Officer (&ldquo;CEO&rdquo;) and major shareholder of the Company. Mr. Li periodically provides
    working capital loan to support the Company&rsquo;s operations when needed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; font-family: Calibri,sans-serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">As
    of December 31, 2016, the Company made a deposit of $565,000 to VBI with the intention to acquire VBI&rsquo;s 15.68% non-controlling
    equity interest in REIT Changjiang for $3.6 million. The transaction is expected to be completed in fiscal year 2017 (see
    Note 16). </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">For the years ended December 31, 2016 and 2015, Beijing
REIT sold equipment and production lines to a related party amounting $384,504 and $Nil, respectively. There was no balance with
this related party as of December 31, 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 15 &ndash; RELATED PARTY TRANSACTIONS (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company&rsquo;s principal shareholders also provided
personal guarantees for the Company&rsquo;s short-term and long-term bank loans (see Note 10 and Note 12).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 16 </B>&ndash; <B>EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Statutory reserve</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The Company is required to make appropriations to certain
reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined
in accordance with generally accepted accounting principles of the PRC (&ldquo;PRC GAAP&rdquo;). Appropriations to the statutory
surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve
is equal to 50% of the entity&rsquo;s registered capital. Appropriations to the discretionary surplus reserve are made at the
discretion of the Board of Directors. The restricted amounts as determined pursuant to PRC statutory laws totaled $1,033,524 and
$349,663 as of December 31, 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Shares issuance for reorganization</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On August 7, 2015, ReTo issued 10,000 common shares at
$0.001 per share to its incorporator with cash proceeds of $10. Further, on August 2, 2016, ReTo issued a total of 17,830,000
common shares at $0.25 per share to all of the Company&rsquo;s original shareholders or former shareholders of Beijing REIT. The
parties involved included the Company&rsquo;s original shareholders, their family members and individual or companies who hold
shares for them. Since the shares were issued to the original shareholders of Beijing REIT, the transaction is considered as a
part of the reorganization. The Company believes it is appropriate to reflect these share issuances as nominal stock issuance
on a retroactive basis similar to stock split pursuant to ASC 260. The Company has retroactively adjusted all shares and per share
data for all the periods presented. Among total proceeds of $4,457,500 from the share issuance, the Company paid $3,466,260 (approximately
RMB 24 million) to the original shareholders of Beijing REIT to buy back their equity interests in Beijing REIT as part of reorganization.
The extra $0.9 million was contributed by the original shareholders to the holding company to pay for the various professional
expenses of its planned initial public offering and was treated as capital contribution by the original shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Shares issuances</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In September 2016, the Company issued 800,000 shares
of the Company&rsquo;s common stock to settle a loan payable to an unrelated third party in the amount of RMB21,240,000 (approximately
$3.2 million). The share was valued at $4 per share because it was considered the fair value of the Company&rsquo;s share that
the investor was willing to convert the loan to.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In December 2016, the Company issued 900,000 common shares
to an unrelated investor, at a price of $4 per share for a total of $3,600,000. As of December 31, 2016, the Company has not received
the funds from the investor. The shares issued are held in escrow. The Company did not record the value of the stocks issued because
the transaction was considered incomplete. These shares are excluded from the number of the outstanding shares as well as from
the calculation of the weighted average shares outstanding.&nbsp; As of date of this report, this transaction has not closed yet.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: left">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 16 &ndash; EQUITY (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>Non-controlling interest</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">A reconciliation of non-controlling interest as of December
31, 2016 and 2015 is as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    <BR> 2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">December&nbsp;31,
    <BR> 2015</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Beginning balance</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">2,820,037</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">3,022,508</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">Proportionate shares of net income</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">399,559</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">41,270</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Change of non-controlling shareholder
    in REIT Changjiang &ndash; (a)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">(185,516</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Capital contribution by a non-controlling
    shareholder &ndash; (b)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">2,218,617</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">48,240</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Foreign currency translation
    adjustment</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(425,953</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">(106,465</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Non-controlling interest, ending
    balance</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">5,012,260</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 4pt double; padding: 0; font-family: Times New Roman,serif; text-align: right; text-indent: 0">2,820,037</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">The
                                         same four individual shareholders of Beijing REIT originally owned 79.5005% equity interest
                                         of REIT Changjiang while the non-controlling shareholder, Wenchang Mingsheng which was
                                         controlled by the four shareholders of Beijing REIT and affiliated to the Company, owned
                                         the remaining 20.4995% equity interest. On February 2, 2015, Wenchang Mingsheng relinquished
                                         its interest in REIT Changjiang and transferred the equity interest to Beijing REIT for
                                         RMB 20,499,500 (approximately $3.3 million), the same amount of capital it originally
                                         contributed. The four original shareholders of Beijing REIT paid RMB 20,499,500 (approximately
                                         $3.3 million) to Wenchang Mingsheng on behalf of Beijing REIT and subsequently waived
                                         any repayment from Beijing REIT. The Company then treated the funds as additional capital
                                         contribution to Beijing REIT by the original four shareholders. According to ASC 805-10,
                                         this transaction was accounted as an equity transaction based on the historical cost
                                         and no gain or loss was recognized.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: left">On April 20, 2015, the Company signed a joint
venture agreement with VBI, a British Virgin Islands company, to turn REIT Changjiang as a joint venture business. In connection
with this joint venture agreement, on June 18, 2015, VBI contributed additional RMB 18.6 million (equivalent to $2.9 million)
to increase the registered capital of REIT Changjiang from RMB 100 million to RMB 118.6 million. As a result of the above reorganizations,
the Company now holds 84.32% equity interest in REIT Changjiang and VBI holds the remaining 15.68% interest (see Note 15).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Calibri,sans-serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">In July 2015,
                                         Beijing REIT established a new subsidiary REIT Xinyi wherein Beijing REIT owns 70% equity
                                         interest. Another non-controlling shareholder contributed RMB 300,000 (equivalent to
                                         $48,240) in cash as of December 31, 2015 as well as a land use right of 206,667 square
                                         meters to exchange for 30% ownership interest in REIT Xinyi. The contribution of land
                                         use right as registered capital was pending approval by the local government as of December
                                         31, 2015. Thus, no fair value of the land use right was recorded as assets or minority
                                         interest. In 2016, the contribution of land use right as the registered capital was not
                                         approved. On October 28, 2016, Beijing REIT and Xinyi Transportation signed an amendment
                                         to change Xinyi Transportation&rsquo;s capital contribution from land use right to cash.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Pursuant to the amendment signed on October 28,
        2016 to the Collaboration Agreement signed on November 17, 2014 between Beijing REIT and its non-controlling shareholder,
        all capital contribution should be in the form of cash. In November 2016, the non-controlling shareholder made total cash
        contribution of RMB 15,000,000 (approximately $2,218,617) into REIT Xinyi instead of the land right contribution.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 17 &ndash; SEGMENT REPORTING </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">ASC 280, &ldquo;Segment Reporting&rdquo;, establishes
standards for reporting information about operating segments on a basis consistent with the Company&rsquo;s internal organizational
structure as well as information about geographical areas, business segments and major customers in financial statements for details
on the Company&rsquo;s business segments. The Company uses the &ldquo;management approach&rdquo; in determining reportable operating
segments. The management approach considers the internal organization and reporting used by the Company&rsquo;s chief operating
decision maker for making operating decisions and assessing performance as the source for determining the Company&rsquo;s reportable
segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different products
or services. Based on management&rsquo;s assessment, the Company has determined that it has four operating segments as defined
by ASC 280, including machinery and equipment, construction material, municipal construction projects, and technology consulting
and other services.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">Construction material segment manufactures and sells
eco-friendly construction material. Machinery and equipment segment manufactures and sells machinery and equipment used to manufacture
construction material. Construction service segment generates revenue from contracting municipal construction projects. Technological
consulting service segment generates revenue from providing environmental-protection related consulting services to customers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">The following table presents summary information by segment
for the years ended December 31, 2016 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">For
    the year ended December 31, 2016</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Machinery
    <BR>and <BR>Equipment sales</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Construction
    <BR>materials sales</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Municipal
    <BR>construction projects</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Technological
    consulting <BR>and other services</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Total</TD><TD STYLE="padding: 0; font-family: Times New Roman,serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">Revenues</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">13,166,604</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">18,424,613</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">833,052</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">32,424,269</TD><TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Cost of goods sold</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">5,423,418</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">12,333,845</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">514,754</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">18,272,017</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Gross profit</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">7,743,186</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">6,090,768</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">318,298</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">14,152,252</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Interest expense and charges</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">650,728</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">795,833</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">282</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">3,547</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,450,389</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Depreciation and amortization</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">189,404</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,170,605</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,251</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,361,260</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Capital expenditures</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">87,267</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">9,284,800</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">9,372,067</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Income tax expenses</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">945,186</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">967,221</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">39,949</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">1,952,356</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Segment net income</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">3,125,268</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">2,830,950</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">(901,145</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">(551,993</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">4,503,080</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">Segment assets</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">12,870,817</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">47,829,971</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">(186,139</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">)</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">2,146,350</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-family: Times New Roman,serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="font-family: Times New Roman,serif; text-align: right; padding: 0; text-indent: 0">62,660,999</TD><TD STYLE="font-family: Times New Roman,serif; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>NOTE 17 &ndash; SEGMENT REPORTING (continued)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">For the year ended
    December 31, 2015</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Machinery and Equipment
    sales</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Construction materials
    sales</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Municipal construction
    projects</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Technological consulting
    and other services</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0">Total</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding: 0; text-indent: 0">Revenues from external customers</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">6,548,866</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">7,941,873</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">1,249,699</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">1,643,935</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 9%; text-align: right; padding: 0; text-indent: 0">17,384,373</TD><TD STYLE="width: 1%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Cost of goods sold</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3,349,172</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">4,839,944</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">725,934</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">350,263</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">9,265,313</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Gross profit</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3,199,694</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">3,101,928</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">523,765</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,293,673</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">8,119,060</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Interest expense and charges</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">434,307</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">598,022</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,032,329</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Depreciation and amortization</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">42,728</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,182,249</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">464</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">31,779</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,257,220</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Capital expenditures</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">85,633</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,608,079</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">15,631</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,709,343</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Income tax expenses</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">41,841</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">133,647</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">120,272</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">295,760</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Segment net income</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">320,253</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">733,160</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">356,109</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">946,093</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">2,355,615</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Segment assets</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">9,705,534</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">38,332,912</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">777,363</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">1,431,958</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">$</TD><TD STYLE="text-align: right; padding: 0; text-indent: 0">50,247,767</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><B>NOTE 18 &ndash; SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On January 5, 2017, Beijing REIT entered into a loan
agreement with Bank of Beijing to borrow $720,000 (or RMB 5 million) for one year as working capital. Interest rate is determined
by the prevailing interest rate for a 1-year loan set by the People&rsquo;s Bank of China at the time of borrowing plus 20%. A
third-party guarantor, Beijing Zhongguancun Technology Financing Guarantee Co., Ltd. provided guarantee to this loan. The Company
is required to make quarterly interest payment with principal due at maturity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On February 28, 2017, Beijing REIT, Beijing Zhongguancun
Technology Financing Guarantee Co., Ltd (&ldquo;Zhongguancun&rdquo;), and Bank of Beijing entered into an entrusted loan agreement,
whereas Bank of Beijing, entrusted by Zhongguancun, provided $1.4 million (or RMB 10,000,000) loan to Beijing REIT, for the period
from March 2, 2017 to September 2, 2017 with an interest rate of 5.655%. The Company is required to make interest payment along
with principal at maturity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">On January 24, 2017, Changjiang REIT and Haikou United
Bank entered into a loan agreement to borrow $144,000 (or RMB 1,000,000) loan from Haikou United Banks for the period from January
25, 2017 to January 24, 2018 with an Interest rate of 9%. Changjiang REIT pledged its building. The Company&rsquo;s CEO, Hengfang
Li, and his wife Hong Ma, provided guarantee to this loan. The Company is required to make monthly interest payment with principal
due at maturity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">During January to March 2017, Beijing REIT made several
payments amounting to approximately $1.6 million (or RMB 10,510,000) to Bank of Beijing, for the short-term loans borrowed in
2016.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">During January to March 2017, Changjiang REIT made several
payments amounting to approximately $0.3 million (or RMB 2,000,000) to ICBC, for the long-term loans borrowed.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">These consolidated financial statements were approved by management
and available for issuance on April 12, 2017. The Company evaluated subsequent events through the date these consolidated financial
statements were available for issuance.</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="retologo.jpg" ALT="" STYLE="width: 130px; height: 154px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2,800,000</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>VIEWTRADE
SECURITIES, INC.</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Until ______, 2017 (25 days after commencement of our initial
public offering), all dealers that effect transactions in these securities, whether or not participating in this offering, may
be required to deliver a prospectus. This is in addition to the dealers&rsquo; obligation to deliver a prospectus when acting
as underwriters and with respect to their unsold allotments or subscriptions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-indent: -0.85in"><B>Item 6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Indemnification
of Directors and Officers </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-indent: -0.85in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">British Virgin Islands law does not limit
the extent to which a company&rsquo;s articles of association may provide for indemnification of officers and directors, except
to the extent any such provision may be held by the British Virgin Islands courts to be contrary to public policy, such as to
provide indemnification against civil fraud or the consequences of committing a crime. Under our Memorandum and Articles of Association,
we may indemnify our directors, officers and liquidators against all expenses, including legal fees, and against all judgments,
fines and amounts paid in settlement and reasonably incurred in connection with civil, criminal, administrative or investigative
proceedings to which they are party or are threatened to be made a party by reason of their acting as our director, officer or
liquidator. To be entitled to indemnification, these persons must have acted honestly and in good faith with a view to the best
interest of the company and, in the case of criminal proceedings, they must have had no reasonable cause to believe their conduct
was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant
to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-indent: -0.85in"><B>Item 7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent
Sales of Unregistered Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-indent: -0.85in">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">In the past three years, we issued
18,640,000 shares and had 900,000 shares in escrow as of December 31, 2016 issued to pre-IPO investors. These shares were issued
in the aggregate to 37 shareholders upon the reorganization of our Company, in transactions that were not required to be registered
under the Securities Act of 1933. All issuances were of common shares to these shareholders and were deemed to be exempt under
the Securities Act by virtue of Section 4(a)(2) thereof as transactions not involving any public offering and Regulation S, Rules
901 and 903. In addition, the issuance of 18,640,000 shares were deemed not to fall within Section 5 under the Securities Act
and to be further exempt under Rule 901 and 903 of Regulation S by virtue of being issuances of securities by non-U.S. companies
to non-U.S. citizens or residents, conducted outside the United States and not using any element of interstate commerce.</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 2px solid; padding: 0; vertical-align: bottom; text-indent: 0">Date
    of Issue</TD><TD STYLE="padding: 0; font-size: 9pt; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 9pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 2px solid; vertical-align: bottom; text-indent: 0">No.
    of<BR> Common<BR> Shares</TD><TD STYLE="padding: 0; font: bold 9pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 2px solid; padding: 0; text-indent: 0">Consideration</TD><TD STYLE="padding: 0; font-size: 9pt; font-weight: bold; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 2px solid; text-indent: 0">Securities
    Registration<BR> Exemption</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font-size: 10pt; text-align: left; vertical-align: top; padding: 0; text-indent: 0">One individual
    lender (conversion pursuant to August 31, 2016 Convertible Debt Investment Agreement)</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center; vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: center; vertical-align: top; padding: 0; text-indent: 0">December,
                                         2016</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: right; vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right; vertical-align: top; padding: 0; text-indent: 0">800,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; vertical-align: top; padding: 0; text-indent: 0">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right; vertical-align: top; padding: 0; text-indent: 0">3,200,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Securities
    Act Section 4(a)(2) and Regulation S, Rules 901 and 903. <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; vertical-align: top; text-indent: 0">ReTo
    Shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">August
                                         2, 2016</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; vertical-align: top; text-indent: 0">17,830,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; vertical-align: top; text-indent: 0">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; vertical-align: top; text-indent: 0">4,457,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Securities Act Section
    4(a)(2) and Regulation S, Rules 901 and 903.</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; width: 30%; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 1%; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; width: 1%; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: bottom; width: 15%; border-bottom: Black 2px solid; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Date
                                         of Issue</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; width: 1%; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 1%; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; width: 1%; border-bottom: Black 2px solid; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; width: 15%; border-bottom: Black 2px solid; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>No.
                                         of</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Common</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Shares</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; width: 1%; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 1%; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; width: 1%; border-bottom: Black 2px solid; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: bottom; width: 15%; border-bottom: Black 2px solid; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Consideration</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; width: 1%; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 1%; border-bottom: Black 2px solid; text-indent: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; width: 15%; vertical-align: bottom; border-bottom: Black 2px solid; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Securities
    Registration</B></FONT><BR> <FONT STYLE="font-size: 9pt"><B>Exemption</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: bottom; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: bottom; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: bottom; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top; padding: 0; text-indent: 0">Incorporator of ReTo</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: top; padding: 0; text-indent: 0">August
                                         7, 2015</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; vertical-align: top; text-indent: 0">10,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; vertical-align: top; text-indent: 0">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; vertical-align: top; text-indent: 0">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">Securities Act Section
    4(a)(2) and Regulation S, Rules 901 and 903.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-indent: -0.85in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-indent: -0.85in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-indent: -0.85in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-indent: -0.85in"><B>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibits and Financial Statement Schedules </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B><I>(a) Exhibits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following exhibits are filed herewith
this prospectus:</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0; text-align: center; width: 8%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 92%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Underwriting Agreement (*)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of January 31, 2016 Equity Transfer Agreement by and between Hengfang Li and REIT Holdings (China) Limited</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2ii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of January 31, 2016 Equity Transfer Agreement by and between Degang Hou and REIT Holdings (China) Limited</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.3</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2iii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of January 31, 2016 Equity Transfer Agreement by and between Guangfeng Dai and REIT Holdings (China) Limited</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.4</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2iv_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of January 31, 2016 Equity Transfer Agreement by and between Zhizhong Hu and REIT Holdings (China) Limited</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.5</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2v_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of February 2, 2015 Equity Transfer Agreement by and between Hainan Wenchang Minghsheng Investment Co., Ltd. and the shareholders of Beijing REIT Technology Development Co., Ltd</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.6</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2vi_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of April 20, 2015 Capital Investment Agreement by and between Beijing REIT Technology Development Co., Ltd. and Venture Business International Limited</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.7</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2vii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of January 10, 2016 Equity Transfer Agreement by and between Beijing REIT Technology Development Co., Ltd. and Zhongrong Environmental Energy Investment (Beijing) Co., Ltd</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.8</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2viii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of Supplementary Agreement Establish REIT Xinyi</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.9</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex2ix_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT India Joint Venture Agreement</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex3i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum and Articles of Association</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen
    Common Share Certificate (*)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;5.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex5i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Haneberg Hurlbert PLC</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;8.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex8i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Haneberg Hurlbert PLC with respect to tax matters</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;8.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of
Kaitong Law Firm as to tax matters (*)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;9.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex9i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Shareholder&rsquo;s Voting Proxy Agreement</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of Employment Agreement with Hengfang Li</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10ii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of Employment Agreement with Guangfeng Dai</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10.3</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10iii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of Employment Agreement with Yuxia Jia</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10.4</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10iv_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of Employment Agreement with Zhizhong Hu</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10v_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of June 16, 2016 loan agreement between Beijing REIT Technology Development Co., Ltd. and China Merchants Bank Co., Ltd</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10vi_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of July 25, 2016 loan agreement between Beijing REIT Technology Development Co., Ltd. and Beijing Bank</FONT></A></TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#toc" TITLE="Table of Contents">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: black 1.5pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 92%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">10.7</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10vii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of September 2013 loan agreement between REIT MingSheng Environment Protection Construction Materials (REIT Changjiang) Co., Ltd. and Industrial and Commercial Bank of China Corp. ChangJiang Branch</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10.8</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10viii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of September 2013 mortgage agreement between REIT MingSheng Environment Protection Construction Materials (REIT Changjiang) Co., Ltd. and Industrial and Commercial Bank of China Corp. Changjiang Branch</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10.9</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10ix_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification
    Escrow Agreement</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10.10</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ff12017ex10x_retoeco.htm">Translation of Convertible Debt Investment Agreement by and between Liu Kejia, Tech Sources International Enterprises Limited, Li Hengfang, ReTo Eco-Solutions, Inc. and REIT Mingsheng Environment Protection Construction Materials (REIT Changjing) Co. Ltd.</A></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10xi_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of Convertible Debt Investment Agreement by and between Good Venture Industrial Limited, ReTo Eco-Solutions, Inc. and REIT Holdings Co., Limited</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;10.12</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex10xii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation of REIT Xinyi Phase 1 Construction Agreement</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;10.13</TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="ff12017ex10xiii_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Patent Agreement with Luoyang Water-Conservancy Surveying &amp; Design Co., Ltd.</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex21i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries of the Registrant</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex23i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Friedman LLP</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex5i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Haneberg Hurlbert PLC. (included in Exhibit 5.1)</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex8i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Haneberg Hurlbert PLC (included in Exhibit 8.1)</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of
Kaitong Law Firm (included in Exhibit 8.2)  (*)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="#power"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature page to the registration statement)</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="ff12017ex99i_retoeco.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Business Conduct and Ethics</FONT></A></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">(*) To be filed by amendment.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 5%; text-align: left; padding: 0; text-indent: 0"><B><I>(b)</I></B></TD><TD STYLE="width: 90%; padding: 0; text-indent: 0"><B><I>Financial
                                         Statement Schedules</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 5%; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 95%; padding: 0; text-indent: 0">None.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 9. </B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Undertakings
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.75in">The
undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: left">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(i) To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">(ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (&sect;230.424(b) of this chapter) if, in
the aggregate, the changes in volume and price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">represent no more than 20% change in the maximum
aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">(iii) To include any material information with
respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt"><I>Provided, however</I>, That:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.95pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0">(A)</TD><TD STYLE="padding: 0; text-indent: 0">Paragraphs
                                         (a)((i) and (a)(ii) of this section do not apply if the registration statement is on
                                         Form S-8, and the information required to be included in a post-effective amendment by
                                         those paragraphs is contained in reports filed with or furnished to the Commission by
                                         the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act
                                         of 1934 that are incorporated by reference in the registration statement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.95pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0">(B)</TD><TD STYLE="padding: 0; text-indent: 0">Paragraphs
                                         (a)(i), (a)(ii) and (a)(iii) of this section do not apply if the registration statement
                                         is on Form S-3 or Form F-3 and the information required to be included in a post-effective
                                         amendment by those paragraphs is contained in reports filed with or furnished to the
                                         Commission by the registrant pursuant to section 13 or section 15(d) of the Securities
                                         Exchange Act of 1934 that are incorporated by reference in the registration statement,
                                         or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of
                                         the registration statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.95pt; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; padding: 0; text-indent: 0">(C)</TD><TD STYLE="padding: 0; text-indent: 0">Provided
                                         further, however, that paragraphs (a)(i) and (a)(ii) do not apply if the registration
                                         statement is for an offering of asset-backed securities on Form S-1 or Form S-3, and
                                         the information required to be included in a post-effective amendment is provided pursuant
                                         to Item 1100(c) of Regulation AB.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the registrant is a foreign private issuer, to file a post-effective amendment to the registration statement to include any financial
statements required by &ldquo;Item 8.A. of Form 20-F (17 CFR 249.220f)&rdquo; at the start of any delayed offering or throughout
a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished,
provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required
pursuant to this paragraph (a)(d) and other information necessary to ensure that all other information in the prospectus is at
least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements
on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section
10(a)(3) of the Act if such financial statements and information are contained in periodic reports filed with or furnished to
the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated
by reference in the Form F-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">(i) Any preliminary prospectus or prospectus of
the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424 of this chapter);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">(ii) Any free writing prospectus relating to the
offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">(iii) The portion of any other free writing prospectus
relating to the offering containing material information about the undersigned registrant or its securities provided by or on
behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">(iv) Any other communication that is an offer in
the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
provide to the underwriter at the closing specified in the underwriting agreements certificates in such denominations and registered
in such names as required by the underwriter to permit prompt delivery to each purchaser.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication of such issue.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Beijing, People&rsquo;s Republic of China, on August 4, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><B>RETO ECO-SOLUTIONS, INC.</B></TD></TR>
<TR>
    <TD STYLE="width: 60%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2px solid; padding: 0; text-align: center"><B>/s/ Hengfang Li</B></TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">Name:</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding: 0; text-indent: 0"><B>Hengfang Li</B></TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">Title:</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief
                                         Executive Officer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Principal Executive Officer)</B></P></TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">Dated:</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">August 4, 2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="power"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
each person whose signature appears below does hereby constitute and appoint Hengfang Li as his or her true and lawful attorney-in-fact
and agent, with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this Registration Statement and sign any registration
statement for the same offering covered by this Registration Statement that is to be effective upon filing pursuant to Rule 462(b)
promulgated under the Securities Act of 1933, as amended and all post-effective amendments thereto and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith and about the premises, as fully to all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent, or her substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates
indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding: 0 0 1.5pt; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding: 0 0 1.5pt; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Hengfang
    Li</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Director</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hengfang
    Li</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Executive Officer)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Yuxia
    Jia</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yuxia
    Jia</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Accounting and Financial Officer)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Guangfeng
    Dai</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangfeng
    Dai</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Operating Officer and Director</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Zhizhong
    Hu</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhizhong
    Hu</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Technology Officer and Director</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Xingchun
    Wang</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xingchun
    Wang</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Zhi
    Li</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhi Li</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sophia
    Liu</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sophia
    Liu</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Austin
    Huang </FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Austin
    Huang</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jing
    Fan</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jing
    Fan</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative in the U.S.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 4, 2017</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>ff12017ex2i_retoeco.htm
<DESCRIPTION>EQUITY TRANSFER AGREEMENT - HENGFANG LI
<TEXT>
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<HEAD>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equity Transfer Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferor (Party A): Hengfang Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferee (Party B): REIT HOLDINGS (CHINA)
LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contact address: UNIT 2209 22/F WU CHUNG HOUSE
213 QUEEN S ROAD EAST WANCHAI HK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">Regarding the transfer of
the equity of Beijing REIT Technology Development Co., Ltd held by Party A, Party A and Party B hereby conclude and enter into
this Agreement in Beijing on January 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">On the principle of equality
and mutual benefit, through friendly consultation, Party A and Party B have reached to the following agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: justify"><B>1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic information of target company
in transfer</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred target company:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of establishment: May 12, 1999</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company address:</FONT></TD>
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room 1611, 6F, No. 1 Building, No. 208, Second Zone, Lize Central Park, Wangjing Emerging Industrial District, Chaoyang District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Existing shareholders and their contribution
ratio:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: white">
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Name of Shareholder</FONT></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Contribution Amount (thousand)</FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Contribution Ratio (%)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Hengfang Li</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">16080</FONT></P>
        <P STYLE="font: 10pt/4pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">67</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Degang Hou</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Guangfeng Dai</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Zhizhong Hu</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Total</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">24000</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">100</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity transfer price and payment
method</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A agrees to transfer 67% of the equity of Beijing REIT Technology Development Co., Ltd held
by him to Party B at the price of HKD 19.061232 million, the exchange rate upon transfer is subject to the current exchange rate
published by the People's Bank of China on January 23, 2016, and Party B agrees to purchase the aforesaid equity according to such
price and amount.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Within 20 working days after signing this Agreement, Party B agrees to pay Party A the transfer payment
for 11% of equity in cash/by remittance, namely HKD 19.061232 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">While receiving the equity payment from Party B, Party A shall confirm the amount of payment received
in writing with Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A guarantees that the equity to be transferred to Party B as agreed in Article 2 hereof is legally
owned by Party A in Beijing REIT Technology Development Co., Ltd and the actual contribution has been completed, and Party A has
the absolute right of disposition to such equity. For the transferred equity, Party A guarantees that no mortgage, pledge or warranty
has been set, and it is exempted from any recourse of the third person. Otherwise all responsibilities arising therefrom shall
be borne by Party A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Within 30 working days as of the date of signing this Agreement, Party A shall complete or assist
Party B to complete all official formalities for equity alteration, including but not limited to: resolution of shareholder meeting,
alteration of shareholder in industrial and commercial registration, and alteration of shareholder in Articles of Association etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left; padding-right: 11.25pt">After equity transfer, the rights enjoyed and obligations undertaken by Party
A in Beijing REIT Technology Development Co., Ltd will be enjoyed and undertaken by Party B along with equity transfer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: left">After having become the shareholder of Beijing REIT Technology Development Co., Ltd, Party B will
acknowledge the Articles of Association of Beijing REIT Technology Development Co., Ltd, and guarantee to perform the responsibilities
and obligations according to the stipulations of Articles of Association.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>4:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit and loss sharing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">After the Company has been approved by industrial
and commercial administration authority and carried out the shareholder alteration registration, Party B will become the shareholder
of Beijing REIT Technology Development Co., Ltd, and Party B shall share the company profit and loss according to the contribution
ratio and stipulations of Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>5:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense bearing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Corresponding taxes incurred from this equity
transfer shall be borne by each party hereto respectively according to the stipulations of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>6:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement modification and dissolution</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">In case of any one of the following circumstances,
the agreement can be modified or dissolved, provided both parties shall sign written agreement for modification or dissolution
therefor.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">This Agreement cannot be performed due to force majeure event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Either party loses actual performance capability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">Due to change of circumstances, both parties agree to modify or dissolve the agreement through consultation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: justify"><B>7:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispute Settlement</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">For any dispute related to the effectiveness, performance, default and dissolution etc. of this Agreement,
each party hereto shall settle through friendly consultation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">If consultation fails, both contracting parties agree to settle through the following method No. 2.1:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">2.1</TD><TD STYLE="text-align: left">It shall be submitted to China International Economic and Trade Arbitration Commission for arbitration
according to the arbitration procedures and rules of such Commission, and the arbitration award shall be final and binding upon
both parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">2.2</TD><TD STYLE="text-align: left">File a lawsuit to the people's court with the right of jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">The applicable laws of this Agreement are the laws and regulations of the People's Republic of China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>8:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condition and date of effectiveness</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement will become effective after the
signature of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>9:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement is made in triplicate, Party A
and Party B holds one copy respectively, one copy is submitted to industrial and commercial administration authority, and all of
them shall have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party A (Signature): /s/ Hengfang Li</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party B (Seal): REIT HOLDINGS (CHINA) LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: 7 February 2016 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: 7 February 2016</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>3
<FILENAME>ff12017ex2ii_retoeco.htm
<DESCRIPTION>EQUITY TRANSFER AGREEMENT - DEGANG HOU
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equity Transfer Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferor (Party A): Degang Hou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferee (Party B): REIT HOLDINGS (CHINA)
LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contact address: UNIT 2209 22/F WU CHUNG HOUSE
213 QUEEN S ROAD EAST WANCHAI HK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">Regarding the transfer of
the equity of Beijing REIT Technology Development Co., Ltd held by Party A, Party A and Party B hereby conclude and enter into
this Agreement in Beijing on January 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">On the principle of equality
and mutual benefit, through friendly consultation, Party A and Party B have reached to the following agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: justify"><B>1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic information of target company
in transfer</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred target company:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of establishment: May 12, 1999</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company address:</FONT></TD>
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room 1611, 6F, No. 1 Building, No. 208, Second Zone, Lize Central Park, Wangjing Emerging Industrial District, Chaoyang District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Existing shareholders and their contribution
ratio:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: white">
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Name of Shareholder</FONT></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Contribution Amount (thousand)</FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Contribution Ratio (%)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Hengfang Li</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">16080</FONT></P>
        <P STYLE="font: 10pt/4pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">67</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Degang Hou</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Guangfeng Dai</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Zhizhong Hu</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Total</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">24000</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">100</FONT></TD></TR>

</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity transfer price and payment
method</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A agrees to transfer 11% of the equity of Beijing REIT Technology Development Co., Ltd held
by him to Party B at the price of HKD 3.129456 million, the exchange rate upon transfer is subject to the current exchange rate
published by the People's Bank of China on January 23, 2016, and Party B agrees to purchase the aforesaid equity according to such
price and amount.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Within 20 working days after signing this Agreement, Party B agrees to pay Party A the transfer payment
for 11% of equity in cash/by remittance, namely HKD 3.129456 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">While receiving the equity payment from Party B, Party A shall confirm the amount of payment received
in writing with Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A guarantees that the equity to be transferred to Party B as agreed in Article 2 hereof is legally
owned by Party A in Beijing REIT Technology Development Co., Ltd and the actual contribution has been completed, and Party A has
the absolute right of disposition to such equity. For the transferred equity, Party A guarantees that no mortgage, pledge or warranty
has been set, and it is exempted from any recourse of the third person. Otherwise all responsibilities arising therefrom shall
be borne by Party A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Within 30 working days as of the date of signing this Agreement, Party A shall complete or assist
Party B to complete all official formalities for equity alteration, including but not limited to: resolution of shareholder meeting,
alteration of shareholder in industrial and commercial registration, and alteration of shareholder in Articles of Association etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left; padding-right: 11.25pt">After equity transfer, the rights enjoyed and obligations undertaken by Party
A in Beijing REIT Technology Development Co., Ltd will be enjoyed and undertaken by Party B along with equity transfer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: left">After having become the shareholder of Beijing REIT Technology Development Co., Ltd, Party B will
acknowledge the Articles of Association of Beijing REIT Technology Development Co., Ltd, and guarantee to perform the responsibilities
and obligations according to the stipulations of Articles of Association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>4:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit and loss sharing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">After the Company has been approved by industrial
and commercial administration authority and carried out the shareholder alteration registration, Party B will become the shareholder
of Beijing REIT Technology Development Co., Ltd, and Party B shall share the company profit and loss according to the contribution
ratio and stipulations of Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>5:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense bearing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Corresponding taxes incurred from this equity
transfer shall be borne by each party hereto respectively according to the stipulations of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>6:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement modification and dissolution</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">In case of any one of the following circumstances,
the agreement can be modified or dissolved, provided both parties shall sign written agreement for modification or dissolution
therefor.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">This Agreement cannot be performed due to force majeure event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Either party loses actual performance capability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">Due to change of circumstances, both parties agree to modify or dissolve the agreement through consultation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: justify"><B>7:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispute Settlement</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">For any dispute related to the effectiveness, performance, default and dissolution etc. of this Agreement,
each party hereto shall settle through friendly consultation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">If consultation fails, both contracting parties agree to settle through the following method No. 2.1:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">2.1</TD><TD STYLE="text-align: left">It shall be submitted to China International Economic and Trade Arbitration Commission for arbitration
according to the arbitration procedures and rules of such Commission, and the arbitration award shall be final and binding upon
both parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">2.2</TD><TD STYLE="text-align: left">File a lawsuit to the people's court with the right of jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">The applicable laws of this Agreement are the laws and regulations of the People's Republic of China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>8:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condition and date of effectiveness</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement will become effective after the
signature of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>9:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement is made in triplicate, Party A
and Party B holds one copy respectively, one copy is submitted to industrial and commercial administration authority, and all of
them shall have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party A (Signature): /s/ Degang Hou</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party B (Seal): REIT HOLDINGS (CHINA) LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: 7 February 2016 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: 7 February 2016</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>4
<FILENAME>ff12017ex2iii_retoeco.htm
<DESCRIPTION>EQUITY TRANSFER AGREEMENT - GUANGFENG DAI
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equity Transfer Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferor (Party A): Guangfeng Dai</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferee (Party B): REIT HOLDINGS (CHINA)
LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contact address: UNIT 2209 22/F WU CHUNG HOUSE
213 QUEEN S ROAD EAST WANCHAI HK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">Regarding the transfer of
the equity of Beijing REIT Technology Development Co., Ltd held by Party A, Party A and Party B hereby conclude and enter into
this Agreement in Beijing on January 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">On the principle of equality
and mutual benefit, through friendly consultation, Party A and Party B have reached to the following agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: justify"><B>1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic information of target company
in transfer</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred target company:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of establishment: May 12, 1999</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company address:</FONT></TD>
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room 1611, 6F, No. 1 Building, No. 208, Second Zone, Lize Central Park, Wangjing Emerging Industrial District, Chaoyang District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Existing shareholders and their contribution
ratio:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: white">
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Name of Shareholder</FONT></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Contribution Amount (thousand)</FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Contribution Ratio (%)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Hengfang Li</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">16080</FONT></P>
        <P STYLE="font: 10pt/4pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">67</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Degang Hou</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Guangfeng Dai</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Zhizhong Hu</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Total</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">24000</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">100</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity transfer price and payment
method</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A agrees to transfer 11% of the equity of Beijing REIT Technology Development Co., Ltd held
by him to Party B at the price of HKD 3.129456 million, the exchange rate upon transfer is subject to the current exchange rate
published by the People's Bank of China on January 23, 2016, and Party B agrees to purchase the aforesaid equity according to such
price and amount.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Within 20 working days after signing this Agreement, Party B agrees to pay Party A the transfer payment
for 11% of equity in cash/by remittance, namely HKD 3.129456 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">While receiving the equity payment from Party B, Party A shall confirm the amount of payment received
in writing with Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A guarantees that the equity to be transferred to Party B as agreed in Article 2 hereof is legally
owned by Party A in Beijing REIT Technology Development Co., Ltd and the actual contribution has been completed, and Party A has
the absolute right of disposition to such equity. For the transferred equity, Party A guarantees that no mortgage, pledge or warranty
has been set, and it is exempted from any recourse of the third person. Otherwise all responsibilities arising therefrom shall
be borne by Party A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Within 30 working days as of the date of signing this Agreement, Party A shall complete or assist
Party B to complete all official formalities for equity alteration, including but not limited to: resolution of shareholder meeting,
alteration of shareholder in industrial and commercial registration, and alteration of shareholder in Articles of Association etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left; padding-right: 11.25pt">After equity transfer, the rights enjoyed and obligations undertaken by Party
A in Beijing REIT Technology Development Co., Ltd will be enjoyed and undertaken by Party B along with equity transfer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: left">After having become the shareholder of Beijing REIT Technology Development Co., Ltd, Party B will
acknowledge the Articles of Association of Beijing REIT Technology Development Co., Ltd, and guarantee to perform the responsibilities
and obligations according to the stipulations of Articles of Association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>4:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit and loss sharing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">After the Company has been approved by industrial
and commercial administration authority and carried out the shareholder alteration registration, Party B will become the shareholder
of Beijing REIT Technology Development Co., Ltd, and Party B shall share the company profit and loss according to the contribution
ratio and stipulations of Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>5:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense bearing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Corresponding taxes incurred from this equity
transfer shall be borne by each party hereto respectively according to the stipulations of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>6:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement modification and dissolution</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">In case of any one of the following circumstances,
the agreement can be modified or dissolved, provided both parties shall sign written agreement for modification or dissolution
therefor.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">This Agreement cannot be performed due to force majeure event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Either party loses actual performance capability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">Due to change of circumstances, both parties agree to modify or dissolve the agreement through consultation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: justify"><B>7:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispute Settlement</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">For any dispute related to the effectiveness, performance, default and dissolution etc. of this Agreement,
each party hereto shall settle through friendly consultation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">If consultation fails, both contracting parties agree to settle through the following method No. 2.1:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">2.1</TD><TD STYLE="text-align: left">It shall be submitted to China International Economic and Trade Arbitration Commission for arbitration
according to the arbitration procedures and rules of such Commission, and the arbitration award shall be final and binding upon
both parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">2.2</TD><TD STYLE="text-align: left">File a lawsuit to the people's court with the right of jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">The applicable laws of this Agreement are the laws and regulations of the People's Republic of China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>8:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condition and date of effectiveness</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement will become effective after the
signature of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>9:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement is made in triplicate, Party A
and Party B holds one copy respectively, one copy is submitted to industrial and commercial administration authority, and all of
them shall have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party A (Signature): /s/ Guangfeng Dai</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party B (Seal): REIT HOLDINGS (CHINA) LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: 7 February 2016 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: 7 February 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-2.4
<SEQUENCE>5
<FILENAME>ff12017ex2iv_retoeco.htm
<DESCRIPTION>EQUITY TRANSFER AGREEMENT - ZHIZHONG HU
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equity Transfer Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferor (Party A): Zhizhong Hu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferee (Party B): REIT HOLDINGS (CHINA)
LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contact address: UNIT 2209 22/F WU CHUNG HOUSE
213 QUEEN S ROAD EAST WANCHAI HK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">Regarding the transfer of
the equity of Beijing REIT Technology Development Co., Ltd held by Party A, Party A and Party B hereby conclude and enter into
this Agreement in Beijing on January 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">On the principle of equality
and mutual benefit, through friendly consultation, Party A and Party B have reached to the following agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: justify"><B>1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic information of target company
in transfer</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred target company:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of establishment: May 12, 1999</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company address:</FONT></TD>
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room 1611, 6F, No. 1 Building, No. 208, Second Zone, Lize Central Park, Wangjing Emerging Industrial District, Chaoyang District, Beijing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Existing shareholders and their contribution
ratio:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: white">
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Name of Shareholder</FONT></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Contribution Amount (thousand)</FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Contribution Ratio (%)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Hengfang Li</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">16080</FONT></P>
        <P STYLE="font: 10pt/4pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">67</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Degang Hou</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Guangfeng Dai</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Zhizhong Hu</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">2640</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">11</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Total</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">24000</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">100</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity transfer price and payment
method</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A agrees to transfer 11% of the equity of Beijing REIT Technology Development Co., Ltd held
by him to Party B at the price of HKD 3.129456 million, the exchange rate upon transfer is subject to the current exchange rate
published by the People's Bank of China on January 23, 2016, and Party B agrees to purchase the aforesaid equity according to such
price and amount.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Within 20 working days after signing this Agreement, Party B agrees to pay Party A the transfer payment
for 11% of equity in cash/by remittance, namely HKD 3.129456 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">While receiving the equity payment from Party B, Party A shall confirm the amount of payment received
in writing with Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A guarantees that the equity to be transferred to Party B as agreed in Article 2 hereof is legally
owned by Party A in Beijing REIT Technology Development Co., Ltd and the actual contribution has been completed, and Party A has
the absolute right of disposition to such equity. For the transferred equity, Party A guarantees that no mortgage, pledge or warranty
has been set, and it is exempted from any recourse of the third person. Otherwise all responsibilities arising therefrom shall
be borne by Party A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Within 30 working days as of the date of signing this Agreement, Party A shall complete or assist
Party B to complete all official formalities for equity alteration, including but not limited to: resolution of shareholder meeting,
alteration of shareholder in industrial and commercial registration, and alteration of shareholder in Articles of Association etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left; padding-right: 11.25pt">After equity transfer, the rights enjoyed and obligations undertaken by Party
A in Beijing REIT Technology Development Co., Ltd will be enjoyed and undertaken by Party B along with equity transfer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">4.</TD><TD STYLE="text-align: left">After having become the shareholder of Beijing REIT Technology Development Co., Ltd, Party B will
acknowledge the Articles of Association of Beijing REIT Technology Development Co., Ltd, and guarantee to perform the responsibilities
and obligations according to the stipulations of Articles of Association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>4:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit and loss sharing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">After the Company has been approved by industrial
and commercial administration authority and carried out the shareholder alteration registration, Party B will become the shareholder
of Beijing REIT Technology Development Co., Ltd, and Party B shall share the company profit and loss according to the contribution
ratio and stipulations of Articles of Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>5:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense bearing</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Corresponding taxes incurred from this equity
transfer shall be borne by each party hereto respectively according to the stipulations of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>6:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement modification and dissolution</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">In case of any one of the following circumstances,
the agreement can be modified or dissolved, provided both parties shall sign written agreement for modification or dissolution
therefor.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">This Agreement cannot be performed due to force majeure event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Either party loses actual performance capability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">Due to change of circumstances, both parties agree to modify or dissolve the agreement through consultation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: justify"><B>7:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispute Settlement</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">For any dispute related to the effectiveness, performance, default and dissolution etc. of this Agreement,
each party hereto shall settle through friendly consultation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">If consultation fails, both contracting parties agree to settle through the following method No. 2.1:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">2.1</TD><TD STYLE="text-align: left">It shall be submitted to China International Economic and Trade Arbitration Commission for arbitration
according to the arbitration procedures and rules of such Commission, and the arbitration award shall be final and binding upon
both parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21pt">2.2</TD><TD STYLE="text-align: left">File a lawsuit to the people's court with the right of jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">The applicable laws of this Agreement are the laws and regulations of the People's Republic of China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>8:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condition and date of effectiveness</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement will become effective after the
signature of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 63.8pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>9:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement is made in triplicate, Party A
and Party B holds one copy respectively, one copy is submitted to industrial and commercial administration authority, and all of
them shall have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party A (Signature): /s/ Zhizhong Hu</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party B (Seal): REIT HOLDINGS (CHINA) LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: 7 February 2016 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: 7 February 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-2.5
<SEQUENCE>6
<FILENAME>ff12017ex2v_retoeco.htm
<DESCRIPTION>EQUITY TRANSFER AGREEMENT - HAINAN WENCHANG MINGHSHENG INVESTMENT CO., LTD.
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.5</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Equity Transfer Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement is jointly concluded and signed
by and between the following parties in <U>Changjiang</U>, Hainan on February 2, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferor:</FONT></TD>
    <TD STYLE="width: 71%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan Wenchang Mingsheng Investment Co., Ltd. (hereinafter referred to as Party A)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domicile of Transferor:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intersection of Wenjian Road and Guhong Road, Wencheng Town, Wenchang, Hainan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferee:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hengfang Li, Degang Hou, Guangfeng Dai and Zhizhong Hu (the shareholders at Beijing REIT
Technology Development Co., Ltd.), Beijing REIT Technology Development Co., Ltd (hereinafter referred to as Party B)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domicile of Transferee:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Room 702, No. 6 Building (residence), Run Feng De Shang Yuan, No. 60, Anli Road, Chaoyang District, Beijing</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">The registered capital of REIT Environmental Building
Material (Changjiang) Co., Ltd (hereinafter referred to as the Target Company) is RMB<U>100 million</U>, among them, Party A contributes
RMB <U>20.4995 million</U>, accounting for <U>20.4995%</U>; pursuant to the stipulations of relevant laws and regulations and through
friendly consultation, each party hereto has agreed upon the terms and conditions as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target of equity transfer and transfer price</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">Party A agrees to transfer <U>100%</U> of its equity interests in the Target Company (20.4995%) to
Party B at the price of RMB <U>20.4995 million</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">Other rights affiliated to the equity will be transferred along with equity transfer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD STYLE="text-align: left">Within <U>20</U> days as of the date of signature hereof, the Transferee shall pay off the total equity
transfer price to the Transferor.</TD></TR>                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>4.</TD><TD STYLE="text-align: left">The transfer price of RMB 20.4995 million will be paid by Hengfang
Li, Degang Hou, Guangfeng Dai and Zhizhong Hu (&ldquo;the four individual shareholders), the above payment are deemed to be their
investment in Beijing REIT Technology Development Co., Ltd (&ldquo;Beijing REIT&rdquo;) and its subsidiaries, Beijing REIT does
not need to pay the transfer fee back to the four individual shareholders.


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>2:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment and guarantee</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Party A guarantees that Party A legally owns the
equity to be transferred as prescribed in Article 1 hereof, and has the complete and effective right of disposition thereto. For
the transferred equity, Party A guarantees that no pledge or other warranty has been set, and it is exempted from any recourse
of the third person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Default responsibility</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">In case of default, the breaching party shall
pay the other party 5% of the contractual amount as liquidated damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>4:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispute settlement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">This Agreement is governed by relevant laws of
the People's Republic of China, and the interpretation thereof shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">For any dispute arising herefrom or related hereto,
both parties shall settle through friendly consultation. If consultation fails, either party may file a lawsuit to the people's
court in the place where the Target Company is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><B>Article</B></TD><TD STYLE="text-align: left"><B>5:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD STYLE="text-align: left">This Agreement is made in sextuplicate, each party hereto holds two copies respectively, and the Target
Company holds two copies for the preparation of using them to go through relevant formalities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD STYLE="text-align: left">This Agreement will become effective upon each party's signature and seal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party A /s/ Corporate Seal and Signature&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: February 2, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party B <BR>
/s/ Hengfang Li<BR>
 /s/ Degang Hou <BR>
/s/ Guangfeng Dai <BR>
/s/ Zhizhong Hu<BR>
/s/ Beijing REIT Technology Development
Co., Ltd by Hengfang Li</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: February 2, 2015</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-2.6
<SEQUENCE>7
<FILENAME>ff12017ex2vi_retoeco.htm
<DESCRIPTION>CAPITAL INVESTMENT AGREEMENT
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.6</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/5.8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 21.7pt; letter-spacing: -0.5pt; text-align: center; background-color: transparent"><FONT STYLE="letter-spacing: 0pt"><B>Capital
Investment Agreement on REIT Environmental Building Material (Changjiang) Co., Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0">This Capital Investment Agreement
(<B>&quot;Agreement&quot;</B>) is concluded and signed by the following parties on April 20, 2015:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt"><B>1.</B></TD><TD><B>Joint Venture Company</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt"><BR>
REIT Environmental Building
Material (Changjiang) Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt">Domicile: No. 1, Fazhanyi
Road, Circular Economy Industrial Park, Changjiang, Hainan Province (at the south side at 221km of Haiyu West Line)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt">Legal representative: Li
Hengfang</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt"><B>2.</B></TD><TD><B>Original Shareholder</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt"><BR>
Beijing REIT Technology
Development Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt">Registered address: Room
1611, 6F, No. 1 Building, No. 208, Second Zone, Lize Central Park, Wangjing Emerging Industrial District, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt">Legal representative: Li
Hengfang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt">Zhongrong Environmental
Energy Investment (Beijing) Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt">Registered address: Room
701, No. 6 Building (residence), Run Feng De Shang Yuan, No. 60, Anli Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt">Legal representative: Ma
Hong</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt"><B>3.</B></TD><TD><B>Investor</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt"><BR>
Venture Business International
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 21pt"><FONT STYLE="letter-spacing: 0pt; background-color: white">Registered
address: CCS Trustees Limited, 263 Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin Islands</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt"><B>Definition</B></TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0"><BR>
Unless otherwise prescribed
herein, the definitions of following terms will apply to this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0"><B>Joint Venture Company or
Company: </B>means the REIT Environmental Building Material (Changjiang) Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0"><B>Original Shareholder:</B>
means the existing shareholder of the Company registered in the administration bureau for industry and commerce as at the date
of signature hereof, namely Beijing REIT Technology Development Co., Ltd. and Zhongrong Environmental Energy Investment (Beijing)
Co., Ltd.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: left; text-indent: 0in; margin-top: 0; margin-right: 0; margin-left: 0; background-color: transparent"><FONT STYLE="letter-spacing: 0pt; background-color: white">Investor:
means the </FONT>Venture Business International Limited<FONT STYLE="letter-spacing: 0pt; background-color: white">, which plans
to become the shareholder of the Company according to this Agreement.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 15.95pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt"><B>Whereas:</B></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 21.3pt">1.</TD><TD STYLE="text-align: justify">Beijing REIT Technology Development Co., Ltd. and Zhongrong Environmental Energy Investment (Beijing)
Co., Ltd. are the shareholders of the Company, whose registered capital is RMB 100,000,000. Among them, Beijing REIT Technology
Development Co., Ltd. has contributed RMB 20,499,500, accounting for 20.50% of the registered capital of the Company; and Zhongrong
Environmental Energy Investment (Beijing) Co., Ltd. has contributed RMB 79,500,500, accounting for 79.50% of the registered capital
of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 21.3pt">2.</TD><TD STYLE="text-align: justify">Through full consultation between and among each party and unanimous approval of the resolution
of Shareholders' Meeting of the Company, the Investor is willing to invest in the Company to enlarge the registered capital of
Joint Venture Company according to the conditions specified herein, and the Company and Original Shareholders are willing to accept
the Investor's capital investment to the Company according to the conditions specified herein. (&quot;<B>Capital Investment</B>&quot;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 21.3pt">3.</TD><TD STYLE="text-align: justify">Based on the common will of each party mentioned above, through full consultation, pursuant to
the provisions of relevant laws and regulations such as &quot;Provisions on Merger and Acquisition of Domestic Enterprises by Foreign
Investors&quot;, &quot;Contract Law of the People's Republic of China&quot; and &quot;Company Law of the People's Republic of China&quot;
etc., and on the principle of good faith, each party mentioned above has concluded this Agreement regarding relevant matters on
the terms and conditions of the abovementioned Capital Investment for each party to abide by and perform faithfully.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.</TD><TD STYLE="text-align: justify">Capital Investment of Company and change of equity</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.1</TD><TD STYLE="text-align: justify">Each party agrees that, the registered capital of the Company will be increased from RMB 100,000,000
to RMB 118,600,000.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.2</TD><TD STYLE="text-align: justify">The Investor will invest a total amount of RMB 18,600,000 as enlarged registered capital (the &ldquo;<B>Enlarged
Registered Capital</B>&rdquo;) to the Company in equivalent US Dollars, and the equivalent value in USD will be calculated according
to the exchange rate between RMB and USD on the date of actual contribution.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.3</TD><TD STYLE="text-align: justify">Original Shareholder hereby waives the preferential subscription right to this Capital Investment.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.4</TD><TD STYLE="text-align: justify">After this Capital Investment, the equity structure of Joint Venture Company is as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 44pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 42%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>Shareholder</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>Amount of contribution (RMB)</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>Equity proportion</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Beijing REIT Technology Development Co., Ltd.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">20,499,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">17.29%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Zhongrong Environmental Energy Investment (Beijing) Co., Ltd.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">79,500,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">67.03%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">Venture Business International Limited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">18,600,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0pt">15.68%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>118,600,000</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>100%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 15.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.5</TD><TD STYLE="text-align: justify">Each party agrees that, while signing this Agreement, the Original Shareholders and the Investor
will sign the new &quot;Articles of Association of Sino-Foreign Joint Venture REIT Environmental Building Material (Changjiang)
Co., Ltd &quot; (&quot;<B>Articles of Association of Joint Venture Company</B>&quot;) again, and agree to take it as the document
to standardize the rights and obligations relationship between and among each shareholder and the shareholders and Joint Venture
Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 15.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.6</TD><TD STYLE="text-align: justify">Each party agrees that, while signing this Agreement, the Original Shareholders and the Investor
shall jointly convene the new Shareholders' Meeting of Joint Venture Company, and appoint the new director and supervisor of Joint
Venture Company pursuant to the Articles of Association of Joint Venture Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 15.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.7</TD><TD STYLE="text-align: justify">The Investor shall pay up the Enlarged Registered Capital within fifteen (15) working days as of
the date of issuing the new business license of Joint Venture Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 15.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">1.8</TD><TD STYLE="text-align: justify">After this Capital Investment, the Joint Venture Company will still be a limited liability company
to undertake the responsibility for all its debts with its own properties and assets. Unless otherwise agreed in writing, once
the Investor has fulfilled its contribution obligation to the Joint Venture Company according to the agreement of this article,
the Investor will not have to provide any other fund to or on behalf of Joint Venture Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 15.7pt 0 0 44pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 15.7pt 0 0 44pt; text-align: justify"></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; background-color: transparent">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delivery</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.1</TD><TD STYLE="text-align: justify">Delivery condition</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 44pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 44pt; text-align: justify">The delivery of proposed Capital Investment
depends on the satisfaction of following delivery conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 44pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 34pt">(a)</TD><TD>The examination and approval authority has approved relevant declaration documents of Capital Investment (&quot;<B>Declaration
Documents</B>&quot;), and has issued the certificate of approval reflecting the Capital Investment for the Joint Venture Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 17.05pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 34pt">(b)</TD><TD STYLE="text-align: justify">The administration bureau for industry and commerce has issued the business license of Joint Venture
Company reflecting the change after the Capital Investment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20.8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 34pt">(c)</TD><TD>In case of the change of applicable law or the change of practice of any government agency (if any) after the date of signature
hereof, and thereby causes the Capital Investment needs to acquire the consent and approval of all other government departments,
and all such consents and approvals have been acquired.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 22.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.2</TD><TD STYLE="text-align: justify">Responsibility for condition satisfaction</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.05pt"></TD><TD STYLE="width: 33.85pt">(a)</TD><TD STYLE="text-align: justify">Each party shall reasonably spare no efforts to ensure that the delivery conditions can be satisfied
as soon as possible when reasonable and feasible, and it shall not be later than June 30, 2015 (&quot;Final Deadline&quot;) under
any circumstance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 77.9pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 34pt">(b)</TD><TD>After the date of signature hereof, the Investor shall coordinate as soon as possible with and reasonably spare no efforts
to assist the Company to satisfy the delivery conditions, including assist the Company to acquire the approval of examination and
approval authority on the Capital Investment, and complete the registration of Capital Investment in the administration bureau
for industry and commerce.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 34pt">(c)</TD><TD>If at any time the Joint Venture Company or the Investor learns that any fact or circumstance might interfere with the satisfaction
of any delivery condition, the Joint Venture Company or the Investor shall inform the other parties immediately.</TD></TR></TABLE>

<P></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.3</TD><TD STYLE="text-align: justify">Exemption condition</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 44pt; text-align: justify"><BR>
The Investor may inform the Company
in writing (in whole or in part) at any time to be exempted from all or any one of the delivery conditions applicable to the Joint
Venture Company.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.4</TD><TD STYLE="text-align: justify">Condition unsatisfied</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 44pt; text-align: justify"><BR>
If any delivery condition has
not been exempted according to this Agreement nor been satisfied as at the Final Deadline, then this Agreement shall be terminated
immediately and the provisions of Article 8 (Termination) shall apply.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.5</TD><TD STYLE="text-align: justify">The delivery will be carried out on the date when all delivery conditions have been satisfied or
(if permissible) have been exempted by the Investor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.6</TD><TD STYLE="text-align: justify">Before the delivery date, the Joint Venture Company shall ensure that the Investor has received:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 35.4pt">(a)</TD><TD STYLE="text-align: justify">The proof on the examination and approval authority's approval of this Capital Investment;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 35.4pt">(b)</TD><TD STYLE="text-align: justify">Copy of new business license of Joint Venture Company reflecting this Capital Investment;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 35.4pt">(c)</TD><TD STYLE="text-align: justify">All minutes books and registers, account books, transaction and financial records, tax certificates
and other documents and materials (if any) of Joint Venture Company, the preceding documents and materials will be returned to
the Joint Venture Company for preservation after being examined by the Investor on delivery date.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 24pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.7</TD><TD STYLE="text-align: justify">Under the precondition that the Joint Venture Company has completed the matters as prescribed in
Article 2.6, within five (5) working days after delivery date, the Investor shall pay the increased capital agreed herein to the
bank account designated by the Joint Venture Company in writing, and the payment of such Enlarged Registered Capital shall be completed
within fifteen (15) working days as of the date of acquiring business license of Joint Venture Company reflecting this Capital
Investment. The Joint Venture Company shall promptly designate the bank account in writing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.65pt; letter-spacing: -0.5pt; text-align: justify; text-indent: -42.65pt"><FONT STYLE="letter-spacing: 0pt; background-color: white"><B>3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representation, guarantee and
commitment</B></FONT>&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">3.1</TD><TD STYLE="text-align: justify">Please refer to Attachment 1 hereto for the representation and guarantee made by the Joint Venture
Company to the Investor. Upon delivery, the Joint Venture Company further guarantees that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.5pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.8pt">                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD><TD>Every declaration made in Attachment
                                         1 is true and accurate; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 34pt">(b)</TD><TD>All information provided by Joint Venture Company to the Investor are true and accurate, and there is no major omission might
cause such information incomplete or misleading in any significant aspect.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 14.85pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt">3.2</TD><TD>Each guarantee listed in each paragraph of Attachment 1 is mutually independent, and unless otherwise explicitly specified
to the contrary herein, each such guarantee will not be limited by any of the following contents:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 14.85pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 21pt">(a)</TD><TD>Quotation of any other paragraphs in Attachment 1; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 14.85pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 21pt">(b)</TD><TD>Any content of this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.</TD><TD><FONT STYLE="font-variant: normal; color: black; letter-spacing: 0pt"><B>Compensation</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">4.1</TD><TD STYLE="text-align: justify">Except for any other specific compensation agreed herein, for all claims for rights of the Investor
and all losses might be suffered or undertaken by the Investor directly or indirectly caused by the following contents (or based
thereon or related thereto), the Joint Venture Company shall make compensation to the Investor, except for otherwise agreed upon
the undertaking of compensation responsibility in this Agreement or other relevant transaction documents:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 34pt">(a)</TD><TD>Any tax actually collected or assessed by tax authority from or on the Joint Venture Company or the Investor for any capital
gains realized from the Capital Investment hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 16.1pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 34pt">(b)</TD><TD>The Joint Venture Company fails to fully pay all taxes of Joint Venture Company being collected or assessed, and related to
the establishment and operation of Joint Venture Company as at the delivery date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 35.4pt">(c)</TD><TD STYLE="text-align: justify">The Joint Venture Company violates any of its commitment, guarantee or obligation hereunder, or
violates the obligation or any guarantee of other transaction documents, being untrue, inaccurate or misleading in any significant
aspect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 77.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 46pt">4.2</TD><TD STYLE="text-align: justify">If any claim for rights is proposed by the third party to the Investor, the Investor shall notify
the Joint Venture Company as soon as possible and as far as reasonably practicable, and explain the summary details of relevant
claims for rights that the third party might seek for compensation pursuant to Article 4 hereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 16.1pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 46pt">4.3</TD><TD STYLE="text-align: justify">Except for any other specific compensation agreed herein, for all claims for rights of the Joint
Venture Company and direct reasonable losses might be suffered or undertaken by the Joint Venture Company directly or indirectly
caused by the Investor's violation of any commitment or obligation hereunder (or based thereon or related thereto), the Investor
shall also make compensation to the Joint Venture Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 15.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 46pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Notice</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.1</TD><TD STYLE="text-align: justify">Any notice or other communication issued hereunder shall be made in writing and written in Chinese,
and must be delivered by a specially-assigned person or faxed to the recipient addresses listed below:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21pt">(a)</TD><TD STYLE="text-align: justify">To Joint Venture Company: REIT Environmental Building Material (Changjiang) Co., Ltd<BR>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Recipient: Huang Zhibo</P>

</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black; letter-spacing: 0pt; background-color: white">To
                                         Investor:</FONT> Venture Business International Limited<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt; color: black; letter-spacing: 0pt; background-color: white">Recipient:
</FONT>Mr. OngToonWah</P>

</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">To Original Shareholder:<BR>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Recipient: Mr. Li Hengfang</P>

</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 78pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 19.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.2</TD><TD STYLE="text-align: justify">Under following circumstances, any notice or document shall be deemed to have been served:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 15.3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">When delivered by a specially-assigned person, it will be deemed to have been served on the date
of delivery; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">When sent by fax, if the sending time is before three o'clock in the afternoon (local time in the
location of recipient) on any working day, it will be deemed to have been served on the date of sending; and it will be deemed
to have been served on the next working day after the date of sending under other circumstances.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.3</TD><TD>As long as proving that the notice or other communication has been delivered or faxed or has been correctly noted with recipient
information and sent (whichever applicable), it can be proved that such notice or other communication has been served.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; letter-spacing: -0.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>Guarantee
of Original Shareholder</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.1</TD><TD STYLE="text-align: justify">As far as the obligations of Joint Venture Company involved hereunder are concerned, Original Shareholder
hereby commits and guarantees to spare no efforts to urge the Joint Venture Company to perform the obligations hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; letter-spacing: -0.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>Confidentiality</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 16.1pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.1</TD><TD>Only except for the disclosure for the purpose of acquiring necessary approval of relevant government department, each party
shall deem this Agreement as confidential and shall not disclose any content hereof to any other person.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 15.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.2</TD><TD STYLE="text-align: justify">The Joint Venture Company shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">Keep the information provided by the Investor, or all information related to the Investor and its
related party and acquired through or based on this Agreement confidential; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 16.1pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">If after delivery, the Joint Venture Company holds the confidential information related to the
Investor and its related party, it shall keep such information confidential.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 15.3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.3</TD><TD STYLE="text-align: justify">The Investor shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">Keep the information provided by the Joint Venture Company, or all information related to the Joint
Venture Company and acquired through or based on this Agreement confidential; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">If after delivery, the Investor holds the confidential information related to the Joint Venture
Company, the Investor shall also keep such information confidential.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 80pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.4</TD><TD STYLE="text-align: justify">The stipulations of this article do not prohibit either party from announcing or disclosing any
confidential information under following circumstances:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">Upon written consent of each other party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 80pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">Announce or disclose confidential information according to the law or the requirements of any competent
supervisory authority; provided if either party needs to disclose any confidential information therefor, such party shall promptly
inform the other party before disclosure whenever feasible and legal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">Such information belongs to or has entered into public domain not due to the reason that such party
violates any confidentiality commitment or obligation; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">When disclosing to its professional consultant, provided that the concerned party shall urge such
receiving object to understand the terms of this article before making any such disclosure, and spare no efforts to urge such receiving
object to abide by such terms, just like such terms are binding upon such receiving object.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; letter-spacing: -0.5pt; margin-top: 0; margin-bottom: 19.6pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><FONT STYLE="letter-spacing: 0pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><B>Termination</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 15.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8.1</TD><TD STYLE="text-align: justify">If before delivery:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 15.9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 35pt">(a)</TD><TD STYLE="text-align: justify">The Joint Venture Company or the Investor seriously violates this Agreement or any obligation under
any other transaction documents to which it acts as a party, and such violation still has not been corrected within sixty (60)
days after written notice has been sent to the breaching party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 16pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 35pt">(b)</TD><TD STYLE="text-align: justify">The occurrence of any event generating material adverse impact or might generate material adverse
impact after delivery,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 45pt; text-align: justify">The Investor of the Joint Venture
Company may choose not to complete this Capital Investment and serve written notice to the Joint Venture Company or the Investor
to terminate this Agreement immediately, provided on the precondition that: if the Joint Venture Company seriously violates the
contract, only the Investor is entitled to choose not to complete the Capital Investment and terminate this Agreement; if the Investor
seriously violates the contract, only the Joint Venture Company is entitled to choose not to complete the Capital Investment and
terminate this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 14.9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8.2</TD><TD STYLE="text-align: justify">If the Investor or the Joint Venture Company chooses not to complete the Capital Investment hereunder
according to Article 8.1:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 35pt">(a)</TD><TD STYLE="text-align: justify">Except for Article 7 (Confidentiality) and Article 12 (Governing law and dispute settlement) herein,
all other terms of this Agreement will be invalid; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 31.1pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 35pt">(b)</TD><TD STYLE="text-align: justify">The expiration or invalidity of relevant terms will not affect the rights or responsibilities of
either party already arisen from the nonperformance of any due obligation hereunder before such expiration or invalidity.</TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; letter-spacing: -0.5pt; margin-top: 0; margin-bottom: 15.7pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><FONT STYLE="letter-spacing: 0pt"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><B>Special agreement</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.1</TD><TD STYLE="text-align: justify">After the completion of delivery, each party commits to modify the Articles of Association of Joint
Venture Company on the spirit of this Agreement, so as to ensure that the Investor enjoys due rights of the shareholder of Joint
Venture Company, and the nature of Joint Venture Company will be changed from the current domestic enterprise into the sino-foreign
joint venture enterprise.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.2</TD><TD STYLE="text-align: justify">Each party confirms that, the Joint Venture Company or its related party will employ a team of
lawyers (&quot;<B>Transactional Lawyers</B>&quot;) to assist each party to complete the drafting of this Agreement and other transactions
proposed to be completed hereunder, and the costs thereof will be borne by the Joint Venture Company correspondingly. Each party
hereby confirms the preceding arrangement, and correspondingly waive the appeal for conflict of interest of relevant transactional
lawyers might be arisen from such arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; letter-spacing: -0.5pt; margin-top: 0; margin-bottom: 16.85pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt"><FONT STYLE="letter-spacing: 0pt"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><B>General terms</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10.1</TD><TD STYLE="text-align: justify">Unless signed by each party hereto in writing, any alteration, change or modification of this Agreement
will not be effective, nor binding upon each party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10.2</TD><TD STYLE="text-align: justify">Any obligation, guarantee and commitment stipulated herein will remain effective after delivery
(excluding any obligation already performed upon delivery). The Original Shareholder shall bear the joint and several liabilities
for the obligation of Joint Venture Company hereunder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10.3</TD><TD STYLE="text-align: justify">The rights of every party hereunder:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21pt">(a)</TD><TD STYLE="text-align: justify">can be exercised repeatedly as needed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21pt">(b)</TD><TD STYLE="text-align: justify">are accumulative and do not exclude legal rights and remedy, except for otherwise explicitly specified
herein; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21pt">(c)</TD><TD STYLE="text-align: justify">can only be waived in writing, and specific rights to be waived shall be specified.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.55pt; text-align: justify">The delay in exercising or
non-exercising any right will not constitute the waiver of such right. And the stipulation of this article shall not exclude the
application of statutory limitation of actions.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10.4</TD><TD STYLE="text-align: justify">If any part of this Agreement, or the application of any part of this Agreement under any circumstance,
is affirmed as invalid or non-executable, such invalidity or non-execution will not affect other parts of this Agreement, or the
applicable effect or executability of any such parts under any other circumstances.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10.5</TD><TD STYLE="text-align: justify">Except for otherwise explicitly prescribed herein, every party shall respectively bear the costs,
expenses and taxes incurred from the signing of this Agreement and delivery.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10.6</TD><TD STYLE="text-align: justify">Counterpart of this Agreement can be signed in any quantity, all and counterparts jointly constitute
the same agreement; either party (including any authorized representative of a party) signs a counterpart will be deemed as signing
this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; letter-spacing: -0.5pt; margin-top: 0; margin-bottom: 13pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt"><FONT STYLE="letter-spacing: 0pt"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><B>Entirety</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 44pt; text-align: justify">This Agreement and other transaction
documents constitute the entire agreement of each party regarding the transaction proposed in transaction documents, and supersede
all prior agreements reached between and among each party regarding such transaction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; letter-spacing: -0.5pt; margin-top: 0; margin-bottom: 12.5pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 44pt"><FONT STYLE="letter-spacing: 0pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><B>Governing law and dispute settlement</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 11.8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12.1</TD><TD STYLE="text-align: justify">The effectiveness, interpretation and performance of this Agreement apply to the laws of China
publicly promulgated and the treaties and international conventions in which China is a contracting state. If there are no provisions
of the Chinese laws publicly promulgated or accessible by the public, or the treaties or international conventions in which China
is a contracting state are applicable for a certain specific matter related hereto, then it shall refer to the general international
business practice.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12.2</TD><TD STYLE="text-align: justify">In case of any dispute, contradiction or claim for compensation arising herefrom or related hereto,
or arising from or related to the violation of this Agreement, early dissolution of this Agreement of the invalidity of this Agreement,
each party shall strive for settlement through friendly consultation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.55pt; text-align: justify">If the aforementioned dispute,
contradiction or claim for compensation cannot be settled through consultation within three (3) months after being proposed by
either party to each other party, then such dispute, contradiction or claim for compensation shall only be submitted to Shanghai
International Economic and Trade Arbitration Commission for settlement through arbitration by the arbitral tribunal comprising
of three (3) arbitrators according to the effective arbitration rules when submitting to such Arbitration Commission (and the jurisdiction
of court is excluded). And the language of arbitration procedure shall be Chinese.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.55pt; text-align: justify">The arbitration award shall
be the final award and binding upon interested parties. The arbitration award can be executed by any court with jurisdiction to
the adverse party in arbitration award or the court in the place where the property of adverse party in arbitration award is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.55pt; text-align: justify">Unless otherwise ruled by
arbitral tribunal, the adverse party in arbitration award shall bear the arbitration fees. Each party agrees that, if either party
thinks it is necessary to execute the arbitration award through the judicial procedure of any form, then other interested parties
shall bear all reasonable expenditures, expenses and attorney fees incurred to such party in seeking for the execution of arbitration
award, including but not limited to any extra litigation or arbitration expenses paid by such party for the execution of arbitration
award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.55pt; text-align: justify">During the arbitration, each
party shall continue to execute the undisputed part of this Agreement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; letter-spacing: -0.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0pt"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</B></FONT><B>Effectiveness</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13.1</TD><TD STYLE="text-align: justify">This Agreement will become effective after the signature by each party or its authorized representative
and the approval by examination and approval authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13.2</TD><TD STYLE="text-align: justify">This Agreement is signed by each party or its duly authorized representative on April 20, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B><U>Signature page:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-style: normal; font-variant: normal; letter-spacing: 0pt"><B>Venture
Business International Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt; font-weight: normal; font-variant: normal; color: black; letter-spacing: 0pt">Authorized
Signatory:</FONT> <FONT STYLE="color: windowtext">/<U>s/ Ong Toon Wah</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><BR>
<B><BR>
REIT Environmental Building Material (Changjiang) Co., Ltd</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;<FONT STYLE="font-size: 10pt; font-weight: normal; font-variant: normal; color: black; letter-spacing: 0pt">Authorized
Signatory:</FONT> <FONT STYLE="color: windowtext">/<U>s/ Hengfang Li</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B><BR>
<BR>
Beijing REIT Technology
Development Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt; font-weight: normal; font-variant: normal; color: black; letter-spacing: 0pt">Authorized
Signatory:</FONT> <FONT STYLE="color: windowtext">/<U>s/ Hengfang Li</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B><BR>
<BR>
Zhongrong Environmental
Energy Investment (Beijing) Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt; font-weight: normal; font-variant: normal; color: black; letter-spacing: 0pt">Authorized
Signatory:</FONT> <FONT STYLE="color: windowtext"><U>/s/ Hong Ma</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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<TYPE>EX-2.7
<SEQUENCE>8
<FILENAME>ff12017ex2vii_retoeco.htm
<DESCRIPTION>EQUITY TRANSFER AGREEMENT - BEIJING REIT TECHNOLOGY DEVELOPMENT CO., LTD.
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.7</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/17pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 1pt; text-align: center; background-color: Transparent"><FONT STYLE="letter-spacing: 1pt"><B>Equity
Transfer Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">REIT Environmental Building Material (Changjiang)
Co., Ltd (hereinafter referred to as &quot;Joint Venture Company&quot;) was established in Changjiang County on November 22, 2011,
currently it is the joint venture of Zhongrong Environmental Energy Investment (Beijing) Co., Ltd. (hereinafter referred to as
&quot;Party A&quot;), Beijing REIT Technology Development Co., Ltd. (hereinafter referred to as &quot;Party B&quot;, whose original
shareholders are Hengfang Li, Guangfeng Dai, Degang Hou and Zhizhong Hu (hereinafter referred to as &ldquo;Party C&rdquo;)) and
Venture Business International Limited (hereinafter referred to as &quot;Party C&quot;), and its registered capital is RMB118.60
million, among them, Party A owns 67.03% of equity of Joint Venture Company. Party A is willing to transfer 67.03% of the equity
of Joint Venture Company owned by it to Party B, and Party B is willing to be the transferee. Now, pursuant to the stipulations
of &quot;Company Law of the People's Republic of China&quot; and &quot;Contract Law of the People's Republic of China&quot;, by
mutual agreement, regarding the matters of equity transfer, Party A and Party B have reached to the following agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price of equity transfer,
payment term and method of transfer payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party C entrusted Party A to hold its equity interest in Joint Venture Company, which accounted for 67.03%,
pursuant to the stipulations of original Joint Venture Company Contract, Party B shall contribute RMB 79.5005 million and has actually
contributed RMB 79.5005 million. Now, Party A will transfer 67.03% of the equity of Joint Venture Company owned by it to Party
B at the price of RMB 79.5005 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
3 months as of the effective date hereof, Party B shall pay the equity transfer payment to Party A in the currency and at the amount
as prescribed in preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party A guarantees
to have the complete right of disposition to the equity planned to be transferred to Party B, and guarantees that such equity has
not been set with pledge, nor been sealed up, and is exempted from any recourse of the third person, otherwise Party A shall bear
all economic and legal responsibilities arising therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sharing of profit
and loss (including claims and debts) of Joint Venture Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
this Agreement has become effective, Party B will enjoy the profits of Joint Venture Company and bear corresponding risks and losses
according to the proportion of transferred equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Party A fails to truthfully inform Party B the debts assumed before transferring the equity of Joint Venture Company when signing
this Agreement, and thereby causing Party B suffering losses after becoming the shareholder of Joint Venture Company, Party B is
entitled to claim compensation from Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Default responsibility:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
this Agreement has become effective, both parties shall conscientiously perform it, either party who fails to fully perform the
obligations stipulated herein shall undertake the responsibility according to the stipulations of law and this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Party B fails to pay the equity transfer payment as scheduled, for each overdue day, Party B shall pay Party A 0.05% of the overdue
transfer payment as liquidated damages. In case of loss of Party A caused by the default of Party B, and if the amount of liquidated
damages paid by Party B is less than the actual loss amount, Party B shall compensate otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
due to the reason of Party A, Party B cannot carry out the change of registration as scheduled, or it seriously affects Party B's
realization of the purpose of concluding this Agreement, Party A shall pay Party B the liquidated damages according to 0.05% of
the transfer payment already paid by Party B. In case of loss of Party B caused by the default of Party A, and if the amount of
liquidated damages paid by Party A is less than the actual loss amount, Party A shall compensate otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modification or dissolution
of agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">By mutual agreement, both parties may modify
or dissolve this Agreement. In case of modification or dissolution of this Agreement through consultation, both parties shall otherwise
sign the agreement for modification or dissolution, and have it notarized by Hainan Notary Public Office and submitted to examination
and approval authority for approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bearing of relevant
expenses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">Relevant expenses (such as the expenses for notarization,
assessment or auditing, industrial and commercial registration of changes etc.) incurred in the course of this equity transfer
shall be borne by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispute settlement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 21pt">In case of any dispute arising herefrom or related
hereto, both parties shall settle through friendly consultation, if consultation fails, either party may apply to local arbitration
committee for arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Entry-into-force condition:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">VIII. This Agreement will enter into force after the signature of
both parties and the approval of examination and approval authority. Both parties shall go to the industrial and commercial administration
authority to go through formalities for change of registration within thirty days after this Agreement has entered into force.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is
made in six copies, the Joint Venture Company, Party A and Party B each hold one copy, the rest will be submitted to relevant
departments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Party A:</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Party B:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Signature:&nbsp;&nbsp;/s/ Hong Ma</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Signature:&nbsp;&nbsp;/s/ Hengfang Li</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Party C: <BR>
/s/ Hengfang Li<BR>
/s/ Guangfeng Dai</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">/s/ Degang Hou</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">/s/ Zhizhong Hu</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">January 10, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0.4pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-2.8
<SEQUENCE>9
<FILENAME>ff12017ex2viii_retoeco.htm
<DESCRIPTION>SUPPLEMENTARY AGREEMENT ESTABLISH REIT XINYI
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<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 2.8</B></FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Supplementary
Agreement to &ldquo;Contract of Establishing REIT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Circular Economy Industrial Park (Xinyi) Co., Ltd. by Xinyi</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transportation Investment
Co., Ltd. and Beijing REIT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Technology Development Co., Ltd.&rdquo;</B></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
    A:</FONT></TD>
    <TD STYLE="width: 92%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xinyi
    Transportation Investment Co., Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
    B:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
    REIT Technology Development Co., Ltd.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&ldquo;Contract of Establishing REIT Circular Economy Industrial Park (Xinyi) Co., Ltd. by Xinyi Transportation Investment Co.,
Ltd. and Beijing REIT Technology Development Co., Ltd.&rdquo; (Contract No.: XYRT-2014-10-001) signed by and between Party A and
Party B on November 17, 2014 agrees that: both parties will jointly invest RMB100 Million only to establish &ldquo;REIT Circular
Economy Industrial Park (Xinyi) Co., Ltd. &rdquo; (afterwards the name officially registered is &ldquo;REIT New Materials Xinyi
Co., Ltd.&rdquo;, hereinafter referred to as &ldquo;joint venture company&rdquo;) in Xinyi City. Among them, Party A will contribute
RMB30 Million only by means of offering the right to use the land of 310 mu, accounting for 30%; and Party B will contribute RMB70
Million only by means of equipment and cash, accounting for 70%. Given that the land parcel planned to be contributed by Party
A is the gratis land, contribution procedures cannot be carried out directly through industry and commerce department; if the
joint venture company intends to use such land parcel for project construction, it can only participate in the bidding in the
land auction market pursuant to law after the government has resumed the land as reserve first. Therefore, through friendly consultation,
both parties again reach to the following supplementary agreements to jointly comply with:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
1:&#9;Business scope and term of joint venture company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
                                         scope: research and development, production and sales of all kinds of environment friendly
                                         building materials needed in industrial and civil buildings, municipal engineering, hydraulic
                                         engineering and transportation engineering; development of and consulting on new building
                                         material technologies; project construction, construction and operating management of
                                         circular economy industrial park; e-commerce for new building materials, development
                                         and manufacturing of environment protection equipment, and development and production
                                         of new materials etc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
                                         term: long term.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
2:&#9;Domicile of joint venture company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
domicile: No. 9, Guzhen Avenue, Xinyi City.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
3:&#9;Organization form of joint venture company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organization
form: limited liability company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
4:&#9;Project basic information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
project is divided into two phases of construction: Phase 1 construction mainly focuses on the business of producing ecological
and environment friendly building materials and high purity quartz sand, totally about RMB1.1 Billion will be invested in the
project, with annual production of 1 million cubic meters of new building materials, 800 thousand cubic meters of high quality
imitated marble floorings, 1.2 million cubic meters of commercial concrete and bituminous concrete, 1 million tons of nanometer
active micro powders and 1 million tons of high purity quartz sands; besides, it also involves in the manufacturing and research
and development of environment protection equipment, and the project covers an area of about 500 mu; Phase 2 construction will
expand e-commerce for new building materials, logistics park and other businesses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
5:&#9;Amount and method of contribution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         registered capital of joint venture company is RMB100 Million only. Among them, Party
                                         A contributes RMB30 Million only in cash, accounting for 30% of the total registered
                                         capital; and Party B contributes RMB70 Million only in cash, accounting for 70% of the
                                         total registered capital.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
                                         one month after signing this agreement, Party A shall pay 50% of the subscribed contribution
                                         amount (RMB15 Million only) into the account of joint venture company, and the rest part
                                         shall be paid within 5 years as consulted by both parties according to the actual demand
                                         of project construction; before the first contribution of Party A, Party B shall pay
                                         no less than 50% of the subscribed contribution amount (&ge;RMB35 Million only), and
                                         the rest shall be paid off by installments before the second contribution of Party A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
6:&#9;Registration of joint venture company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the joint venture company has already registered for establishment pursuant to law, both parties hereby appoint representative
of Party B to revise the originally formulated &ldquo;Articles of Association&rdquo; according to relevant spirits of this agreement,
and go through supplementary registration pursuant to law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
7:&#9;Profit sharing and loss bearing</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B is commissioned to be fully in charge of project construction and operation, and Party
                                         A will not participate in specific management and operation of the enterprise.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18
                                         months as of the date of obtaining &ldquo;Construction Permit&rdquo; by joint venture company
                                         is the project construction period. During such period, Party A and Party B will not
                                         participate in joint venture company&rsquo;s profit distribution.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
                                         the expiry of construction period, both parties will share the earnings according to
                                         investment ratio, but Party B shall bear the operational risks. Party B promises to give
                                         Party A 10% of the actual contribution amount per year as the guaranteed returns, namely
                                         if the annual operating profits of joint venture company cannot guarantee Party A over
                                         10% (inclusive) of earnings, then the insufficient part thereof shall be made up by Party
                                         B.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
8:&#9;Organization structure of joint venture company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         joint venture company will be operated and managed completely according to the modern
                                         enterprise system. Board of Directors is comprised of 5 directors, and 2 of them are
                                         recommended by Party A whilst 3 of them are recommended by Party B; the President will
                                         be recommended by Party B whilst the Vice President will be recommended by Party A.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
                                         of Supervisors is comprised of 3 supervisors; 1 of them is recommended by Party A whilst
                                         2 of them are recommended by Party B, and the Chairman of Board of Supervisors will be
                                         recommended by Party A.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specific
                                         functions of Board of Directors and Board of Supervisors will be stipulated in Articles
                                         of Association.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         joint venture company sets 1 General Manager, who will be nominated by Party B and employed
                                         by Board of Directors; and the setting of other operating and management organs will
                                         be otherwise formulated in &ldquo;Articles of Association&rdquo; according to the requirements
                                         of modern enterprise system.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
9:&#9;Special agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
                                         expiry of construction period and two years of normal operation of joint venture company,
                                         Party A is entitled to ask Party B to acquire the stock right of joint venture company
                                         held by Party A, and Party B shall agree to acquire it.The acquisition price is the original
                                         stock price held by Party A. After completion of the acquisition, Party A will withdraw
                                         from joint venture company.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the area where the project is located, Party A provides the joint venture company 2 quay
                                         berths at the south of harbor operational zone, and exempts 10 years of lease expense.
                                         After 10 years, corresponding preferential policy will be offered according to market
                                         quotation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         order to guarantee the product technology content and leading advantage of joint venture
                                         company, joint venture company plans to establish new materials research institute and
                                         test center, Party A shall assist Party B to lease 500-800 square meters of house for
                                         use by research personnel, and the lease expense thereof shall be borne by joint venture
                                         company. To all kinds of high-end technical talents introduced, Party A shall give them
                                         subsidies and care in the aspects of living and housing security etc. according to the
                                         spirits of relevant documents issued by municipal party committee and municipal government
                                         of Xinyi City.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
10:&#9;Both parties&rsquo; rights and obligations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         A&rsquo;s rights and obligations</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsible
                                         for the backfill, compaction and leveling of park area, and the construction of peripheral
                                         rainwater and sewage networks of the park.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Help
                                         joint venture company to win over all kinds of special funds provided by the state, provincial
                                         and municipal government in supporting the enterprise development; coordinate with Xinyi
                                         economic development zone to help joint venture company to be able to enjoy preferential
                                         policies offered by Xinyi municipal government for investment invitation pursuant to
                                         law (including but not limited to: all kinds of taxes and policy charges, land transfer
                                         fee and land index allocation etc.), and, when necessary, try to ask the municipal government
                                         to solve the prominent problems encountered by joint venture company by means of &ldquo;one
                                         discussion over each issue&rdquo;.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coordinate
                                         with municipal government to make the project be listed as key construction project of
                                         Xinyi City, coordinate with development zone to ensure the water supply and power supply
                                         needed for project construction and operation, assist joint venture company in accomplishing
                                         all kinds of formalities for project construction application, and assist joint venture
                                         company in going through all kinds of formalities for land auction.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assist
                                         joint venture company in applying for mining permit for raw materials needed for the
                                         project, such as quartz sands (annual mining of 1 million tons), ordinary sands and gravels
                                         (annual mining of 1 million cubic meters), and going through relevant formalities.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coordinate
                                         with relevant department to actively support the promotion and application of new environment
                                         friendly building materials in Xinyi, and to win over as the products of joint venture
                                         company preferentially adopted in government project under the same conditions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(II)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B&rsquo;s rights and obligations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ensure
                                         that the joint venture company is registered in Xinyi City, and pay relevant taxes and
                                         expenses to local authority.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsible
                                         for introducing its own advanced technologies into the park, and work with other technology
                                         partners to establish new building materials and equipment R&amp;D center in the park.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         project construction must conform with the overall planning of Xinyi economic development
                                         zone and Lingang Industrial Park, and meet the requirements in environment protection,
                                         energy saving and fire protection etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
11:&#9;Responsibility for breach of contract</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Either
                                         party who fails to pay up the subscribed contribution within a time limit agreed herein
                                         will be deemed as breach of contract. The breaching party shall pay the non-breaching
                                         party 0.05% of the contribution amount in arrear every day as liquidated damages, until
                                         the correction has been made.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         this contract cannot be performed or fully performed due to the fault of either party,
                                         then the fault party shall bear the loss of the other party caused by its behavior.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         data, information and reports of both parties provided according to this agreement shall
                                         be kept confidential. Without unanimous consent of both parties, neither party may disclose
                                         any content to individuals or organizations irrelevant to this agreement; otherwise the
                                         fault party shall bear the loss of the other party caused by its behavior.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article
12:&#9;Supplementary provisions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         other matters not covered herein, both parties will otherwise sign supplementary agreement
                                         through consultation, and any supplementary agreement signed based on this agreement
                                         shall have the same legal effect as this agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case of any dispute arising from the performance of this agreement, both parties shall
                                         settle it through friendly consultation. If consultation fails, either party may file
                                         a lawsuit to the people&rsquo;s court in the place where the joint venture company is registered.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         all kinds of contracts and agreements signed by and between both parties previously,
                                         in case of any discrepancy with this agreement, this agreement shall prevail.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         agreement is made in quadruplicate, and each party holds two copies respectively.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         agreement will become effective as of the date of signature and seal by both parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seal
                                         of Party A:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xinyi
        Transportation Investment Co., Ltd. (Seal)</FONT></P></TD>
    <TD STYLE="width: 50%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seal
                                         of Party B:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
        REIT Technology Development Co., Ltd. (Seal)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative
                                         signature:&nbsp; <U>/s/  Ge Yijun&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative
                                         signature: <U>/s/ Li Hengfang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
28, 2016</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.9
<SEQUENCE>10
<FILENAME>ff12017ex2ix_retoeco.htm
<DESCRIPTION>REIT INDIA JOINT VENTURE AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.9</B></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JOINT
VENTURE AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
AGREEMENT is made at Mehesana this 1st day of Dec 2015 between <B>Beijing REIT Technology Development Co. Ltd. </B>Through its
Authorized Signatory Mr. Dai Guangfeng, Age-53 years, Occ-Service, having their office at Room 702, Tower X Runfeng Deshang Yuan,
No,60 Anli Road, Beijing , China, Sip code 100101 hereinafter referred to as <B>&lsquo;the Foreign Company&rsquo; </B>of the One Part and
<B>Q Green Techcon Private Limited, </B>Company incorporated under companies act 2013, having its office address at B/402, Sahaj
Flights, Village: Panchot, Taluka: Mahesana, Mehesana -384002 through its Director Shri Nitin Karande, hereinafter referred to
as <B>&lsquo;Indian Company&rsquo; </B>of the Other Part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS
the Foreign Company is carrying on the business of manufacturing, trading, exporting Concrete Blocks making machines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND
WHEREAS after holding negotiations the Foreign Company and Indian Company have decided to set-up a joint venture company in India
for Concrete Block making machines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND
WHEREAS approvals or permissions of the Government of India and other concerned authorities will be obtained by the parties to
incorporate Company in India.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND
WHEREAS the proposed company be hereinafter referred to as <B>&lsquo;Indian JV Company&rsquo;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
IT IS AGREED BETWEEN THE PARTIES HERETO AS FOLLOWS:-</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 29px">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 24px">1.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">The Foreign company and India company have agreed to Register a JV Company with the Government of India named &rdquo; REIT Q GREEN
MACHINES PRIVATE LIMITED&rdquo; approved by the concern authority.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    agreed by both party, JV company will take CHHATRAL, GUJARAT as the ideal registration place and deal with all the business
    there under India law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    License for importing the said machinery will be obtained by the proposed Indian JV Company and be authorized to do necessary
    documentation as well as application for the same.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    parties have agreed that the Foreign company shall hold 51% of shares and Indian Company shall hold 49% shares in proposed
    Indian JV Company. The Indian Company and Foreign Company may authorized their representative who may subscribe or do necessary
    acts on behalf of the Foreign company and the Indian Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    registered capital of JV company are USD 99000 and the capital infusions should be cash only. According to the share ratio,
    the foreign company should arrange USD 50490 to JV company official account within one year in three times, the first
    remittance     are USD 1000 before April 20<SUP>th</SUP>, 2016; Second remittance are USD 30000 before July 30<SUP>th</SUP>,
    2016; the last     remittance are USD 19490 before Dec 31<SUP>st</SUP>, 2016. While the Indian company need to inject the
    full     capital USD 48510     before July 30<SUP>th</SUP>, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Indian JV Company initially shall have Indian Directors, Mr. Nitin Karande &amp; Mr. Nitish Modi on the board of Directors.
    The Foreign Company may also have its Directors on the Board, Mr. Dai Guang feng &amp; Mr. Xiao Wei.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    required by the Indian JV Company the Foreign Company will depute their one or more technicians as will be required. to India
    for equipping the technicians of the Indian JV Company with full knowledge about the installation and working of the machinery
    as well as to help the technicians of the Indian JV Company in Installing and putting In working order the machinery supplied
    to any customers of the Indian JV Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Indian JV Company may Initially start to manufacture RT4C, RT5C and RT6C semi automatic production line in India. All the
    orders     for supply of RT4C, RT5C and RT6C semi automatic production line within the territorial jurisdiction of India
    shall     be taken in the name of Joint Venture.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apart
from above, other products or machines shall still be provided by the Foreign Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Indian JV Company may have the right to choose its
own supplier except some essential parts like vibration table, Hydraulic station and control system, as the same shall be supplied
by the Foreign Company. The Indian Company shall have the priority to provide the processing part and do the assembling work for
the Indian JV Company.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Foreign Company warrants the quality and utility of the machinery for which it is intended and if any item of machinery is
    found to be defective in the manufacture thereof or in manufacturing the products which it is intended to produce, the
    Foreign Company will make good the defect at its own costs by deputing its technicians to India at their own
    costs</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It has been agreed and decided that both of the Parties
shall provided the excellent quality processing parts to Joint Venture with their manufacture cost. According to the marketing
information shared by Indian company, the Indian JV Company will start to manufacture RT4C first.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Indian JV Company shall appoint an executive to
the office for organizational structure &amp; management regulations, further office bearers to handle the day to day working
of the Indian JV Company. The Indian JV Company shall carry on quarterly audit and report the same to both the parties, Foreign
Company and Indian Company.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Indian Company may carry the business to manufacture
the same machines or same equipment only after the permission of the Foreign Company. The Indian Company may accept the agency
of any other manufacturer manufacturing similar machinery with the permission of the Foreign Company.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px; padding: 0; text-indent: 0">14.</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">All payments to be made by the Indian Company to the Foreign Company and vice versa will be subject to the approval of the Reserve
Bank of India and will be subject to such terms and conditions as the said Bank will stipulate.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any term of this agreement which is inconsistent with
or contrary to any term or condition to be observed by Government authorities shall be treated as void and of no effect.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This agreement will be treated as terminated on the
happening of any of the events below mentioned:</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;If any party hereto commits breach of any provisions of this agreement and the party who is alleged to have committed breach is
served with a notice by the other party, three months prior to the intended date of termination by the other party and the former
party has failed to amend the breach within the said period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;If any event happens which will make the performance of this agreement impossible including any force majeure event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;If either the Indian Company or the Foreign Company goes in either voluntary or compulsory liquidation according to or under the
law by which it is governed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;
If the parties hereto mutually agree to terminate this agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The validity of this agreement and effect or meaning
of the terms hereof will be decided according to the Indian Law.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute or difference arising between
the parties hereto or as to the rights and obligations under this agreement or as to any claim, monetary or otherwise of one party
against the other or as to the Interpretation and effect of any terms and conditions of this agreement, such dispute or difference
shall be referred to arbitration of a common Arbitrator if agreed upon or otherwise to two Arbitrators, one to be appointed by
each of the parties to this agreement and such Arbitration shall be governed by the Indian Arbitration &amp; Conciliation Act,
1996 subject to jurisdiction of India.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each of the parties hereto shall be deemed to include
its successors or permitted assigns.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF the parties have put their respective seals the day and year first herein above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common seal of M/s. Q Green Techcon Pvt Ltd., is hereunto affixed pursuant to the resolution of the Board of Directors dated
Dec 1<SUP>st</SUP>, 2015 in the presence of Mr. Nitin Karande, a Director duly authorized in that behalf;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 0; padding-left: 0; font: 10pt Times New Roman,serif; padding-top: 0; text-indent: 0; border-bottom: Black 1.5pt solid">/s/ Nitin Karande</TD>
    <TD STYLE="width: 60%; padding-right: 0; padding-left: 0; font: 10pt Times New Roman,serif; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nitin
Karande</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director
of Q Green Techcon Pvt Ltd</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
common seal of M/s. <B>Beijing REIT Technology Development Co. Ltd. </B>Through its Authorized Signatory Mr. Dai Guangfeng., is
hereunto affixed pursuant to the resolution of the Board of Directors dated Dec 1<SUP>st</SUP>, 2015 in the presence of Mr. Dai
Guangfeng</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman,serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Dai Guangfeng</FONT></TD>
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman,serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mr.
Dai Guangfeng</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For,
Beijing REIT Technology Development Co. Ltd</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witnesses;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    ___________________</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
    ___________________</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;5</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>11
<FILENAME>ff12017ex3i_retoeco.htm
<DESCRIPTION>MEMORANDUM AND ARTICLES OF ASSOCIATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 3.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BVI
COMPANY NUMBER: 1885527 </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERRITORY
OF THE BRITISH VIRGIN ISLANDS</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
BVI BUSINESS COMPANIES ACT, 2004</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MEMORANDUM
AND ARTICLES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OF
ASSOCIATION</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OF</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ReTo
Eco-Solutions, Inc. </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A
COMPANY LIMITED BY SHARES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Incorporated on the 7th day of August, 2015</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INCORPORATED IN THE BRITISH VIRGIN ISLANDS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERRITORY
OF THE BRITISH VIRGIN ISLANDS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
BVI BUSINESS COMPANIES ACT, 2004</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MEMORANDUM OF ASSOCIATION</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OF</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ReTo
Eco-Solutions, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A COMPANY LIMITED BY SHARES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 139.95pt 0pt 128.75pt; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEFINITIONS
AND INTERPRETATION</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Memorandum of Association and the Articles of Association of the Company, if not inconsistent with the subject or context:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 19.4pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 17.8pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Act</B>&rdquo;
means the BVI Business Companies Act, 2004 (No. 16 of 2004) and includes the regulations made under the Act;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 17.8pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Articles</B>&rdquo;
means the Articles of Association of the Company;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Chairman
of the Board</B>&rdquo; has the meaning specified in Regulation 12;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.05pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Distribution</B>&rdquo;
in relation to a distribution by the Company to a Shareholder means the direct or indirect transfer of an asset, other than Shares,
to or for the benefit of the Shareholder, or the incurring of a debt to or for the benefit of a Shareholder, in relation to Shares
held by a Shareholder, and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of Shares,
a transfer of indebtedness or otherwise, and includes a dividend;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.05pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Memorandum</B>&rdquo;
means this Memorandum of Association of the Company;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.7pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Person</B>&rdquo;
includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations
of persons;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.7pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 16.2pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Registrar</B>&rdquo;
means the Registrar of Corporate Affairs as appointed under section 229 of the Act;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 16.2pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Resolution
of Directors</B>&rdquo; means either:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8.95pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a resolution at a duly convened and constituted meeting of directors of the Company
by the affirmative vote of a majority of the directors present at the meeting who voted except that where a director has given
more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority; or</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8.95pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.55pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a resolution consented to in writing or by telex, telegram, cable or other written electronic
communication by a majority of the directors of the Company. A written resolution consented to in such manner may consist of several
documents including written electronic communication, in like form each signed or assented to by one or more directors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.55pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Resolution
of Shareholders</B>&rdquo; means either:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 28.35pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a resolution approved at a duly convened and constituted meeting of the Shareholders
of the Company by the affirmative vote of a majority of in excess of 50</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 28.35pt 0pt 70.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 28.35pt 0pt 70.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 28.35pt 0pt 70.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 28.35pt 0pt 70.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">percent of the votes of the Shares entitled to vote thereon
which were present at the meeting and were voted; or</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 28.35pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 19.8pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a resolution consented to in writing by a majority of in excess of 50 percent of the
votes of Shares entitled to vote thereon;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 19.8pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Seal</B>&rdquo;
means any seal which has been duly adopted as the common seal of the Company;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 34.95pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Securities</B>&rdquo;
means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights
to acquire Shares or debt obligations;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 34.95pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Share</B>&rdquo;
means a share issued or to be issued by the Company;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 16.1pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Shareholder</B>&rdquo;
means a Person whose name is entered in the register of members as the holder or one or more Shares or fractional Shares;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 16.1pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 37.55pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Treasury
Share</B>&rdquo; means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and
not canceled; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 37.55pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.8pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Written</B>&rdquo;
or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic,
optical, electromagnetic, biometric or photonic means, including electronic data interchange, data interchange, electronic mail,
telegram, telex or telecopy, and &ldquo;<B>in writing</B>&rdquo; shall be construed accordingly.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.8pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the Memorandum and the Articles, unless the context otherwise requires a reference to:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.3pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 89.9pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a &ldquo;<B>Regulation</B>&rdquo; is a reference to a regulation of the Articles; (b) &nbsp;a &ldquo;<B>Clause</B>&rdquo; is
a reference to a clause of the Memorandum;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 89.9pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 32.8pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;voting by Shareholders is a reference to the casting of votes attached to the Shares
held by the Shareholder voting;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 32.8pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 34.8pt 0pt 70.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Act, the Memorandum or the Articles is a reference to the Act or those documents
as amended or, in the case of the Act, any re-enactment thereof and any subsidiary legislation made thereunder; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 34.8pt 0pt 70.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the singular includes the plural and vice versa.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
words or expressions defined in the Act unless the context otherwise requires bear the same meaning in the Memorandum and the
Articles unless otherwise defined herein.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15.5pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings
are inserted for convenience only and shall be disregarded in interpreting the Memorandum and the Articles.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.3in 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 43.55pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
name of the Company is ReTo Eco-Solutions, Inc. The name of the Company may be changed and this Clause thereby amended by a Resolution
of the Directors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 43.55pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATUS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a company limited by Shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTERED
                                         OFFICE AND REGISTERED AGENT</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
first registered office of the Company is at P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola, British Virgin Islands,
the office of the first registered agent.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 26.4pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
first registered agent of the Company is Offshore Incorporation Limited of P.O. Box 957, Offshore Incorporation Centre, Road Town,
Tortola, British Virgin Islands.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 13.2pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may by Resolution of Shareholders or by Resolution of Directors, change the location of its registered agent or change
its registered agent.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15.5pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
change of registered office or registered agent will take effect on the registration by the Registrar of a notice of the change
filed by the existing registered agent or a legal practitioner in the British Virgin Islands acting on behalf of the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15.4pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAPACITY
                                         AND POWERS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 29.4pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 30.6pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;full capacity to carry on or undertake any business or activity, do any act or enter
into any transaction; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 30.6pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the purposes of paragraph (a), full rights, powers and privileges.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.05pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NUMBER
                                         AND CLASSES OF SHARES</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
in the Company shall be issued in the currency of the United States of America.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue a maximum of 200,000,000 Shares of a single class each with a par value of US$0.001.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 16.6pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company may issue fractional Shares and a fractional Share shall have the corresponding fractional rights, obligations and liabilities
of a whole Share of the same class or series of Shares.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.65pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
may be issued in one or more series of Shares as the directors may by Resolution of Directors determine from time to time.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15.5pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RIGHTS
                                         OF SHARES</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Share confers upon the Shareholder:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 23.7pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the right to one vote at a meeting of the Shareholders or on any Resolution of Shareholders;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 23.7pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the right to an equal share in any dividend paid by the Company; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 46.5pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the right to an equal share in the distribution of the surplus assets of the Company
on its liquidation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 46.5pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 46.5pt 0pt 70.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 46.5pt 0pt 70.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be Resolution of Directors redeem, purchase or otherwise acquire all or any of the Shares subject to Regulation 3
of the Articles.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 14.95pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VARIATION
                                         OF RIGHTS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
at any time the Shares are divided into different classes, the rights attached to any class may only be varied, whether or not
the Company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by the holders of not less
than 50 percent of the issued Shares in that class.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RIGHTS
                                         NOT VARIED BY THE ISSUE OF SHARES PARI PASSU</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 13.9pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights conferred upon the holders of the Shares of any class shall not, unless otherwise expressly provided by the terms of issue
of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking pari passu therewith.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 13.9pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTERED
SHARES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall issue Registered Shares only.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is not authorized to issue Bearer Shares, convert Registered Shares to Bearer Shares or exchange Registered Shares for
Bearer Shares.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 31.6pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSFER
OF SHARES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall, on receipt of an instrument of transfer complying with Sub- Regulation
6.1 of the Articles, enter the name of the transferee of a Share in the register of members unless the directors resolve to refuse
or delay the registration of the transfer for reasons that shall be specified in a Resolution of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder has failed to pay an amount due in
respect of the Share.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 43.35pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDMENT
OF THE MEMORANDUM AND THE ARTICLES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Clause 8, the Company may amend the Memorandum or the Articles by Resolution of Shareholders or by Resolution of Directors,
save that no amendment may be made by Resolution of Directors:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 18.75pt 0pt 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 18.95pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to restrict the rights or powers of the Shareholders to amend the Memorandum or the
Articles;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 18.95pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 38.15pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to change the percentage of Shareholders required to pass a Resolution of Shareholders
to amend the Memorandum or the Articles;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 38.15pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 13.55pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in circumstances where the Memorandum or the Articles cannot be amended by the Shareholders;
or</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 13.55pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Clauses 7, 8, 9 or this Clause 12.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
amendment of the Memorandum or the Articles will take effect on the registration by the Registrar of a notice of amendment, or
restated Memorandum and Articles, filed by the registered agent.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 19.7pt 0pt 35.05pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 19.7pt 0pt 35.05pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 19.7pt 0pt 35.05pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
OFFSHORE INCORPORATIONS LIMITED of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands for
the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of
Association the 7th day of August, 2015.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporator</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<IMG SRC="img010.jpg" ALT=""></FONT></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%; padding-bottom: 2.5pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(Sd.) Rexella D. Hodge</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Authorised Signatory</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>OFFSHORE INCORPORATIONS LIMITED</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TERRITORY OF THE BRITISH VIRGIN ISLANDS THE BVI
BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52.2pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>COMPANIES ACT, 2004</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 156.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLES OF ASSOCIATION OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ReTo Eco-Solutions, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>A COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 128.75pt; text-indent: 28.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>REGISTERED SHARES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.1.</TD><TD>Every Shareholder is entitled, on request to a certificate signed by a director or officer of the Company, or any other person
authorised by Resolution of Directors, or under the Seal specifying the number of Shares held by him and the signature of the director,
officer or authorised person and the Seal may be facsimiles.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.2.</TD><TD>Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers harmless from any
loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any person by
virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn out
certificate or on satisfactory proof of its loss together with such indemnity as may be required by Resolution of Directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.3.</TD><TD>If several Persons are registered as joint holders of any Shares, any one of such Persons may give an effectual receipt for
any Distribution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><B>2.</B></TD><TD><B>SHARES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.1.</TD><TD>Shares and other Securities may be issued at such times, to such Persons, for such consideration and on such terms as the directors
may by Resolution of Directors determine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.2.</TD><TD>Section 46 of the Act (Pre-emptive rights) does not apply to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.3.</TD><TD>A Share may be issued for consideration in any form, including money, a promissory note, or other written obligation to contribute
money or property, real property, personal property (including goodwill and know-how), services rendered or a contract for future
services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.4.</TD><TD>The consideration for a Share with par value shall not be less than the par value of the Share. If a Share with par value is
issued for consideration less than the par value, the person to whom the Share is issued is liable to pay to the Company an amount
equal to the difference between the issue price and the par value.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.5.</TD><TD>No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been passed stating:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the amount to be credited for the issue of the Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the determination of the directors of the reasonable present cash value of the non-money consideration for the issue; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>that, in the opinion of the directors, the present cash value of the non-money consideration for the issue is not less than
the amount to be credited for the issue </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt">&nbsp;</TD><TD STYLE="width: 33.1pt">&nbsp;</TD><TD>of the Shares.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.6.</TD><TD>The consideration paid for any Share, whether a par value Share or a no par value Share, shall not be treated as a liability
or debt of the Company for the purposes of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt">(a)</TD><TD>the solvency test in Regulations 3 and 18; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt">(b)</TD><TD>sections 197 and 209 of the Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt">2.7.</TD><TD>The Company shall keep a register (the &ldquo;register of members&rdquo;) containing:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt">(a)</TD><TD>the names and addresses of the Persons who hold Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt">(b)</TD><TD>the number of each class and series of Shares held by each Shareholder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt">(c)</TD><TD>the date on which the name of each Shareholder was entered in the register of members; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt">(d)</TD><TD>the date on which any Person ceased to be a Shareholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">2.8.</TD><TD STYLE="text-align: left">The register of members may be in any such form as the
directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible
evidence of its contents. Until the directors otherwise determine, the magnetic, electronic or other data storage form shall be
the original register of members.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">2.9.</TD><TD STYLE="text-align: left">A Share is deemed to be issued when the name of the Shareholder
is entered in the register of members.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3pt"></TD><TD STYLE="width: 35pt"><B>3.</B></TD><TD><B>REDEMPTION OF SHARES AND TREASURY SHARES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">3.1.</TD><TD STYLE="text-align: left">The Company may purchase, redeem or otherwise acquire
and hold its own Shares in such manner and upon such other terms as the directors may agree with the relevant Shareholder(s) save
that the Company may not purchase, redeem or otherwise acquire its own Shares without the consent of Shareholders whose Shares
are to be purchased, redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum
or Articles to purchase, redeem or otherwise acquire the Shares without their consent.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">3.2.</TD><TD STYLE="text-align: left">The Company may only offer to purchase, redeem or otherwise
acquire Shares if the Resolution of Directors authorising the purchase, redemption or other acquisition contains a statement that
the directors are satisfied, on reasonable grounds, that immediately after the acquisition the value of the Company&rsquo;s assets
will exceed its liabilities and the Company will be able to pay its debts as they fall due.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">3.3.</TD><TD STYLE="text-align: left">Sections 60 (Process for purchase, redemptions or other
acquisitions of own shares), 61 (Offer to one or more shareholders) and 62 (Shares redeemed otherwise than at the option of company)
of the Act shall not apply to the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">3.4.</TD><TD STYLE="text-align: left">Shares that the Company purchases, redeems or otherwise
acquires pursuant to this Regulation may be cancelled or held as Treasury Shares except to the extent that such Shares are in
excess of 50 percent of the issued Shares in which case they shall be cancelled but they shall be available for reissue.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">3.5.</TD><TD STYLE="text-align: left">All rights and obligations attaching to a Treasury Share
are suspended and shall not be exercised by the Company while it holds the Share as a Treasury Share.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">3.6.</TD><TD STYLE="text-align: left">Treasury Shares may be transferred by the Company on
such terms and conditions (not otherwise inconsistent with the Memorandum and the Articles) as the Company may by Resolution of
Directors determine.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">3.7.</TD><TD STYLE="text-align: left">Where Shares are held by another body corporate of which
the Company holds, directly or indirectly, Shares having more than 50 percent of the votes in the election of directors of the
other body corporate, all rights and obligations attaching to the Shares held by the other body corporate are suspended and shall
not be exercised by the other body corporate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3pt"></TD><TD STYLE="width: 35pt"><B>4.</B></TD><TD><B>MORTGAGES AND CHARGES OF SHARES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">4.1.</TD><TD STYLE="text-align: justify">Shareholders may mortgage or charge their Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">4.2.</TD><TD STYLE="text-align: justify">There shall be entered in the register of members at
the written request of the Shareholder:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">a statement that the Shares held by him are mortgaged
or charged;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">the name of the mortgagee or chargee; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">the date on which the particulars specified in subparagraphs
(a) and (b) are entered in the register of members.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">4.3.</TD><TD STYLE="text-align: justify">Where particulars of a mortgage or charge are entered
in the register of members, such particulars may be cancelled:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">with the written consent of the named mortgagee or chargee
or anyone authorised to act on his behalf; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(b)</TD><TD STYLE="text-align: left">upon evidence satisfactory to the directors of the discharge
of the liability secured by the mortgage or charge and the issue of such indemnities as the directors shall consider necessary
or desirable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">4.4.</TD><TD STYLE="text-align: justify">Whilst particulars of a mortgage or charge over Shares
are entered in the register of members pursuant to this Regulation:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">no transfer of any Share the subject of those particulars
shall be effected;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">the Company may not purchase, redeem or otherwise acquire
any such Share; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">no replacement certificate shall be issued in respect
of such Shares,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.1pt">without the written consent of the named mortgagee
or chargee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3pt"></TD><TD STYLE="width: 35pt"><B>5.</B></TD><TD><B>FORFEITURE</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">5.1.</TD><TD STYLE="text-align: left">Shares that are not fully paid on issue are subject to
the forfeiture provisions set forth in this Regulation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">5.2.</TD><TD STYLE="text-align: left">A written notice of call specifying the date for payment
to be made shall be served on the Shareholder who defaults in making payment in respect of the Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">5.3.</TD><TD STYLE="text-align: left">The written notice of call referred to in Sub-Regulation
5.2 shall name a further date not earlier than the expiration of 14 days from the date of service of the notice on or before which
the payment required by the notice is to be made and shall contain a statement that in the event of non-payment at or before the
time named in the notice the Shares, or any of them, in respect of which payment is not made will be liable to be forfeited.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">5.4.</TD><TD STYLE="text-align: left">Where a written notice of call has been issued pursuant
to Sub-Regulation 5.3 and the requirements of the notice have not been complied with, the directors may, at any time before tender
of payment, forfeit and cancel the Shares to which the notice relates.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">5.5.</TD><TD STYLE="text-align: left">The Company is under no obligation to refund any moneys
to a Shareholder whose Shares have been cancelled pursuant to Sub-Regulation 5.4 and that Shareholder shall be discharged from
any further obligation to the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3pt"></TD><TD STYLE="width: 35pt"><B>6.</B></TD><TD><B>TRANSFER OF SHARES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">6.1.</TD><TD STYLE="text-align: left">Subject to the Memorandum, Shares may be transferred
by a written instrument of transfer signed by the transferor and containing the name and address of the transferee, which shall
be sent to the Company for registration.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">6.2.</TD><TD STYLE="text-align: left">The transfer of a Share is effective when the name of
the transferee is entered on the register of members.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">6.3.</TD><TD STYLE="text-align: left">If the directors of the Company are satisfied that an
instrument of transfer relating to Shares has been signed but that the instrument has been lost or destroyed, they may resolve
by Resolution of Directors:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">to accept such evidence of the transfer of Shares as
they consider appropriate; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(b)</TD><TD STYLE="text-align: left">that the transferee&rsquo;s name should be entered in
the register of members notwithstanding the absence of the instrument of transfer.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">6.4.</TD><TD STYLE="text-align: left">Subject to the Memorandum, the personal representative
of a deceased Shareholder may transfer a Share even though the personal representative is not a Shareholder at the time of the
transfer.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3pt"></TD><TD STYLE="width: 35pt"><B>7.</B></TD><TD><B>MEETINGS AND CONSENTS OF SHAREHOLDERS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.1.</TD><TD STYLE="text-align: left">Any director of the Company may convene meetings of the
Shareholders at such times and in such manner and places within or outside the British Virgin Islands as the director considers
necessary or desirable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.2.</TD><TD STYLE="text-align: left">Upon the written request of Shareholders entitled to
exercise 30 percent or more of the voting rights in respect of the matter for which the meeting is requested the directors shall
convene a meeting of Shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.3.</TD><TD STYLE="text-align: left">The director convening a meeting shall give not less
than 7 days&rsquo; notice of a meeting of Shareholders to:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(a)</TD><TD STYLE="text-align: left">those Shareholders whose names on the date the notice
is given appear as Shareholders in the register of members and are entitled to vote at the meeting; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">the other directors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.4.</TD><TD STYLE="text-align: left">The director convening a meeting of Shareholders may
fix as the record date for determining those Shareholders that are entitled to vote at the meeting the date notice is given of
the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.5.</TD><TD STYLE="text-align: left">A meeting of Shareholders held in contravention of the
requirement to give notice is valid if Shareholders holding at least 90 percent of the total voting rights on all the matters
to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a Shareholder at the
meeting shall constitute waiver in relation to all the Shares which that Shareholder holds.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.6.</TD><TD STYLE="text-align: left">The inadvertent failure of a director who convenes a
meeting to give notice of a meeting to a Shareholder or another director, or the fact that a Shareholder or another director has
not received notice, does not invalidate the meeting.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.7.</TD><TD STYLE="text-align: left">A Shareholder may be represented at a meeting of Shareholders
by a proxy who may speak and vote on behalf of the Shareholder.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.8.</TD><TD STYLE="text-align: left">The instrument appointing a proxy shall be produced at
the place designated for the meeting before the time for holding the meeting at which the person named in such instrument proposes
to vote. The notice of the meeting may specify an alternative or additional place or time at which the proxy shall be presented.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.9.</TD><TD STYLE="text-align: left">The instrument appointing a proxy shall be in substantially
the following form or such other form as the chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder
appointing the proxy.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border: Black 2px solid; padding: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________ (the &ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I/We, _______________ being a Shareholder of the
Company HEREBY APPOINT _______________ of _______________ or failing him _______________ of _______________ to be my/our proxy
to vote for me/us at the meeting of Shareholders to be held on the ___ day of _______________, 20___ and at any adjournment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 79.1pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Any restrictions on voting to be inserted here.)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signed this ___ day of ______________, 20___</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholder</P>

</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.10.</TD><TD STYLE="text-align: justify">The following applies where Shares are jointly owned:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">if two or more persons hold Shares jointly each of them
may be present in person or by proxy at a meeting of Shareholders and may speak as a Shareholder;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">if only one of the joint owners is present in person
or by proxy he may vote on behalf of all joint owners; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">if two or more of the joint owners are present in person
or by proxy they must vote as one.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.1pt; text-align: left">7.11.</TD><TD STYLE="text-align: justify">A Shareholder shall be deemed to be present at a meeting
of Shareholders if he</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt">&nbsp;</P>



<P STYLE="margin: 0"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">participates
                                         by telephone or other electronic means and all Shareholders participating in the meeting
                                         are able to hear each other.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.12.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         meeting of Shareholders is duly constituted if, at the commencement of the meeting, there
                                         are present in person or by proxy not less than one-third (1/3) of the votes of the Shares
                                         entitled to vote on Resolutions of Shareholders to be considered at the meeting. A quorum
                                         may comprise a single Shareholder or proxy and then such person may pass a Resolution
                                         of Shareholders and a certificate signed by such person accompanied where such person
                                         be a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.13.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         within two hours from the time appointed for the meeting a quorum is not present, the
                                         meeting, if convened upon the requisition of Shareholders, shall be dissolved; in any
                                         other case it shall stand adjourned to the next business day in the jurisdiction in which
                                         the meeting was to have been held at the same time and place or to such other time and
                                         place as the directors may determine, and if at the adjourned meeting there are present
                                         within one hour from the time appointed for the meeting in person or by proxy not less
                                         than one-third (1/3) of the votes of the Shares or each class or series of Shares entitled
                                         to vote on the matters to be considered by the meeting, those present shall constitute
                                         a quorum.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.14.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         every meeting of Shareholders, the Chairman of the Board shall preside as chairman of
                                         the meeting. If there is no Chairman of the Board or if the Chairman of the Board is
                                         not present at the meeting, the Shareholders present shall choose one of their number
                                         to be the chairman. If the Shareholders are unable to choose a chairman for any reason,
                                         then the person representing the greatest number of voting Shares present in person or
                                         by proxy at the meeting shall preside as chairman.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.15.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         chairman may, with the consent of the meeting, adjourn any meeting from time to time,
                                         and from place to place, but no business shall be transacted at any adjourned meeting
                                         other than the business left unfinished at the meeting from which the adjournment took
                                         place.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.16.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         any meeting of the Shareholders the chairman is responsible for deciding in such manner
                                         as he considers appropriate whether any resolution proposed has been carried or not and
                                         the result of his decision shall be announced to the meeting and recorded in the minutes
                                         of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed
                                         resolution, he shall cause a poll to be taken of all votes cast upon such resolution.
                                         If the chairman fails to take a poll then any Shareholder present in person or by proxy
                                         who disputes the announcement by the chairman of the result of any vote may immediately
                                         following such announcement demand that a poll be taken and the chairman shall cause
                                         a poll to be taken. If a poll is taken at any meeting, the result shall be announced
                                         to the meeting and recorded in the minutes of the meeting.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.17.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to the specific provisions contained in this Regulation for the appointment of representatives
                                         of Persons other than individuals the right of any individual to speak for or represent
                                         a Shareholder shall be determined by the law of the jurisdiction where, and by the documents
                                         by which, the Person is constituted or derives its existence. In case of doubt, the directors
                                         may in good faith seek legal advice from any qualified person and unless and until a
                                         court of competent jurisdiction shall otherwise rule, the directors may rely and act
                                         upon such advice without incurring any liability to any Shareholder or the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.18.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         Person other than an individual which is a Shareholder may by resolution of its directors
                                         or other governing body authorise such individual as it thinks fit to act as its representative
                                         at any meeting of Shareholders or of any class of Shareholders, and the individual so
                                         authorised shall be entitled to exercise the same rights on behalf of the</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
                                         which he represents as that Shareholder could exercise if it were an individual.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.19.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         chairman of any meeting at which a vote is cast by proxy or on behalf of any Person other
                                         than an individual may call for a notarially certified copy of such proxy or authority
                                         which shall be produced within 7 days of being so requested or the votes cast by such
                                         proxy or on behalf of such Person shall be disregarded.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.20.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
                                         of the Company may attend and speak at any meeting of Shareholders and at any separate
                                         meeting of the holders of any class or series of Shares.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.21.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                         action that may be taken by the Shareholders at a meeting may also be taken by a resolution
                                         consented to in writing, without the need for any notice, but if any Resolution of Shareholders
                                         is adopted otherwise than by the unanimous written consent of all Shareholders, a copy
                                         of such resolution shall forthwith be sent to all Shareholders not consenting to such
                                         resolution. The consent may be in the form of counterparts, each counterpart being signed
                                         by one or more Shareholders. If the consent is in one or more counterparts, and the counterparts
                                         bear different dates, then the resolution shall take effect on the earliest date upon
                                         which Shareholders holding a sufficient number of votes of Shares to constitute a Resolution
                                         of Shareholders have consented to the resolution by signed counterparts.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DIRECTORS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         first directors of the Company shall be appointed by the first registered agent within
                                         6 months of the date of incorporation of the Company; and thereafter, the directors shall
                                         be elected by Resolution of Shareholders or by Resolution of Directors. Any director
                                         appointed by Resolution of Directors must be affirmed by the Shareholders at the next
                                         meeting of Shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         person shall be appointed as a director, alternate director, or nominated as a reserve
                                         director, of the Company unless he has consented in writing to be a director, alternate
                                         director or to be nominated as a reserve director respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to Sub-Regulation 8.1, the minimum number of directors shall be one and there shall be
                                         no maximum number.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board shall be divided into three classes of Directors, as nearly equal in numbers as
                                         the then total number of Directors permits with the term of office of one class expiring
                                         each year.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         the annual meeting of Shareholders in 2016:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Class A Directors shall be elected to hold office for a term expiring at the next succeeding
                                         annual meeting of Shareholders;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Class B Directors shall be elected to hold office for a term expiring at the second succeeding
                                         annual meeting of Shareholders; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Class C Directors shall be elected to hold office for a term expiring at the third succeeding
                                         annual meeting of Shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         every succeeding annual meeting of Shareholders, the successors to the class of Directors
                                         whose term shall then expire shall be elected to hold office for a term expiring at the
                                         third succeeding annual meeting of Shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         Director who retires at the annual meeting of Shareholders shall be eligible for reelection.
                                         If he is not re-elected he shall retain office until the meeting elects someone in his
                                         place, or if it does not do so, until the end of the meeting.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         director holds office for the term, if any, fixed by the Resolution of Shareholders or
                                         the Resolution of Directors appointing him, or until his earlier death, resignation or
                                         removal.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.9.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         director may be removed from office,</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                         or without cause, by Resolution of Shareholders passed at a meeting of Shareholders called
                                         for the purposes of removing the director or for purposes including the removal of the
                                         director or by a written resolution passed by at least 75 percent of the votes of the
                                         Shareholders of the Company entitled to vote; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                         cause, by Resolution of Directors passed at a meeting of directors called for the purpose
                                         of removing the director or for purposes including the removal of the director.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.10.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         director may resign his office by giving written notice of his resignation to the Company
                                         and the resignation has effect from the date the notice is received by the Company or
                                         from such later date as may be specified in the notice. A director shall resign forthwith
                                         as a director if he is, or becomes, disqualified from acting as a director under the
                                         Act.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.11.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors may at any time appoint any person to be a director either to fill a vacancy
                                         or as an addition to the existing directors. Where the directors appoint a person as
                                         director to fill a vacancy, the term shall not exceed the term that remained when the
                                         person who has ceased to be a director ceased to hold office.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.12.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         vacancy in relation to directors occurs if a director dies or otherwise ceases to hold
                                         office prior to the expiration of his term of office.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.13.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                         the Company only has one Shareholder who is an individual and that Shareholder is also
                                         the sole director of the Company, the sole Shareholder/director may, by instrument in
                                         writing, nominate a person who is not disqualified from being a director of the Company
                                         as a reserve director of the Company to act in the place of the sole director in the
                                         event of his death.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.14.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         nomination of a person as a reserve director of the Company ceases to have effect if:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">before
                                         the death of the sole Shareholder/director who nominated him,</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">he
                                         resigns as reserve director, or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         sole Shareholder/director revokes the nomination in writing; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         sole Shareholder/director who nominated him ceases to be able to be the sole Shareholder/director
                                         of the Company for any reason other than his death.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.15.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall keep a register of directors containing:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         names and addresses of the persons who are directors of the Company or who have been
                                         nominated as reserve directors of the Company;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         date on which each person whose name is entered in the register was</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointed
                                         as a director, or nominated as a reserve director, of the Company;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         date on which each person named as a director ceased to be a director of the Company;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         date on which the nomination of any person nominated as a reserve director ceased to
                                         have effect; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                         other information as may be prescribed by the Act.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.16.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         register of directors may be kept in any such form as the directors may approve, but
                                         if it is in magnetic, electronic or other data storage form, the Company must be able
                                         to produce legible evidence of its contents. Until a Resolution of Directors determining
                                         otherwise is passed, the magnetic, electronic or other data storage shall be the original
                                         register of directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.17.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors may, by Resolution of Directors, fix the emoluments of directors with respect
                                         to services to be rendered in any capacity to the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.18.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         director is not required to hold a Share as a qualification to office.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.19.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         director, by written instrument deposited at the registered office of the Company may
                                         from time to time appoint another director or another person who is not disqualified
                                         for appointment as a director under section 111 of the Act to be his alternate to:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
                                         the appointing director's powers; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">carry
                                         out the appointing director's responsibilities,</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         relation to the taking of decisions by the directors in the absence of the appointing
                                         director.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.20.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         person shall be appointed as an alternate director unless he has consented in writing
                                         to be an alternate director. The appointment of an alternate director does not take effect
                                         until written notice of the appointment has been deposited at the registered office of
                                         the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.21.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         appointing director may, at any time, terminate or vary the alternate's appointment.
                                         The termination or variation of the appointment of an alternate director does not take
                                         effect until written notice of the termination or variation has been deposited at the
                                         registered office of the Company, save that if a director shall die or cease to hold
                                         the office of director, the appointment of his alternate shall thereupon cease and terminate
                                         immediately without the need of notice.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.22.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                         alternate director has no power to appoint an alternate, whether of the appointing director
                                         or of the alternate director.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.23.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                         alternate director has the same rights as the appointing director in relation to any
                                         directors' meeting and any written resolution of directors circulated for written consent.
                                         Unless stated otherwise in the notice of the appointment of the alternate, or a notice
                                         of variation of the appointment, if undue delay or difficulty would be occasioned by
                                         giving notice to a director of a resolution of which his approval is sought in accordance
                                         with these Articles his alternate (if any) shall be entitled to signify approval of the
                                         same on behalf of that director. Any exercise by the alternate director of the appointing
                                         director's powers in relation to the taking of decisions by the directors is as effective
                                         as if the powers were exercised by the appointing director. An alternate director does
                                         not act as an</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">agent
                                         of or for the appointing director and is liable for his own acts and omissions as an
                                         alternate director.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.24.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         remuneration of an alternate director (if any) shall be payable out of the remuneration
                                         payable to the director appointing him (if any), as agreed between such alternate and
                                         the director appointing him.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POWERS
                                         OF DIRECTORS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         business and affairs of the Company shall be managed by, or under the direction or supervision
                                         of, the directors of the Company. The directors of the Company have all the powers necessary
                                         for managing, and for directing and supervising, the business and affairs of the Company.
                                         The directors may pay all expenses incurred preliminary to and in connection with the
                                         incorporation of the Company and may exercise all such powers of the Company as are not
                                         by the Act or by the Memorandum or the Articles required to be exercised by the Shareholders.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         director shall exercise his powers for a proper purpose and shall not act or agree to
                                         the Company acting in a manner that contravenes the Memorandum, the Articles or the Act.
                                         Each director, in exercising his powers or performing his duties, shall act honestly
                                         and in good faith in what the director believes to be the best interests of the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the Company is the wholly owned subsidiary of a holding company, a director of the Company
                                         may, when exercising powers or performing duties as a director, act in a manner which
                                         he believes is in the best interests of the holding company even though it may not be
                                         in the best interests of the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         director which is a body corporate may appoint any individual as its duly authorised
                                         representative for the purpose of representing it at meetings of the directors, with
                                         respect to the signing of consents or otherwise.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         continuing directors may act notwithstanding any vacancy in their body.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors may by Resolution of Directors exercise all the powers of the Company to incur
                                         indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations
                                         whether of the Company or of any third party.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         cheques, promissory notes, drafts, bills of exchange and other negotiable instruments
                                         and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed
                                         or otherwise executed, as the case may be, in such manner as shall from time to time
                                         be determined by Resolution of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         the purposes of Section 175 (Disposition of assets) of the Act, the directors may by
                                         Resolution of Directors determine that any sale, transfer, lease, exchange or other disposition
                                         is in the usual or regular course of the business carried on by the Company and such
                                         determination is, in the absence of fraud, conclusive.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROCEEDINGS
                                         OF DIRECTORS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         one director of the Company may call a meeting of the directors by sending a written
                                         notice to each other director.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors of the Company or any committee thereof may meet at such times and in such
                                         manner and places within or outside the British Virgin Islands as the directors may determine
                                         to be necessary or desirable.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         director is deemed to be present at a meeting of directors if he participates by telephone
                                         or other electronic means and all directors participating in the meeting are able to
                                         hear each other.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         director shall be given not less than 3 days&rsquo; notice of meetings of directors,
                                         but a meeting of directors held without 3 days&rsquo; notice having been given to all
                                         directors shall be valid if all the directors entitled to vote at the meeting who do
                                         not attend waive notice of the meeting, and for this purpose the presence of a director
                                         at a meeting shall constitute waiver by that director. The inadvertent failure to give
                                         notice of a meeting to a director, or the fact that a director has not received the notice,
                                         does not invalidate the meeting.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         meeting of directors is duly constituted for all purposes if at the commencement of the
                                         meeting there are present in person or by alternate not less than one-half of the total
                                         number of directors, unless there are only 2 directors in which case the quorum is 2.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the Company has only one director the provisions herein contained for meetings of directors
                                         do not apply and such sole director has full power to represent and act for the Company
                                         in all matters as are not by the Act, the Memorandum or the Articles required to be exercised
                                         by the Shareholders. In lieu of minutes of a meeting the sole director shall record in
                                         writing and sign a note or memorandum of all matters requiring a Resolution of Directors.
                                         Such a note or memorandum constitutes sufficient evidence of such resolution for all
                                         purposes.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         meetings of directors at which the Chairman of the Board is present, he shall preside
                                         as chairman of the meeting. If there is no Chairman of the Board or if the Chairman of
                                         the Board is not present, the directors present shall choose one of their number to be
                                         chairman of the meeting.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                         action that may be taken by the directors or a committee of directors at a meeting may
                                         also be taken by a Resolution of Directors or a resolution of a committee of directors
                                         consented to in writing or by telex, telegram, cable or other written electronic communication
                                         by a majority of the directors or by a majority of the members of the committee, as the
                                         case may be, without the need for any notice. A written resolution consented to in such
                                         manner may consist of several documents, including written electronic communication,
                                         in like form each signed or assented to by one or more directors. If the consent is in
                                         one or more counterparts, and the counterparts bear different dates, then the resolution
                                         shall take effect on the date upon which the last director has consented to the resolution
                                         by signed counterparts.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMMITTEES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors may, by Resolution of Directors, designate one or more committees, each consisting
                                         of one or more directors, and delegate one or more of their powers, including the power
                                         to affix the Seal, to the committee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors have no power to delegate to a committee of directors any of the following
                                         powers:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         amend the Memorandum or the Articles;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         designate committees of directors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         delegate powers to a committee of directors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         appoint or remove directors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         appoint or remove an agent;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         approve a plan of merger, consolidation or arrangement;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         make a declaration of solvency or to approve a liquidation plan; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         make a determination that immediately after a proposed Distribution the value of the
                                         Company&rsquo;s assets will exceed its liabilities and the Company will be able to pay
                                         its debts as they fall due.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-Regulation
                                         11.2(b) and (c) do not prevent a committee of directors, where authorised by the Resolution
                                         of Directors appointing such committee or by a subsequent Resolution of Directors, from
                                         appointing a sub-committee and delegating powers exercisable by the committee to the
                                         sub-committee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         meetings and proceedings of each committee of directors consisting of 2 or more directors
                                         shall be governed mutatis mutandis by the provisions of the Articles regulating the proceedings
                                         of directors so far as the same are not superseded by any provisions in the Resolution
                                         of Directors establishing the committee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                         the directors delegate their powers to a committee of directors they remain responsible
                                         for the exercise of that power by the committee, unless they believed on reasonable grounds
                                         at all times before the exercise of the power that the committee would exercise the power
                                         in conformity with the duties imposed on directors of the Company under the Act.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OFFICERS
                                         AND AGENTS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may by Resolution of Directors appoint officers of the Company at such times
                                         as may be considered necessary or expedient. Such officers may consist of a Chairman
                                         of the Board of Directors, a president and one or more vice-presidents, secretaries and
                                         treasurers and such other officers as may from time to time be considered necessary or
                                         expedient. Any number of offices may be held by the same person.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         officers shall perform such duties as are prescribed at the time of their appointment
                                         subject to any modification in such duties as may be prescribed thereafter by Resolution
                                         of Directors. In the absence of any specific prescription of duties it shall be the responsibility
                                         of the Chairman of the Board to preside at meetings of directors and Shareholders, the
                                         president to manage the day to day affairs of the Company, the vice-presidents to act
                                         in order of seniority in the absence of the president but otherwise to perform such duties
                                         as may be delegated to them by the president, the secretaries to maintain the register
                                         of members, minute books and records (other than financial records) of the Company and
                                         to ensure compliance with all procedural requirements imposed on the Company by applicable
                                         law, and the treasurer to be responsible for the financial affairs of the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         emoluments of all officers shall be fixed by Resolution of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         officers of the Company shall hold office until their successors are duly appointed,
                                         but any officer elected or appointed by the directors may be removed at any time, with
                                         or without cause, by Resolution of Directors. Any vacancy occurring in any office of
                                         the Company may be filled by Resolution of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors may, by Resolution of Directors, appoint any person, including a person who
                                         is a director, to be an agent of the Company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                         agent of the Company shall have such powers and authority of the directors, including
                                         the power and authority to affix the Seal, as are set forth in the Articles or in the
                                         Resolution of Directors appointing the agent, except that no agent has any power or authority
                                         with respect to the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         amend the Memorandum or the Articles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         change the registered office or agent;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         designate committees of directors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         delegate powers to a committee of directors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         appoint or remove directors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         appoint or remove an agent;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         fix emoluments of directors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         approve a plan of merger, consolidation or arrangement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         make a declaration of solvency or to approve a liquidation plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         make a determination that immediately after a proposed Distribution the value of the
                                         Company&rsquo;s assets will exceed its liabilities and the Company will be able to pay
                                         its debts as they fall due; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         authorise the Company to continue as a company incorporated under the laws of a jurisdiction
                                         outside the British Virgin Islands.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.7.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Resolution of Directors appointing an agent may authorise the agent to appoint one or
                                         more substitutes or delegates to exercise some or all of the powers conferred on the
                                         agent by the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.8.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors may remove an agent appointed by the Company and may revoke or vary a power
                                         conferred on him.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONFLICT
                                         OF INTERESTS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         director of the Company shall, forthwith after becoming aware of the fact that he is
                                         interested in a transaction entered into or to be entered into by the Company, disclose
                                         the interest to all other directors of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         the purposes of Sub-Regulation 13.1, a disclosure to all other directors to the effect
                                         that a director is a member, director or officer of another named entity or has a fiduciary
                                         relationship with respect to the entity or a named individual and is to be regarded as
                                         interested in any transaction which may, after the date of the entry into the transaction
                                         or disclosure of the interest, be entered into with that entity or individual, is a sufficient
                                         disclosure of interest in relation to that transaction.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         director of the Company who is interested in a transaction entered into or to be entered
                                         into by the Company may:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vote
                                         on a matter relating to the transaction;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">attend
                                         a meeting of directors at which a matter relating to the transaction arises </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
be included among the directors present at the meeting for the purposes of a quorum; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sign
                                         a document on behalf of the Company, or do any other thing in his capacity as a director,
                                         that relates to the transaction,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and,
subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives
from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEMNIFICATION</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to the limitations hereinafter provided the Company shall indemnify against all expenses,
                                         including legal fees, and against all judgments, fines and amounts paid in settlement
                                         and reasonably incurred in connection with legal, administrative or investigative proceedings
                                         any person who:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                         or was a party or is threatened to be made a party to any threatened, pending or completed
                                         proceedings, whether civil, criminal, administrative or investigative, by reason of the
                                         fact that the person is or was a director of the Company; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                         or was, at the request of the Company, serving as a director of, or in any other capacity
                                         is or was acting for, another body corporate or a partnership, joint venture, trust or
                                         other enterprise.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         indemnity in Sub-Regulation 14.1 only applies if the person acted honestly and in good
                                         faith with a view to the best interests of the Company and, in the case of criminal proceedings,
                                         the person had no reasonable cause to believe that their conduct was unlawful.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         the purposes of Sub-Regulation 14.2, a director acts in the best interests of the Company
                                         if he acts in the best interests of</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Company&rsquo;s holding company; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         Shareholder or Shareholders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 10.2pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
either case, in the circumstances specified in Sub-Regulation 9.3 or the Act, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 10.2pt 0pt 70.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         decision of the directors as to whether the person acted honestly and in good faith and
                                         with a view to the best interests of the Company and as to whether the person had no
                                         reasonable cause to believe that his conduct was unlawful is, in the absence of fraud,
                                         sufficient for the purposes of the Articles, unless a question of law is involved.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         termination of any proceedings by any judgment, order, settlement, conviction or the
                                         entering of a nolle prosequi does not, by itself, create a presumption that the person
                                         did not act honestly and in good faith and with a view to the best interests of the Company
                                         or that the person had reasonable cause to believe that his conduct was unlawful.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses,
                                         including legal fees, incurred by a director in defending any legal, administrative or
                                         investigative proceedings may be paid by the Company in advance of the final disposition
                                         of such proceedings upon receipt of an undertaking by or on behalf of the director to
                                         repay the amount if it shall ultimately be determined that the director is not entitled
                                         to be indemnified by the Company in accordance with Sub-Regulation 14.1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.7.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses,
                                         including legal fees, incurred by a former director in defending any legal, administrative
                                         or investigative proceedings may be paid by the Company in advance of the final disposition
                                         of such proceedings upon receipt of an undertaking by or on behalf of the former director
                                         to repay the amount if it shall ultimately be determined that the former director is
                                         not entitled to be indemnified by the Company in accordance with Sub-Regulation 14.1
                                         and upon such terms and conditions, if any, as the Company deems appropriate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.8.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         indemnification and advancement of expenses provided by, or granted pursuant to, this
                                         section is not exclusive of any other rights to which the person seeking indemnification
                                         or advancement of expenses may be entitled under any agreement, Resolution of Shareholders,
                                         resolution of disinterested directors or otherwise, both as acting in the person&rsquo;s
                                         official capacity and as to acting in another capacity while serving as a director of
                                         the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.9.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         a person referred to in Sub-Regulation 14.1 has been successful in defence of any proceedings
                                         referred to in Sub-Regulation 14.1, the person is entitled to be indemnified against
                                         all expenses, including legal fees, and against all judgments, fines and amounts paid
                                         in settlement and reasonably incurred by the person in connection with the proceedings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.10.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may purchase and maintain insurance in relation to any person who is or was a
                                         director, officer or liquidator of the Company, or who at the request of the Company
                                         is or was serving as a director, officer or liquidator of, or in any other capacity is
                                         or was acting for, another company or a partnership, joint venture, trust or other enterprise,
                                         against any liability asserted against the person and incurred by the person in that
                                         capacity, whether or not the Company has or would have had the power to indemnify the
                                         person against the liability as provided in the Articles.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
                                         as indemnification for liabilities arising under the United States Securities Act of
                                         1933 (the &ldquo;Securities Act&rdquo;) may be permitted to our directors, officers or
                                         persons controlling us under the foregoing provisions, we have been advised that in the
                                         opinion of the United States Securities and Exchange Commission, such indemnification
                                         is against public policy as expressed in the Securities Act and is therefore unenforceable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECORDS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall keep the following documents at the office of its registered agent:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Memorandum and the Articles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         register of members, or a copy of the register of members;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         register of directors, or a copy of the register of directors; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">copies
                                         of all notices and other documents filed by the Company with the Registrar of Corporate
                                         Affairs in the previous 10 years.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
                                         the directors determine otherwise by Resolution of Directors the Company shall keep the
                                         original register of members and original register of directors at the office of its
                                         registered agent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the Company maintains only a copy of the register of members or a copy of the register
                                         of directors at the office of its registered agent, it shall:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">within
                                         15 days of any change in either register, notify the registered agent in writing of the
                                         change; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                         the registered agent with a written record of the physical address of the place or places
                                         at which the original register of members or the original register of directors is kept.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall keep the following records at the office of its registered agent or at
                                         such other place or places, within or outside the British Virgin Islands, as the directors
                                         may determine:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">minutes
                                         of meetings and Resolutions of Shareholders and classes of Shareholders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">minutes
                                         of meetings and Resolutions of Directors and committees of directors; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         impression of the Seal.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                         any original records referred to in this Regulation are maintained other than at the
                                         office of the registered agent of the Company, and the place at which the original records
                                         is changed, the Company shall provide the registered agent with the physical address
                                         of the new location of the records of the Company within 14 days of the change of location.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         records kept by the Company under this Regulation shall be in written form or either
                                         wholly or partly as electronic records complying with the requirements of the Electronic
                                         Transactions Act, 2001 (No. 5 of 2001) as from time to time amended or re-enacted.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTER
                                         OF CHARGES</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall maintain at the office of its registered agent a register of charges in which there shall be entered the following
particulars regarding each mortgage, charge and other encumbrance created by the Company:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         date of creation of the charge;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         short description of the liability secured by the charge;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         short description of the property charged;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         name and address of the trustee for the security or, if there is no such trustee, the
                                         name and address of the chargee;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unless
                                         the charge is a security to bearer, the name and address of the holder of the charge;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">details
                                         of any prohibition or restriction contained in the instrument creating the charge on
                                         the power of the Company to create any future charge ranking in priority to or equally
                                         with the charge.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SEAL</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall have a Seal and may have more than one Seal and references herein to the Seal shall be references to every Seal
which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and
for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">affixed
to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised
from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or
specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of
any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same
force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISTRIBUTIONS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         directors of the Company may, by Resolution of Directors, authorise a Distribution at
                                         a time and of an amount they think fit if they are satisfied, on reasonable grounds,
                                         that, immediately after the Distribution, the value of the Company&rsquo;s assets will
                                         exceed its liabilities and the Company will be able to pay its debts as they fall due.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
                                         may be paid in money, Shares, or other property.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
                                         of any Distribution that may have been declared shall be given to each Shareholder as
                                         specified in Sub-Regulation 20.1 and all Distributions unclaimed for 3 years after having
                                         been declared may be forfeited by Resolution of Directors for the benefit of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         Distributions shall bear interest as against the Company and no Distribution shall be
                                         paid on Treasury Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACCOUNTS
                                         AND AUDIT</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall keep records that are sufficient to show and explain the Company&rsquo;s
                                         transactions and that will, at any time, enable the financial position of the Company
                                         to be determined with reasonable accuracy.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may by Resolution of Shareholders call for the directors to prepare periodically
                                         and make available a profit and loss account and a balance sheet. The profit and loss
                                         account and balance sheet shall be drawn up so as to give respectively a true and fair
                                         view of the profit and loss of the Company for a financial period and a true and fair
                                         view of the assets and liabilities of the Company as at the end of a financial period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may by Resolution of Shareholders call for the accounts to be examined by auditors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         first auditors shall be appointed by Resolution of Directors; subsequent auditors shall
                                         be appointed by Resolution of Shareholders or by Resolution of Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         auditors may be Shareholders, but no director or other officer shall be eligible to be
                                         an auditor of the Company during their continuance in office.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         remuneration of the auditors of the Company may be fixed by Resolution of Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.7.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         auditors shall examine each profit and loss account and balance sheet required to be
                                         laid before a meeting of the Shareholders or otherwise given to Shareholders and shall
                                         state in a written report whether or not:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         their opinion the profit and loss account and balance sheet give a true and fair view
                                         respectively of the profit and loss for the period covered by the accounts, and of the
                                         assets and liabilities of the Company at the end of that period; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 33.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         the information and explanations required by the auditors have been obtained.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         report of the auditors shall be annexed to the accounts and shall be read at the meeting
                                         of Shareholders at which the accounts are laid before the Company or shall be otherwise
                                         given to the Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.9.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
                                         auditor of the Company shall have a right of access at all times to the books of account
                                         and vouchers of the Company, and shall be entitled to require from the directors and
                                         officers of the Company such information and explanations as he thinks necessary for
                                         the performance of the duties of the auditors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.10.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         auditors of the Company shall be entitled to receive notice of, and to attend any meetings
                                         of Shareholders at which the Company&rsquo;s profit and loss account and balance sheet
                                         are to be presented.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTICES</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         notice, information or written statement to be given by the Company to Shareholders may
                                         be given by personal service or by mail addressed to each Shareholder at the address
                                         shown in the register of members.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         summons, notice, order, document, process, information or written statement to be served
                                         on the Company may be served by leaving it, or by sending it by registered mail addressed
                                         to the Company, at its registered office, or by leaving it with, or by sending it by
                                         registered mail to, the registered agent of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
                                         of any summons, notice, order, document, process, information or written statement to
                                         be served on the Company may be proved by showing that the summons, notice, order, document,
                                         process, information or written statement was delivered to the registered office or the
                                         registered agent of the Company or that it was mailed in such time as to admit to its
                                         being delivered to the registered office or the registered agent of the Company in the
                                         normal course of delivery within the period prescribed for service and was correctly
                                         addressed and the postage was prepaid.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VOLUNTARY
                                         LIQUIDATION </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may by Resolution of Shareholders or, subject to section 199(2) of the Act, by Resolution of Directors appoint a voluntary
liquidator.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTINUATION
                                         </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may by Resolution of Shareholders or by a Resolution of Directors continue as a company incorporated under the laws of
a jurisdiction outside the British Virgin Islands in the manner provided under those laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
OFFSHORE INCORPORATIONS LIMITED of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands for
the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of
Association the 7th day of August, 2015.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporator</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; border-bottom: Black 2px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="img010.jpg" ALT="-s- Rexella D. Hodge"></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Sd.)
    Rexella D. Hodge</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorised
    Signatory</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFSHORE
    INCORPORATIONS LIMITED</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>12
<FILENAME>ff12017ex5i_retoeco.htm
<DESCRIPTION>OPINION OF HANEBERG HURLBERT PLC
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="ex5i_001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
4, 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ReTo
Eco-Solutions, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
Beijing REIT Technology Development Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X-702,
60 Anli Road, Chaoyang District, Beijing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
Republic of China 100101</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:
ReTo Eco-Solutions, Inc., Registration Statement Form F-1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as British Virgin Islands counsel for ReTo Eco-Solutions, Inc., a British Virgin Islands corporation (the &ldquo;Company&rdquo;),
in connection with the preparation and filing of the Company&rsquo;s registration statement on Form F-1 and all amendments thereto
(as amended, the &ldquo;Registration Statement&rdquo;), as filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
on August 4, 2017. The Registration Statement relates to the offering (the &ldquo;Offering&rdquo;) of 3,220,000 of the Company&rsquo;s
common shares, $0.001 par value per share (including up to 420,000 common shares that the underwriters in the Offering have the
option to purchase solely to cover over-allotments) (the &ldquo;Shares&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this opinion, we have examined the Registration Statement and the prospectus contained therein (the &ldquo;Prospectus&rdquo;),
the Company&rsquo;s Articles and Memorandum of Association, as amended to date, and the originals, or copies certified to our
satisfaction, of such records, documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate
to enable us to render the opinions expressed below (collectively, the &ldquo;Documents&rdquo;). We are relying (without any independent
investigation thereof) upon an Officer&rsquo;s Certificate from an Officer of the Company, certifying to the truth and accuracy
of the factual statements, covenants, representations and warranties set forth in the Documents. We have assumed the authenticity
of the signatures and seals set forth in such Officer&rsquo;s Certificate. In addition, for all purposes of this opinion, as to
questions of fact material to this opinion, we have, to the extent deemed appropriate, relied upon certain representations of
certain officers of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following opinion is given as to matters of British Virgin Islands law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the foregoing and in reliance thereon, it is our opinion that the Shares of the Company are duly authorized and will, upon
the receipt of full payment, issuance and delivery in accordance with the terms of the offering described in the Registration
Statement, be legally issued, fully paid and non-assessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the use of this opinion as an exhibit to the Registration Statement and to the use of our name in the Prospectus
constituting a part thereof. In giving such consent, we do not thereby admit that we come within the category of persons whose
consent is required under section 7 of the U.S. Securities Act of 1933, as amended, or the Rules and Regulations of the Commission
thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Haneberg Hurlbert, PLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haneberg
    Hurlbert PLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>13
<FILENAME>ff12017ex8i_retoeco.htm
<DESCRIPTION>OPINION OF HANEBERG HURLBERT PLC WITH RESPECT TO TAX MATTERS
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-right: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><IMG SRC="ex5i_001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
4, 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ReTo
Eco-Solutions, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
Beijing REIT Technology Development Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X-702,
60 Anli Road, Chaoyang District, Beijing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
Republic of China 100101</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:
ReTo Eco-Solutions, Inc., Registration Statement Form F-1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel as to matters of United States law, including tax law, to ReTo Eco-Solutions, Inc., a British Virgin Islands
company (the &ldquo;Company&rdquo;), in connection with the preparation and filing of the Company&rsquo;s registration statement
on Form F-1 and all amendments thereto (as amended, the &ldquo;Registration Statement&rdquo;), as filed with the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) on August 4, 2017. The Registration Statement relates to the offering
of 3,220,000 of the Company&rsquo;s common shares, $0.001 par value per share (including up to 420,000 common shares that the
underwriters in the offering have the option to purchase solely to cover over-allotments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have examined such documents and have reviewed such questions of law, as we have considered necessary and appropriate for the
purposes of our opinion set forth below. In rendering our opinions set forth below, we have assumed the authenticity of all documents
submitted to us as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted
to us as copies. We have also assumed the legal capacity for all purposes relevant hereto of all natural persons and, with respect
to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power
and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or
instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties
and that such agreements or instruments are the valid, binding and enforceable obligations of such parties. As to questions of
fact material to our opinion, we have relied upon factual statements and factual representations of officers of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon and subject to the limitations, qualifications, exceptions and assumptions set forth herein, we are of the opinion that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
statements made in the Registration Statement, under the caption &ldquo;Tax Matters Applicable to U.S. Holders of Our Common
Shares,&rdquo; to the extent such statements relate to matters of United States tax law and British Virgin Islands law,
represent our opinion. This opinion is given under Item 601 of Regulation S-K, as our opinion regarding tax matters. All such
statements are based upon laws and relevant interpretations thereof in effect as of the date of the prospectus, all of which
are subject to change. Further, there can be no assurance that the Internal Revenue Service or a court will not take a
contrary position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinions expressed above are limited to the tax laws of the United States. We assume no obligation to revise or supplement this
letter in the event of any changes in law or fact arising after the date hereof; provided, however, that our opinions set forth
in the Registration Statement will be revised, if needed to remain accurate in all material respects as of the effective date
of the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the filing of this opinion as an exhibit to the Registration Statement, and we further consent to the use of our name
in the Registration Statement and the prospectus that forms a part thereof. In giving these consents, we do not thereby admit
that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended
or the Rules and Regulations of the Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Haneberg Hurlbert, PLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haneberg
    Hurlbert PLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-9.1
<SEQUENCE>14
<FILENAME>ff12017ex9i_retoeco.htm
<DESCRIPTION>FORM OF SHAREHOLDER'S VOTING PROXY AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit 9.1</B></FONT></P>

<P STYLE="margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shareholder</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>And</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Li
Hengfang</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Proxy
Voting Agreement </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>In
Relation To</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ReTo
Eco-Solutions, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">August
2016</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Proxy
Voting Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 11pt; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
proxy voting agreement (hereinafter referred to as &ldquo;Agreement&rdquo;) was signed by below parties on 22 August 2016:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(1)
Party A: See Schedule A for signatories</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Directly
or indirectly holds (See Schedule A) shares of <FONT STYLE="font-size: 10pt">ReTo Eco-Solutions, Inc.;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 24.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(2)
Party B: Mr. Li Hengfang</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 11pt; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Hereinafter
referred to as &ldquo;parties&rdquo;, and each as a &ldquo;party&rdquo;)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 17pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Whereas:</B></FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 24pt">Both parties agree,
Party A entrust Party B his voting right representing the total shares which he hold in ReTo Eco-Solutions, Inc. (hereinafter
referred to as &ldquo;Company&rdquo;) at the Company&rsquo;s shareholders meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0in">Hence, both parties
enter into an agreement as below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1&#12289;Proxy
voting matters</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">1.1.</FONT></TD><TD STYLE="text-align: justify">Both
                                         parties commit, Party A entrust Party B with full powers to attend the Company&rsquo;s
                                         shareholders meetings and exercise the right to vote on behalf of Party A with regards
                                         to all the matters which should submit to the Company&rsquo;s shareholders meeting for
                                         making a resolution, including the general annual meeting, or other regular or special
                                         shareholders meeting, or any other meetings which may require.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">1.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Those
                                         proxy voting matters under this Agreement herein including but not limited to: appointment
                                         and resignation of member of the board, appointment of independent director, IPO of the
                                         Company, equity financing, material acquisition or reorganization, liquidation of the
                                         Company, bankruptcy of the Company, debt settlement, and any other matters that shall
                                         be mutual decided by the shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2&#12289;Procedures
and ways for exercising voting rights</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">2.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">With
                                         three (3) days after receiving the notice of the shareholders meeting of the Company
                                         (hereinafter referred to as &ldquo;Notice&rdquo;), Party A shall inform Party B the time
                                         and matters of the shareholders meetings by way of electronic communication, email, fax
                                         etc. Under this Agreement, Party B is deemed to have voting rights representing the total
                                         shares directly or indirectly held by himself and Party A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">2.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">On
                                         the date of shareholders meeting, Party B shall fully exercise voting rights on behalf
                                         of Party A pursuant to this Agreement (or other power of attorney signed by both parties
                                         separately), the procedures and results shall be recorded in the minutes of shareholders
                                         meeting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 22pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">2.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Within
                                         two (2) days after the effective of the resolution of shareholders meeting, Party B shall
                                         inform Party A of above resolution in written at the request of Party A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">2.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">In
                                         the event that Party B cannot attend the shareholders meeting, Party B can delegate other
                                         shareholders or any other person which have full capacity for civil conduct (hereinafter
                                         referred to as &ldquo;third party&rdquo;) the voting rights representing the total shares
                                         directly or indirectly held by himself and Party A under this Agreement (hereinafter
                                         referred to as &ldquo;transfer of the power of attorney&rdquo;). Pursuant to the transfer
                                         of the power of attorney herein, Party B shall signed with the third party a written
                                         engagement letter in relation to stipulating the voting ways and scope of authority.
                                         If no engagement letter was signed by Party B and the third party or no scope of authority
                                         was written in the engagement letter, the third party is deemed to have no rights. If
                                         an engagement letter was signed by Party B and the third party, both parties shall accept
                                         the resolution of the shareholders meeting pursuant to this article.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3&#12289;Limitation
of shareholding</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">3.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Unless
                                         agreed by Party B, Party A shall not transfer his voting rights representing the total
                                         shares he held in the Company to any other third persons by way of delegation or fiduciary
                                         or any other ways may be.</FONT></TD></TR>                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2</FONT></TD><TD STYLE="text-align: justify">Party
                                         B commits that he will continuously perform his responsibility of proxy voting pursuant
                                         to this Agreement until Party A holds no shares in the Company, even under the event
                                         of share reducing by Party A.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4&#12289;Representations
and warranties</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 17pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">4.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Each
                                         party represents and warrants to the other party that on the date hereof:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">He
                                         is a natural person with full capacity for civil conduct or it is a legal entity or a
                                         corporation or other organizations validly existing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Legally
                                         holds shareholding in the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Signing
                                         and implementing of this Agreement will not cause any breaches or non-performances of
                                         any other contracts or similar arrangements signed by either party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5&#12289;Liabilities
for breach of contract</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">5.1
Any breach of this Agreement by each party, the defaulting party shall bear compensation liabilities if cause any financial loss
to the non-defaulting party.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; line-height: 115%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6&#12289;Supplementary provisions</B></FONT></TD></TR>
</TABLE>
<BR>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">6.1
This Agreement is an entire agreement signed by both parties in relation to all matters stipulated herein, and replace any other
previous negotiation, treaty or agreement with regard to all matters discussed under this Agreement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">This
                                         Agreement come into effect from the date of signature of both parties.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">6.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">This
                                         Agreement has been written triplicate, each party keeps one copy for reference, and the
                                         Company keeps one copy for filing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">6.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Any
                                         disputes arising from the understanding and performance of this Agreement, both parties
                                         shall have them settled through friendly negotiation. If cannot be resolved by negotiation,
                                         both parties agree to submit related disputes to Beijing Arbitration Commission (Beijing
                                         International Arbitration Centre) by arbitration.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 17pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">6.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">If
                                         there are any outstanding matters, both parties agree to enter into a written supplemental
                                         agreement accordingly.</FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">(signature
page)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 246.35pt; text-align: justify; text-indent: -246.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party
A (seal): </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 246.35pt; text-align: justify; text-indent: -246.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 246.35pt; text-align: justify; text-indent: -246.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party
B (sign):</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>/s/
Li Hengfang</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22
August 2016</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT>&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 12%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.</B></FONT></TD>
    <TD STYLE="width: 59%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Xunhong
    Co., Ltd</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;267,893
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Zhang
    Weiqing</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;880,000
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Zhang
    Xiaonan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;250,000
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fengrun
    Industrial Group Co., Ltd</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;412,200
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Wang
    Jinye</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;74,800
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ge
    Huixuan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;427,428
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jieyi
    Group Co., Ltd</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;211,400
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Xinyin
    Development Co., Ltd</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;437,675
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Qunfeng
    Group Co., Ltd</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;274,800
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">An
    Ze Group Co., Ltd</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;760,958
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Li
    Suping</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;820,000
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ma
    Dongfang</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;850,000
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Xi
    Wenyan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;850,000
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chuangrui
    Industrial Co., Ltd</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;850,000
    </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Zhenhao
    Co., Ltd</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;850,000
    </FONT></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;8,217,154
    </B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>15
<FILENAME>ff12017ex10i_retoeco.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT WITH HENGFANG LI
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; background-color: white"><B>Employment
Contract &ndash; Hengfang Li</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 0; text-align: justify"><B>BETWEEN:</B>&nbsp;<B>&nbsp;Beijing
REIT Technology Development Co., Ltd</B>, a company legally incorporated under the laws of People&rsquo;s Republic of China, having
a mailing address at&nbsp;Room 1611, No.1 Building, No.208, Second Block, Lize Zhongyuan, Wangjing Xinxing Industrial Area, Chaoyang
District, Beijing City, acting and represented herein by <B>Mr. Li Hengfang, Legal Representative</B>, declaring duly authorized,&nbsp;(hereinafter
called the &quot;COMPANY&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND:</B>&nbsp;&nbsp;&nbsp;<B>Mr. Hengfang
Li</B>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> (hereinafter called the &ldquo;EMPLOYEE&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(COMPANY and EMPLOYEE hereinafter collectively
called &quot;Parties&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>WHEREAS<FONT STYLE="font-family: Times New Roman, Times, Serif">:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANY requires the services of EMPLOYEE as
Chief Executive Officer (CEO);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agreed to provide COMPANY his full-time
services as CEO;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Parties wish to confirm their agreement
in writing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Parties have the capacity and quality of
exercise all the rights necessary for the conclusion and implementation of the agreement found in this Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THEREFORE THE FOREGOING, THE PARTIES AGREE
AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. Employment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agrees to assume full-time for COMPANY
(minimum of forty (40) hours per week) the role of CEO during the entire duration of the Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Term</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract is for an initial term of <U>36</U>
months, namely from <U>September 1, 2016 </U>to <U>August 31, 2019</U>, renewable for an additional period of <U>24 </U>months
unless either party terminates it in writing at least <U>sixty (60) days</U> before the expiration of the initial term;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>3. Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agrees and undertakes to COMPANY to
the following: The services must be made full time in a professional manner, according to the rules generally accepted by industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.1 Shall be subject
to regulatory oversight of the Board, in representation of the COMPANY and take overall responsibility for the operational management
and financial management of the COMPANY, to ensure the safety of operation, effective management and the preservation and appreciation
of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.2 Shall be strictly
compliance with laws, regulations and financial and accounting system, drafting plans on the establishment of the COMPANY&rsquo;s
internal management departments and basic management system of the COMPANY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.3 Unless agreed by
the Board, shall not make change to the legal representative, company name, business scope of the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.4 Unless agreed by
the Board, shall not dispose the property of the COMPANY, including but not limited to transfer, selling off, mortgaging, pledge,
leasing or giving out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.5 If the COMPANY needs
to ask for a loan, consent of the Board shall be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.6 Shall not provide
external guarantee in the name of the COMPANY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.7 Shall regularly submit
factual financial reports to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.8 Deciding on the hiring
or dismissing of the persons-in-charge other than those who shall be decided by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.9 Performing other
responsibility granted by the articles of association or the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4. CONSIDERATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.1 Service Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the provision of services,
COMPANY to pay EMPLOYEE, as compensation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The gross amount of <U>RMB168000 </U>annually
calculated at the rate of twelve (12) equal monthly installments&nbsp;consecutively of <U>RMB14000</U> each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.2 Expenditure incurred</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANY will reimburse EMPLOYEE all reasonable
expenses incurred in connection with this Contract, upon presentation of appropriate documentation. The date of reimburse EMPLOYEE
shall be the 20<SUP>th</SUP> of each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Commitment to confidentiality and nondisclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE recognizes that certain disclosures
to be provided by COMPANY have or may have considerable strategic importance, and therefore represent trade secrets for purposes
of this Contract. During the term of this Contract and for a period of <U>36 </U>months following the end of it, EMPLOYEE is committed
to COMPANY to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) keep confidential and not disclose the information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) take and implement all appropriate measures
to protect the confidentiality of the information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) not disclose, transmit, exploit or otherwise
use for its own account or for others, elements of information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. Exclusivity of service provider</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the term of this Contract and for a
period of <U>24 </U>months following the end of it, EMPLOYEE is committed to COMPANY not render services to or for direct or indirect
competitors of COMPANY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7. Termination of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Either party may terminate this Contract at
any time, upon presentation of a <U>sixty (60) days</U> notice given to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8. GENERAL PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless specific provision to the contrary in
this Contract, the following provisions apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.1 Force Majeure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither party can be considered in default
under this Contract if the performance of its obligations in whole or in part is delayed or prevented by following a force majeure
situation. Force majeure is an external event, unforeseeable, irresistible and it absolutely impossible to fulfill an obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.2 Severability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The possible illegality or invalidity of an
article, a paragraph or provision (or part of an article, a paragraph or provision) does not in any way affect the legality of
other items, paragraphs or provisions of this Contract, nor the rest of this article, this paragraph or provision unless a contrary
intention is evident in the text.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.3 Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any notice to a party is deemed to have been
validly given if in writing and sent by registered or certified mail, by bailiff or by courier to such party at the address listed
at the beginning of this Contract or any other address that the party may indicate a similar notice to another party. A copy of
any notice sent by mail must be sent by one mode of delivery mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.4 No Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The inertia, neglect or delay by any party
to exercise any right or remedy under this Contract shall in no way be construed as a waiver of such right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.5 Contract Amendment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract may be amended only by a writing
signed by all Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9. Applicable Laws and Election of domicile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract is subject to the laws of the
People&rsquo;s Republic of China.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Parties agree to elect domicile in the
judicial district of <U>Beijing City, China</U>, and chose it as the appropriate district to hear any claim arising from the interpretation,
application, and performance, the entry into force, validity and effect of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10. Currencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All sums of money under this Contract refer
to Chinese currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>11. Effectiveness and Copies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract will come into force upon signature
and seal by both Parities. This Contract is made in duplicate and both are of equally binding force. The COMPANY and the EMPLOYEE
each holds one copy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN THE CITY OF BEIJING, CHINA,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Beijing REIT Technology Development Co.,
Ltd </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">(Seal)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Hengfang Li </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>16
<FILENAME>ff12017ex10ii_retoeco.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT WITH GUANGFENG DAI
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; background-color: white"><B>Employment
Contract &ndash;Guangfeng Dai</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 0; text-align: justify"><B>BETWEEN:</B>&nbsp;<B>&nbsp;Beijing
REIT Technology Development Co., Ltd</B>, a company legally incorporated under the laws of People&rsquo;s Republic of China, having
a mailing address at&nbsp;Room 1611, No.1 Building, No.208, Second Block, Lize Zhongyuan, Wangjing Xinxing Industrial Area, Chaoyang
District, Beijing City, acting and represented herein by <B>Mr. Li Hengfang, Legal Representative</B>, declaring duly authorized,&nbsp;(hereinafter
called the &quot;COMPANY&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND:</B>&nbsp;&nbsp;&nbsp;<B>Mr. Guangfeng
Dai</B>,  (hereinafter called the &ldquo;EMPLOYEE&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(COMPANY and EMPLOYEE hereinafter collectively
called &quot;Parties&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANY requires the services of EMPLOYEE as
Chief Operating Officer (COO);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agreed to provide COMPANY his full-time
services as COO;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Parties wish to confirm their agreement
in writing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Parties have the capacity and quality of
exercise all the rights necessary for the conclusion and implementation of the agreement found in this Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THEREFORE THE FOREGOING, THE PARTIES AGREE
AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. Employment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agrees to assume full-time for COMPANY
(minimum of forty (40) hours per week) the role of COO during the entire duration of the Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Term</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract is for an initial term of <U>36</U>
months, namely from <U>September 1, 2016 </U>to <U>August 31, 2019</U>, renewable for an additional period of <U>24 </U>months
unless either party terminates it in writing at least <U>sixty (60) days</U> before the expiration of the initial term;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>&nbsp;3. Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agrees and undertakes to COMPANY to
the following: The services must be made full time in a professional manner, according to the rules generally accepted by industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.1 Reporting to the
CEO and the Board of Directors, the Chief Operating Officer should be responsible for supporting the CEO in developing, executing
and managing the COMPANY&rsquo;s business plan with a particular emphasis on operational and sales performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.2 Responsible for planning
and organizing internal company operations and supporting the CEO in maintaining a healthy corporate culture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.3 Develop, establish,
and direct execution of operating policies and procedures to support overall company policies and objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.4 Manage the COMPANY&rsquo;s
revenue and expense goals, day-to-day operations and the continued development and advancement of staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.5 Ensure quality control
of all COMANY output, refine and enforce the COMPANY&rsquo;s high standard for customer service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.6 Ensure <FONT STYLE="color: #333333; background-color: white">the
smooth functioning of all the processes in the COMPANY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.7 Make <FONT STYLE="color: #333333; background-color: white">strategize
with the management regarding future plans and profits of the COMPANY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4. CONSIDERATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.1 Service Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the provision of services,
COMPANY to pay EMPLOYEE, as compensation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The gross amount of <U>RMB156000 </U>annually
calculated at the rate of twelve (12) equal monthly installments&nbsp;consecutively of <U>RMB13000</U> each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.2 Expenditure incurred</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANY will reimburse EMPLOYEE all reasonable
expenses incurred in connection with this Contract, upon presentation of appropriate documentation. The date of reimburse EMPLOYEE
shall be the 20<SUP>th</SUP> of each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Commitment to confidentiality and nondisclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE recognizes that certain disclosures
to be provided by COMPANY have or may have considerable strategic importance, and therefore represent trade secrets for purposes
of this Contract. During the term of this Contract and for a period of <U>36 </U>months following the end of it, EMPLOYEE is committed
to COMPANY to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) keep confidential and not disclose the information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) take and implement all appropriate measures
to protect the confidentiality of the information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) not disclose, transmit, exploit or otherwise
use for its own account or for others, elements of information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. Exclusivity of service provider</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the term of this Contract and for a
period of <U>24 </U>months following the end of it, EMPLOYEE is committed to COMPANY not render services to or for direct or indirect
competitors of COMPANY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7. Termination of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Either party may terminate this Contract at
any time, upon presentation of a <U>sixty (60) days</U> notice given to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8. GENERAL PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless specific provision to the contrary in
this Contract, the following provisions apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.1 Force Majeure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither party can be considered in default
under this Contract if the performance of its obligations in whole or in part is delayed or prevented by following a force majeure
situation. Force majeure is an external event, unforeseeable, irresistible and it absolutely impossible to fulfill an obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.2 Severability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The possible illegality or invalidity of an
article, a paragraph or provision (or part of an article, a paragraph or provision) does not in any way affect the legality of
other items, paragraphs or provisions of this Contract, nor the rest of this article, this paragraph or provision unless a contrary
intention is evident in the text.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.3 Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any notice to a party is deemed to have been
validly given if in writing and sent by registered or certified mail, by bailiff or by courier to such party at the address listed
at the beginning of this Contract or any other address that the party may indicate a similar notice to another party. A copy of
any notice sent by mail must be sent by one mode of delivery mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.4 No Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The inertia, neglect or delay by any party
to exercise any right or remedy under this Contract shall in no way be construed as a waiver of such right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.5 Contract Amendment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract may be amended only by a writing
signed by all Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9. Applicable Laws and Election of domicile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract is subject to the laws of the
People&rsquo;s Republic of China.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Parties agree to elect domicile in the
judicial district of <U>Beijing City, China</U>, and chose it as the appropriate district to hear any claim arising from the interpretation,
application, and performance, the entry into force, validity and effect of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10. Currencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All sums of money under this Contract refer
to Chinese currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>11. Effectiveness and Copies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract will come into force upon signature
and seal by both Parities. This Contract is made in duplicate and both are of equally binding force. The COMPANY and the EMPLOYEE
each holds one copy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN THE CITY OF BEIJING, CHINA,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Beijing REIT Technology Development Co.,
Ltd </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">(Seal)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Guangfeng Dai </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>17
<FILENAME>ff12017ex10iii_retoeco.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT WITH YUXIA JIA
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; background-color: white"><B>Employment
Contract &ndash; Yuxia Jia</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 0; text-align: justify"><B>BETWEEN:</B>&nbsp;<B>&nbsp;Beijing
REIT Technology Development Co., Ltd</B>, a company legally incorporated under the laws of People&rsquo;s Republic of China, having
a mailing address at&nbsp;Room 1611, No.1 Building, No.208, Second Block, Lize Zhongyuan, Wangjing Xinxing Industrial Area, Chaoyang
District, Beijing City, acting and represented herein by <B>Mr. Li Hengfang, Legal Representative</B>, declaring duly authorized,&nbsp;(hereinafter
called the &quot;COMPANY&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND:</B>&nbsp;&nbsp;&nbsp;<B>Mr. Yuxia
Jia</B>, (hereinafter called the &ldquo;EMPLOYEE&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(COMPANY and EMPLOYEE hereinafter collectively
called &quot;Parties&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANY requires the services of EMPLOYEE as
Chief Financial Officer (CFO);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agreed to provide COMPANY his full-time
services as CFO;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Parties wish to confirm their agreement
in writing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Parties have the capacity and quality of
exercise all the rights necessary for the conclusion and implementation of the agreement found in this Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THEREFORE THE FOREGOING, THE PARTIES AGREE
AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. Employment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agrees to assume full-time for COMPANY
(minimum of forty (40) hours per week) the role of CFO during the entire duration of the Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Term</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract is for an initial term of <U>36</U>
months, namely from <U>September 1, 2016 </U>to <U>August 31, 2019</U>, renewable for an additional period of <U>24 </U>months
unless either party terminates it in writing at least sixty (60) days before the expiration of the initial term;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>3. Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agrees and undertakes to COMPANY to
the following: The services must be made full time in a professional manner, according to the rules generally accepted by industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.1 Set-up and/or oversee all financial and
operational controls and metrics within the organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.2 Maintain executive responsibility for financial
operations, including working capital, capital expenditures, debt levels, taxes, budget, and general accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.3 Develop and direct financial plans to the
strategic business plan, company growth, and market opportunities and direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.4 Establish and maintain stable cash flow
management policies and procedures, and ensure cash resources are available for daily operations and business and product development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.5 Analyze current and future business operations
and plans to determine financial effectiveness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.6 Establish the performance goals, allocate
resources, and assess policies for employees, through other managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4. CONSIDERATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.1 Service Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the provision of services,
COMPANY to pay EMPLOYEE, as compensation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The gross amount of <U>RMB102000</U> annually
calculated at the rate of twelve (12) equal monthly installments&nbsp;consecutively of <U>RMB8500 </U>each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.2 Expenditure incurred</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANY will reimburse EMPLOYEE all reasonable
expenses incurred in connection with this Contract, upon presentation of appropriate documentation. The date of reimburse EMPLOYEE
shall be the 20<SUP>th</SUP> of each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Commitment to confidentiality and nondisclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE recognizes that certain disclosures
to be provided by COMPANY have or may have considerable strategic importance, and therefore represent trade secrets for purposes
of this Contract. During the term of this Contract and for a period of <U>36 </U>months following the end of it, EMPLOYEE is committed
to COMPANY to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) keep confidential and not disclose the information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) take and implement all appropriate measures
to protect the confidentiality of the information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) not disclose, transmit, exploit or otherwise
use for its own account or for others, elements of information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. Exclusivity of service provider</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the term of this Contract and for a
period of <U>24 </U>months following the end of it, EMPLOYEE is committed to COMPANY not render services to or for direct or indirect
competitors of COMPANY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7. Termination of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Either party may terminate this Contract at
any time, upon presentation of a sixty (60) days notice given to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8. GENERAL PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless specific provision to the contrary in
this Contract, the following provisions apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.1 Force Majeure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither party can be considered in default
under this Contract if the performance of its obligations in whole or in part is delayed or prevented by following a force majeure
situation. Force majeure is an external event, unforeseeable, irresistible and it absolutely impossible to fulfill an obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.2 Severability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The possible illegality or invalidity of an
article, a paragraph or provision (or part of an article, a paragraph or provision) does not in any way affect the legality of
other items, paragraphs or provisions of this Contract, nor the rest of this article, this paragraph or provision unless a contrary
intention is evident in the text.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.3 Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any notice to a party is deemed to have been
validly given if in writing and sent by registered or certified mail, by bailiff or by courier to such party at the address listed
at the beginning of this Contract or any other address that the party may indicate a similar notice to another party. A copy of
any notice sent by mail must be sent by one mode of delivery mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.4 No Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The inertia, neglect or delay by any party
to exercise any right or remedy under this Contract shall in no way be construed as a waiver of such right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.5 Contract Amendment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract may be amended only by a writing
signed by all Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9. Applicable Laws and Election of domicile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract is subject to the laws of the
People&rsquo;s Republic of China.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Parties agree to elect domicile in the
judicial district of <U>Beijing City, China</U>, and chose it as the appropriate district to hear any claim arising from the interpretation,
application, and performance, the entry into force, validity and effect of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10. Currencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All sums of money under this Contract refer
to Chinese currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>11. Effectiveness and Copies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract will come into force upon signature
and seal by both Parities. This Contract is made in duplicate and both are of equally binding force. The COMPANY and the EMPLOYEE
each holds one copy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;IN THE CITY OF BEIJING CITY, CHINA,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Beijing REIT Technology Development Co.,
Ltd </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">(Seal)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Yuxia Jia </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>18
<FILENAME>ff12017ex10iv_retoeco.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT WITH ZHIZHONG HU
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; background-color: white"><B>Employment
Contract &ndash;Zhizhong Hu</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 0; text-align: justify"><B>BETWEEN:</B>&nbsp;<B>&nbsp;Beijing
REIT Technology Development Co., Ltd</B>, a company legally incorporated under the laws of People&rsquo;s Republic of China, having
a mailing address at&nbsp;Room 1611, No.1 Building, No.208, Second Block, Lize Zhongyuan, Wangjing Xinxing Industrial Area, Chaoyang
District, Beijing City, acting and represented herein by <B>Mr. Li Hengfang, Legal Representative</B>, declaring duly authorized,&nbsp;(hereinafter
called the &quot;COMPANY&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AND:</B>&nbsp;&nbsp;&nbsp;<B>Mr. Zhizhong
Hu</B>,  (hereinafter called the &ldquo;EMPLOYEE&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(COMPANY and EMPLOYEE hereinafter collectively
called &quot;Parties&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANY requires the services of EMPLOYEE as
Chief Technology Officer (CTO);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agreed to provide COMPANY his full-time
services as CTO;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Parties wish to confirm their agreement
in writing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Parties have the capacity and quality of
exercise all the rights necessary for the conclusion and implementation of the agreement found in this Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THEREFORE THE FOREGOING, THE PARTIES AGREE
AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1. Employment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agrees to assume full-time for COMPANY
(minimum of forty (40) hours per week) the role of CTO during the entire duration of the Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Term</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract is for an initial term of <U>36</U>
months, namely from <U>September 1, 2016 </U>to <U>August 31, 2019</U>, renewable for an additional period of <U>24 </U>months
unless either party terminates it in writing at least <U>sixty (60) days</U> before the expiration of the initial term;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>3. Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE agrees and undertakes to COMPANY to
the following: The services must be made full time in a professional manner, according to the rules generally accepted by industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.1 Creating overall
technology standards and practices and ensuring adherence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.2 Building and managing
the COMPANY&rsquo;s technology team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.3 Managing data systems
implementation and monitoring their effectiveness in meeting business goals.</P>

<P STYLE="font: 10pt/13.45pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white">3.4 <FONT STYLE="font-size: 10pt; color: #333333">Collaborate
with the appropriate departments to assess and recommend technologies in support of COMPANY needs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.5 Work with the CEO
and other executives to develop a technical strategy for the COMPANY, involving goal-setting, discussing options and analyzing
risks, ensuring the technical strategy align with the COMPANY&rsquo;s overall business objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3.6 Keeps an eye out
for new technological developments that can help the COMPANY improve efficiency and customer satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4. CONSIDERATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.1 Service Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the provision of services,
COMPANY to pay EMPLOYEE, as compensation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The gross amount of <U>RMB156000 </U>annually
calculated at the rate of twelve (12) equal monthly installments&nbsp;consecutively of <U>RMB13000</U> each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.2 Expenditure incurred</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">COMPANY will reimburse EMPLOYEE all reasonable
expenses incurred in connection with this Contract, upon presentation of appropriate documentation. The date of reimburse EMPLOYEE
shall be the 20<SUP>th</SUP> of each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Commitment to confidentiality and nondisclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">EMPLOYEE recognizes that certain disclosures
to be provided by COMPANY have or may have considerable strategic importance, and therefore represent trade secrets for purposes
of this Contract. During the term of this Contract and for a period of <U>36 </U>months following the end of it, EMPLOYEE is committed
to COMPANY to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) keep confidential and not disclose the information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) take and implement all appropriate measures
to protect the confidentiality of the information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) not disclose, transmit, exploit or otherwise
use for its own account or for others, elements of information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. Exclusivity of service provider</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the term of this Contract and for a
period of <U>24 </U>months following the end of it, EMPLOYEE is committed to COMPANY not render services to or for direct or indirect
competitors of COMPANY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7. Termination of Contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Either party may terminate this Contract at
any time, upon presentation of a <U>sixty (60) days</U> notice given to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8. GENERAL PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless specific provision to the contrary in
this Contract, the following provisions apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.1 Force Majeure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither party can be considered in default
under this Contract if the performance of its obligations in whole or in part is delayed or prevented by following a force majeure
situation. Force majeure is an external event, unforeseeable, irresistible and it absolutely impossible to fulfill an obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.2 Severability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The possible illegality or invalidity of an
article, a paragraph or provision (or part of an article, a paragraph or provision) does not in any way affect the legality of
other items, paragraphs or provisions of this Contract, nor the rest of this article, this paragraph or provision unless a contrary
intention is evident in the text.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.3 Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any notice to a party is deemed to have been
validly given if in writing and sent by registered or certified mail, by bailiff or by courier to such party at the address listed
at the beginning of this Contract or any other address that the party may indicate a similar notice to another party. A copy of
any notice sent by mail must be sent by one mode of delivery mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.4 No Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The inertia, neglect or delay by any party
to exercise any right or remedy under this Contract shall in no way be construed as a waiver of such right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.5 Contract Amendment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract may be amended only by a writing
signed by all Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9. Applicable Laws and Election of domicile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract is subject to the laws of the
People&rsquo;s Republic of China.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Parties agree to elect domicile in the
judicial district of <U>Beijing City, China</U>, and chose it as the appropriate district to hear any claim arising from the interpretation,
application, and performance, the entry into force, validity and effect of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10. Currencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All sums of money under this Contract refer
to Chinese currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>11. Effectiveness and Copies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Contract will come into force upon signature
and seal by both Parities. This Contract is made in duplicate and both are of equally binding force. The COMPANY and the EMPLOYEE
each holds one copy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN THE CITY OF BEIJING, CHINA,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Beijing REIT Technology Development Co.,
Ltd </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">(Seal)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Zhizhong Hu </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>19
<FILENAME>ff12017ex10v_retoeco.htm
<DESCRIPTION>JUNE 16, 2016 LOAN AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Applicable to the circumstance under which
the load contract is not required to be signed otherwise for working capital loan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">No.: 2016 Z. H. B. S. 001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit grantor:</FONT></TD>
    <TD STYLE="width: 71%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Merchants Bank Co., Ltd. Beijing Huizhongbeili Sub-branch (hereinafter referred to as Party A)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Person chiefly in charge:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liu Yun</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit applicant:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beijing REIT Technology Development Co., Ltd.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(hereinafter referred to as Party B)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal representative<FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal; letter-spacing: 0.5pt">/</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Person chiefly in charge: Li Hengfang</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Whereas, per the application of Party B, Party
A hereby agrees to provide a credit line to Party B for use. Now, pursuant to relevant legal provisions and after full consultation,
Party A and Party B have reached an agreement on the following terms and conditions, and it is hereby concluded as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 1: Credit line</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1
Party A offers Party B the credit line of <U>RMB Twenty Million</U> (including other equivalent currencies, the exchange rate will
be translated according to the foreign exchange quotation announced by Party A upon actual occurrence of each specific business
use, similarly hereinafter). Among them, (please tick &ldquo;</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
to select):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9633;</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Credit
line of RMB Twenty Million;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.2 According to the internal processes of
Party A, Party A will appoint its sub-branches to issue relevant letter of credit to the beneficiary, the letters of credit will
take up the credit line mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.3 The credit line mentioned above excludes
the credit amount corresponding to the security deposit or deposit pledge guarantee provided by Party B or the third party only
for single specific business hereunder, and similarly hereinafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9633;</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">1.4
Party A and Party B have signed the Credit Agreement with the number of <U>2015 Z. H. B. S. 001 </U>originally, as of the effective
date hereof, if the specific business handled under such Credit Agreement still has outstanding balance, it will be included under
this Agreement and be part of the aggregate utilized credit line hereunder (if applicable, please tick &ldquo;</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
in the &#9633;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 2: Credit period</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The credit period is <U>twelve months</U>,
namely from <U>June 16, 2016 to June 14, 2017</U> (maturity date). Party B shall submit credit use application to Party A within
such period, and Party A will not accept the credit use application proposed by Party B after the maturity date of the credit period,
unless otherwise prescribed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 3: Use of credit line</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.1 Type and scope of credit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
credit line mentioned above is (please tick &ldquo;</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
to select one of the two options below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">)
3.1.1 Single credit line in <U>working capital loan</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.1.2 During credit period, if Party B has
other business needs other than the type of credit business as agreed in Article 3.1.1 hereof, Party B may submit applications
to Party A one by one, after Party A's examination and approval one by one, both parties will sign any specific business applications,
business contract (including receipt for a loan), and business agreement for confirmation. Any additional business uses examined
and approved by Party A will be part of the aggregate credit line utilized hereunder. The parties do not need to otherwise sign
supplementary agreement for agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 4: Interest rate&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1 Working capital loan interest rate and
rules for interest calculation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1.1 the flowing lending rate apply to fixed
interest rate or floating interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1.2 Loan interest rate confirmation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1.2.1 For issuing RMB loans,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9633;</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">The <U>twelve months / one year</U> RMB benchmark lending rate of financial
institutions announced by People's Bank of China and applicable on fixing date will be taken as benchmark interest rate, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9633;</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">the
lending rate issued one business day before the yearly loan principal rate announced by National Interbank Funding Center on a
fixing date will be taken as benchmark interest rate; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9633;</FONT><FONT STYLE="font-family: Wingdings">&uuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">with
a floating interest rate 20%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1.2.2 Fixing date means the reference date
used for confirming the benchmark interest rate within loan period or floating period. If such loan adopts fixed interest rate,
the fixing date is the date of actual loan issuance; if such loan adopts floating interest rate, the fixing date will be confirmed
pursuant to provisions of Article 4.1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1.3 if the loan under this Agreement adopts
to a floating interest rate, the benchmark interest rate for each floating period will be determined under Article 4.1.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pricing date of the first floating period
would be the date which the loan actually issued, the pricing date for the afterward periods would be the first date of each floating
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1.4 Where Party B fails to use the loan as
agreed in this agreement, the portion of the loan that is not used as agreed, as of the date the use is changed, will be charged
an extra <U>100%</U> interest based on the original interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Where Party B fails to repay the loan on schedule,
for the outstanding unpaid amount, an extra <U>50%</U> of interest will be charged based on the original interest rate as of the
overdue date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The original interest rate means the interest
rate applicable before the maturity date (including the early maturity date) of loan (if it is floating interest rate, then the
last floating period before the maturity date (including the early maturity date) of loan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the circumstance with simultaneous overdue
repayment of loan and failure to use the loan as agreed, the interest will be calculated according to the above provisions, whichever
is higher.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1.5 During loan period, if the People&rsquo;s
Bank of China adjusts the provisions on loan interest rate, then relevant interest rate adjustments shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest calculation: starting from the date
on which the loan is deposited into the account of Party B, the loan interest will be calculated according to the actual amount
of loan and actual number of days the loan has been issued, the interest will be calculated once every <U>quarter</U>, and the
interest calculation date is the <U>twentieth</U> day before the <U>end of each quarter</U>. The conversion method of daily interest
rate will be executed according to relevant provisions of the People's Bank of China or international practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1.6 Interest payment: Party B shall pay the
interest on the date of the interest calculation, and Party A may directly make deductions from the bank account of Party B. Where
Party B fails to pay interest on schedule, Party A is entitled to surcharge compound interest for the unpaid interest according
to the loan interest rate at the same period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 5: Guarantee clause</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.1 <U>Beijing Zhongguancun Sci-tech Financing
Guaranty Co., Ltd.</U> is the guarantor of joint and several liability for all debts owed by Party B to Party A hereunder, and
it has issued the &quot;Maximum Amount Irrevocable Letter of Guarantee&quot; with the number of <U>2016 Z. H. B. S. 001 B. No.
1</U> to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 6: Special provisions on working capital
loan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.1 Withdrawal and use of loan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party B's use of working capital loan hereunder
includes independent payment and entrusted payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.1.1 Independent payment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Independent payment means that after Party
A has issued the loan fund to Party B's account according to the withdrawal application of Party B, Party B will make independent
payment to its counterparty satisfying the use as agreed in the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.1.2 Entrusted payment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Entrusted payment means that according to the
withdrawal application and payment entrustment of Party B, Party A will pay the loan fund to Party B's counterparty satisfying
the use as agreed in the agreement through Party B&rsquo;s account. For the loan fund adopting entrusted payment, Party B authorizes
Party A to make payment to Party B's counterparty through Party B's account on the date of loan issuance (or on the next working
day after loan issuance).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.2 Prepayment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If Party B makes prepayment, the interest rate
will still be calculated according to the provisions hereof, and the interest payable will be calculated according to the actual
loan period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.3 Loan extension</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When Party B fails to repay the loan hereunder
on schedule and needs a loan extension, Party B shall propose a written application to Party A one month before the expiration
of this Agreement; if Party A agrees on an extension, both parties shall otherwise sign the extension agreement. If Party A disagrees
on the extension, then this Agreement is still effective. And the borrowing already taken by Party B and interest payable shall
still be paid according to the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.4 Special loan account</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.4.1 The issuance and external payment of
all loan fund hereunder shall be handled through the account of <U>Beijing REIT Technology Development Co., Ltd.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.5 Monitoring the capital collection account
of Party B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.5.1 Before Party B has paid off all working
capital loans hereunder, both parties agree to designate the account of <U>Beijing REIT Technology Development Co., Ltd.</U> as
the capital collection account of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.5.2 Monitoring requirements of such account
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party A is entitled to recover the loan in
advance according to the capital collection situation of Party B, namely when collected capital is available in such account, then
the amount of loan corresponding to such collected capital may be deemed as acceleration of maturity, and Party A is entitled to
directly deduct from such account for repaying such part of loan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 7: Applicable law and dispute settlement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.1 In case of any dispute between Party A
and Party B arising from the performance of this Agreement, both parties shall settle it through consultation, if consultation
fails, either party may file a lawsuit to the people&rsquo;s court in the locality of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 8: Agreement effectiveness</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Agreement will become effective as of
the date of signature by both parties, and will be invalid automatically until the expiry date of credit period or the date on
which all debts and other relevant expenses owed by Party B to Party A hereunder have been paid off (whichever is later).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(This page is the signature page)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party A: China Merchants Bank Co., Ltd. Beijing
Branch (Seal)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Person chiefly in charge or authorized agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Signature/Seal) /s/ Liu Yun</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party B: Beijing REIT Technology Development
Co., Ltd. (Seal)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Person chiefly in charge or authorized agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Signature/Seal): /s/ Li Hengfang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of signature: June 16, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note: Li Hengfang is the guarantor for this
credit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>20
<FILENAME>ff12017ex10vi_retoeco.htm
<DESCRIPTION>JULY 25, 2016 LOAN AGREEMENT
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.6</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Entrusted Loan Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 22pt">Signature date: 25 July 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Party A: </B>Beijing Zhongguancun Technology
Financing &amp; Guarantee Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Party B:</B> Bank of Beijing Co., Ltd Shuangxiu
Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Party C: </B>Beijing Reit Technology Development
Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 1:</B> Party
A will use its own fund under the bank account opened at Party B as principal, and Party A entrusts Party B to release funds to
Party C pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 2: </B>the
amount of principal is RMB&nbsp;10,000,000, and the term of the loan is six (6) months, commencing from 31 August 2016 to 28 February
2017. The term of the loan is effective from the date that the loan was released (if the loan was phrased released then begins
from the date of initial release), if any delay occurs, the initial date and expired date will automatically adjust accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 3:</B> the
rate of the loan under this Agreement is 5.655% per year. If Party C cannot pay the principal as agreed in the Agreement, Party
C shall pay the interests in respect of the overdue loan based on the rate under this Agreement with a floating rate of 50%; if
Party C did not use the loan as agreed in this Agreement, Party C shall pay the principal plus interest based on the rate under
this Agreement with a floating rate of 100%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 4: </B>the
total loan of RMB&nbsp;10,000,000 will be released on date of 31 August 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 5: </B>the
loan will be use as the company&rsquo;s additional working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 6:</B> Party
C shall pay the loan for two phases, each phase shall be in the amount of RMB 5,000,000, first phase shall be paid on the date
of 31 January 2017, and second phase shall be paid on the date of 28 February 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 7: </B>the
interest of the loan under this Agreement shall be paid up as off the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 8:</B> Party
B has the right to charge Party C an annual fee of RMB 8,000, based on an annual rate of 0.8% in respect of the total loan amount
and the term of the loan under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 9: </B>If any
disputes arise with regard with this Agreement, all parties shall attempt to amicable resolve this dispute, if these negotiations
fail, disputes shall be submitted to people&rsquo;s court where Party B located for litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.1pt"><B>Article 10: </B>Mr.
Li Hengfang is a guarantor for this loan agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sign page:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Party A:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beijing Zhongguancun Technology Financing &amp;
Guarantee Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Hongwei Duna</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Party B:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bank of Beijing Co., Ltd Shuangxiu Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Bo Zhou</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Party C:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beijing Reit Technology Development Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>/s/ Hengfang Li</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">2</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U></U></P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>21
<FILENAME>ff12017ex10vii_retoeco.htm
<DESCRIPTION>SEPTEMBER 2013 LOAN AGREEMENT
<TEXT>
<HTML>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.7</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%"><B>Fixed
    Asset Loans Contract</B></FONT><B><FONT STYLE="font-family: KaiTi_GB2312; font-size: 10pt; line-height: 150%">
    &#12304;</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">Contract No:
    22010270-2013(ChangJiang) Zi 0009</FONT></B><B><FONT STYLE="font-family: KaiTi_GB2312; font-size: 10pt; line-height: 150%">&#12305;</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%"><B>No</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%"><B>Important Provisions</B></FONT></TD>
    <TD STYLE="width: 84%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%"><B>Main Contents of Provisions</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">Lender:
Industrial and Commercial Bank of China Corp. ChangJiang Branch</FONT></P>
        <P STYLE="font: 10pt/150% KaiTi_GB2312; margin: 0; text-align: center">&#20013;         &#22269;         &#24037; &#21830;
        &#38134; &#34892; &#32929; &#20221; &#26377; &#38480; &#20844; &#21496; &#26124; &#27743; &#25903; &#34892;</P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">Borrower:
REIT Mingsheng Environment Protection Construction Materials (ChangJiang) Co.,Ltd</FONT></P>
        <P STYLE="font: 10pt/150% KaiTi_GB2312; margin: 0; text-align: center">&#29790;         &#22270;         &#26126;
        &#30427; &#29615; &#20445; &#24314; &#26448; &#65288;&#26124;&#27743;&#65289;&#26377; &#38480; &#20844;&#21496;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%"><B>Part I</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%"><B>General Provision</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 1 Purpose of Loans</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">The loans under this contract can only be used for
        the construction of Tailings Sands Concrete Blocks with an annual capacity of 1.06 million square metres. Any misappropriation
        of the loan proceeds hereunder is not allowed, unless there is a written approval from the lender. The lender reserves the full
        rights to supervise the details of loan proceeds&rsquo; usage.</P></TD></TR>
</TABLE>

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    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 4%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 12%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 84%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 2 The Amount and Period of Loans</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">2.1 The currency of loans under this contract is
        (in words) RMB Ninety-six Million Only (in figures: RMB&nbsp;96,000,000.00 Yuan). Where there is any inconsistency between the amount
        in words and in figures, the former shall prevail.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">2.2 The period of loans under this contract shall
        be six years, the starting date shall be the actual drawdown date subject to IOUs (or the first drawdown date in case of drawdown
        in installments).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 3 Rate, Interest and Fees</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">3.1 With respect to the RMB interest rate of loan,
        the Borrower selects the second way as listed in Article 3.1 hereof.</P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">3.1</FONT><FONT STYLE="font-family: KaiTi_GB2312">&#65288;</FONT><FONT STYLE="font-family: Times New Roman,serif">2</FONT><FONT STYLE="font-family: KaiTi_GB2312">&#65289;</FONT><FONT STYLE="font-family: Times New Roman,serif">The
        floating rate, the interest rate of loan shall be determined according to benchmark interest rate and the extent of floating.The
        interest rate thereof shall be increased by 29% from the corresponding statutory loan interest rate that the People's Bank of China
        promulgates on the actual drawdown date and the lending date provided in Article.2.2. When such loan is granted, the interest rate
        of the loan shall be calculated on multi-stage basis. Each six month shall be a repayment cycle, and the interest rate of the loan
        shall be adjusted each cycle. The date to decide the interest rate in second cycle shall be correspondent to the date when the
        first cycle is expired from the drawdown date (or the last day of that month in case there is no such correspondent date existing,
        similarly hereinafter). With respect to the drawdown in installment, the Borrower selects the A way as listed in Article 3.1(2)
        hereof to adjust the interest rate of loan:</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">3.1</FONT><FONT STYLE="font-family: KaiTi_GB2312">&#65288;</FONT><FONT STYLE="font-family: Times New Roman,serif">2</FONT><FONT STYLE="font-family: KaiTi_GB2312">&#65289;</FONT><FONT STYLE="font-family: Times New Roman,serif">A
        The interest rate of the loan shall be executed in accordance with what is decided in that cycle, regardless of the installments
        in that cycle, and shall be adjusted in next cycle. </FONT></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">3.2 In case the Borrower fails to repay the commitment
        fee installments before the due date, the Lender shall be entitled to stop lending, or withdraw the loans in part or whole which
        are not in the possession of the Borrower.</P></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 4%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 12%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 84%">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 4 Drawdown</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">4.1 In accordance with actual demand for loans, the
        Borrower shall select the second way as listed in Article 4.1 hereof for drawdown.</P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">4.1</FONT><FONT STYLE="font-family: KaiTi_GB2312">&#65288;</FONT><FONT STYLE="font-family: Times New Roman,serif">2</FONT><FONT STYLE="font-family: KaiTi_GB2312">&#65289;</FONT><FONT STYLE="font-family: Times New Roman,serif">The
        Borrower shall draw out the loans in a lump sum or in installment from the day this contract enters into effect to September 6,
        2019.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">5</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Article 5 Repayment 5.1 The Borrower shall repay the loans in accordance with the repayment schedule hereof: </TD></TR>
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    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 42%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">Repayment Schedule</FONT></TD>
    <TD STYLE="width: 42%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">Amount of Repayment Schedule(Ten Thousand Yuan)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">March, 2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">September, 2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">March, 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">September, 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">September, 2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">September, 2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">March, 2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">September, 2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">March, 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">September, 2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">960</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 4%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 12%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 84%">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 7 Warranty</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">7.1 The loans under this contract shall be guaranteed
        loans.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">7.2 In case of guaranteed loans under this contract,
        the warranty issues are specified separately in Guarantee Contract.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">9</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 9 Dispute Resolution</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">With respect to the dispute resolution under this
        contract, the parties select the second way as listed in Article 9:</P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: KaiTi_GB2312">&#65288;</FONT><FONT STYLE="font-family: Times New Roman,serif">2</FONT><FONT STYLE="font-family: KaiTi_GB2312">&#65289;</FONT><FONT STYLE="font-family: Times New Roman,serif">Any
        party may file a lawsuit to the People&rsquo;s Court of domicile of the Lender.</FONT></P></TD></TR>
</TABLE>

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    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 4%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 12%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 84%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 11 Miscellaneous</B></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(1)</FONT><FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">In case the investment of the project exceed the budget estimate, the
shareholders shall self-raise the fund and provide the completion guarantee;</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(2)</FONT><FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman,serif">The loan based on equal six month payment shall be implemented after the
        due date of loan extension.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(3)</FONT><FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman,serif">No bonus shall be distributed before the principal and the interest of
        the Lender are discharged.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(4)</FONT><FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman,serif">The assets, rights and benefits produced by this project shall not be used
        to increase external financing, provide warranties and invest abroad before the loans of the Lender are discharged, unless it is
        subject to written consent from the Lender.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(5)</FONT><FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman,serif">The Borrower shall open a special revenue account for this project at ICBC
        (ChangJiang Branch) after the project is completed and go into operation, and shall sign the account monitoring agreement with
        the Lender stipulating that the all revenue of the project shall be collected to this special account, the Lender shall be authorized
        to conduct monitoring on the capital of this account, and the capital shall give top priority to repay the principal and interest
        of the Lender.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(6)</FONT><FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman,serif">The shareholders of the Borrower shall not transfer the stock equity to
        any third-party, unless it is subject to written consent from the Lender.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(7)</FONT><FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman,serif">The loan based on equal six month payment shall be implemented after the
        due date of loan extension. Upon violation of the above-mentioned terms by the Borrower, the Lender shall be entitled to declare
        the expiration of the loans in advance, refuse to grant new loans to the Borrower, and require the Borrower to repay the loans
        already granted or deal with the mortgage in advance.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(8)</FONT><FONT STYLE="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman,serif">The Borrower selects ICBC (ChangJiang Branch) as the only bank to withdraw
        the funds of this project, revenue from sales and related revenue shall be returned to the account designated by the Lender, Account Name: REIT Environmental Building Material(ChangJiang) Co.,Ltd, Bank Account: Industrial and Commercial
        Bank of China Corp. ChangJiang Branch), otherwise the Lender shall be entitled to suspend subsequent drawdown requirement from
        the Borrower, or to declare expiration of the loans in advance, and require the Borrower to pay the penalties to the Lender at
        the proportion of no less than five of ten thousand of the amount of the loans under this contract.</FONT></P></TD></TR>
</TABLE>

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    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%"><B>Part
    II</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%"><B>Specific Provision</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 4%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 12%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 84%">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 2 Granting and Payment of the Loan</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">2.2 Preconditions for first drawdown:</P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">(1)
The project for the loans shall be examined, approved and put on record by the related authorities, unless no such requirements
before the granting of loans exist pursuant to related rules).</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">(2)
The capital of the project or other capital needed has been raised in accordance with the period and proportion stipulated in
this contract.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: KaiTi_GB2312"></FONT><FONT STYLE="font-family: Times New Roman,serif">(3)
The Borrower has provided correspondent warranties and completed related warranty procedures in accordance with requirements of
the Lender, except for credit loans.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">(4)
Submit the drawdown notice to the Lender in accordance with this contract.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: KaiTi_GB2312"></FONT><FONT STYLE="font-family: Times New Roman,serif">(5)
Submit other materials required by the Lender.</FONT></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">2.3 The Borrower shall further satisfy the following
        preconditions apart from those for first drawdown before each drawdown:</P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">(1)
Should the capital be in place in installment, capital for current period has been in place in full amount and in proportion.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">(2)
The cost is within budget, or the excessive expenditure has been self-raised.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">(3)
The project has been completed in accordance with the schedule, and the actual completion is correspondent with the amount of
capital invested.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">(4)
No violation of this contract or of other contracts the Lender has signed exist.</FONT></P>
        <P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">(5)
The materials provided to prove the purpose of the loans shall be correspondent with the agreed purpose.</FONT></P></TD></TR>
</TABLE>

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    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 4%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 12%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 84%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 3 Repayment</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">3.3 Should the Lender agrees repayment of the loan
        ahead of schedule, the Borrower shall repay the due principal, interest and other expenses pursuant to this contract at date of
        repayment.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">3.4 The interest rate of loan shall not be adjusted
        as a result of advanced repayment by the Borrower or advanced collections pursuant to this contract by the Lender.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">12</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 6 Insurance</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">6.2 No condition shall allow the Borrower to suspend
        the insurance when this contract is valid. Should the insurance be suspended, the Lender is entitled to renew the insurance or
        insure for the Borrower, whereas the Borrower shall undertake the fees. In case the Borrower and related persons materially alter
        or terminate in advance the insurance documents, the Borrower shall owe the liabilities to the Lender due to such suspend, termination,
        or the alteration, unless they notify and seek approval from the Lender at least thirty days before the maturity day.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">6.4 Insurance compensation or indemnities shall be
        used to repay the loans under this contract in advance, or to recover the value of the project, or to deposit to the account designated
        by the Lender serving as security deposit for the security of the well performance of the obligations under this contract by the
        Borrower.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">13</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 8 Commitment of the Borrower</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">8.1 The Borrower shall draw out and use loans in
        accordance with the period and purpose specified in this contract, and the loans shall not come into securities market, futures
        market in any form, and shall not be prohibited or restricted by some relative laws and regulations.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">8.3 The Borrower shall accept and cooperate with
        the Lender for the examination and supervision of the usage of the loans (including its purpose), by way of account analysis, receipt
        examination, on-the-spot investigation, etc, and shall summarize and report the usage of the loans on a regular basis in accordance
        with the Lender&rsquo;s requirements.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">8.5 No dividends or bonus shall be distributed in
        any form before the principal, interest and other due expenses are discharged under this contract.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">8.6 Consolidation, split, decrease of capital, stock
        equity alteration, major capital and credit transfer, major overseas investment, materially increase of debt financing and other
        activities which may negatively influence the Lender&rsquo;s rights shall be subject to written consent from the Lender or satisfactory
        arrangements made by the Borrower for the realization of the Lender&rsquo;s rights.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">8.13 The Borrower shall undertake the fees arising
        from the realization of Lender&rsquo;s right under this contract, including but not limited to legal fees, evaluation fees, auction
        fees, etc.</P></TD></TR>
</TABLE>

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    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 4%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">14</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif; width: 12%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 84%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 11 deduction</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">11.1 In case the Borrower fails to repay the debts
        before the due date (including those shall be declared immediately expire) under this contract, the lender shall be entitled to
        collect default expenses arising from the realization of Lender&rsquo;s rights from the Borrower&rsquo;s account opened at ICBC
        (ChangJiang) or any account (home currency or foreign currency) opened by the Borrower at any branch of ICBC, until all debts under
        this contract are discharged by the Borrower.</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">11.2 In case of any inconsistency between the loan
        currency in expenses collected and this contract, the exchange rate should be converted on the basis of the rate applied in collecting
        days. The Borrower shall undertake the interest, other fees and the balance produced due to the fluctuation of exchange rate between
        date of collection and date of payment (referring to the day the Lender exchanges the expenses collected into the loan currency
        of this contract in accordance with national foreign exchange control policy, and realizes its rights under this contract).</P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">11.3 Should the expenses collected be insufficient
        to cover all the loans, the lender is entitled to decide the order of discharging.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 150%">14</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: center"><B>Article 14 Governing Law and Dispute Resolution</B></P>
        <P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left">This Contract shall be governed by the laws and regulations
        of the People&rsquo;s Republic of China. All disputes arising from the execution of, or in connection with this Contract shall
        be settled through friendly negotiation. In case no settlement to disputes can be reached through negotiation, any party may file
        a lawsuit to the People&rsquo;s Court of domicile of the Lender.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left; text-indent: 0.25in">Mortgagor: REIT Environmental
Building Material (ChangJiang) Co., Ltd.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21pt; text-align: justify; text-indent: 21pt"><U>/s/ Hengfang Li</U></P>

<P STYLE="font: 10pt/150% Calibri,sans-serif; margin: 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0; text-align: left; text-indent: 0.25in">Mortgagee: Industrial and Commercial
Bank of China Corp. ChangJiang Branch</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 21pt; text-align: justify; text-indent: 21pt"><U>/s/ Hongwen Wu</U></P>

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<TYPE>EX-10.8
<SEQUENCE>22
<FILENAME>ff12017ex10viii_retoeco.htm
<DESCRIPTION>SEPTEMBER 2013 MORTGAGE AGREEMENT
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.8</B></P>

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    <TD COLSPAN="3" STYLE="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%"><B>Mortgage Contract (Changjiang Di Zi No.006 2013)</B></FONT></TD></TR>
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    <TD STYLE="width: 5%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%"><B>No.</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%"><B>Important Provisions</B></FONT></TD>
    <TD STYLE="width: 82%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%"><B>Main Contents of Provisions</B></FONT></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">Mortgagee (Party A): Industrial
        and         Commercial Bank of China Corp. ChangJiang Branch</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 2in">(&#20013;&#22269;&#24037;&#21830;&#38134;&#34892;&#32929;&#20221;&#26377;&#38480;&#20844;&#21496;&#26124;&#27743;&#25903;&#34892;)</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">Mortgagor (Party B): REIT
        Mingsheng Environment          Protection Construction Materials (ChangJiang) Co., Ltd.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 2in">(&#29790;&#22270;&#26126;&#30427;&#29615;&#20445;&#24314;&#26448;&#65288;&#26124;&#27743;&#65289;&#26377;&#38480;&#20844;&#21496;)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 1 Principal Creditor&rsquo;s
        Right Secured by the Mortgage</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">1.1 The Principal Creditor&rsquo;s Right
        secured by Party B refers to creditor&rsquo;s right enjoyed by Party A in accordance with Fixed Asset Loans Contract (No. 22010270-2013(ChangJiang)
        Zi 0009, hereinafter referred to as &ldquo;Principal Contract&rdquo;), made and entered into on September 2, 2013, by and between
        Party A and REIT Environmental Building Material (ChangJiang) Co., Ltd. (hereinafter referred to as &ldquo;debtor&rdquo;).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Article 2 Scope of Mortgage</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">The scope of mortgage covers principal
        amount of Principal Creditor&rsquo;s Right, interest, compound interest, penalty interest, penalty fine, damage compensation, loss
        of exchange rate ( relevant loss due to exchange rate movement) and expenses for realization of the Mortgagee&rsquo;s rights (including
        but not limited to litigation fees, legal fees, appraisal fees, auction fees and fees for selling the Mortgage).</P></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 13%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 82%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Article 3 Mortgaged Property</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">3.2 Mortgagee&rsquo;s rights of Party
        A are valid for accessory rights, accessory, accession, natural and legal fruits, subrogation of mortgaged property and insurance
        proceeds, damages and compensation incurred due to damage, loss and requisition of Mortgaged Property.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">3.8 Where Mortgaged Property is damaged,
        lost or requisitioned, insurance proceeds, damages and compensation acquired by Party B shall be used for repaying the principal
        debts ahead of schedule, or shall be used for reinstating value of Mortgaged Property. Such insurance proceeds, damages and compensation
        also shall be deposited in Party A&rsquo;s designated account to secure debts under Principal Contract. The part of value of Mortgage
        Property which retains changeless, it shall continue to secure Principal creditor&rsquo;s right.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">3.9 If Party B conduct any acts that reduce
        the value of mortgaged property, Party B shall stop its acts immediately and without delay. Where the value of the mortgaged property
        has been reduced, Party B shall restore the value of the mortgaged property, or shall provide guarantee equivalent to the reduced
        part.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Article 4 Mortgage Registration</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">Both parties shall process the registration
        with the competent registration authority within ten days after the execution of this Contract. Unless otherwise is provided in
        laws and regulations, registration fees shall be borne by Party B.</P></TD></TR>
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    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 13%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 82%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 5 Insurance</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">5.1 Party B shall duly arrange the insurance
        as required by Party A within fifteen days after the execution of this Contract.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">5.3 Party B shall not interrupt or cancel
        insurance for any reason within valid period of this Contract. If insurance is interrupted, Party B is entitled to arranging insurance
        on behalf of Party B and all expenses shall be borne by Party B.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 7 Realization of Mortgagee&rsquo;s
        Right</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">7.1 In any of the following situations,
        Party A is entitled to realizing the mortgagee&rsquo;s right:</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">A. Debtor fails to repay the matured loan
        amount (including the debt being declared as early maturity) of principal creditor&rsquo;s right;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">B. Where the situation stipulated in Article
        3.9 of this Contract occurs, Party B fails to restore the value of Mortgage Property or to provide security equivalent to the reduced
        part;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">C. Party B or Debtor are experiencing
        shutdown, dissolution, liquidation, administration, or such parties are applied for bankruptcy, revoked business license or even
        cancelled;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">D. Party B, breaking the principle of
        fair trade, disposes of Mortgage Property which has been taken out movable floating mortgage during production and operation; and</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">E. If other conditions specified by laws
        and regulations are present.</P></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 8 Party B&rsquo;s Representations
        and Warranties</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">8.4 Mortgage Property, without any restriction,
        can be taken out a second mortgage legally.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">8.7 If Mortgage Property has been leased
        partially or totally, Party B shall inform lessee about mortgage matters, and shall notify Party B of lease in written.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">8.7 There is no warranty on Mortgage Property
        for others, or although warranties have been set up for others, Party B has notified Party A of specifics in written.</P></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 13%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 82%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Article 9 Party B&rsquo;s Undertaking</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">9.1 In any of the following situations,
        without the consent of Party B, Party B shall continue to assume the liabilities under security in accordance with this Contract.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">A. Party A and Debtor modify Principal
        Contract to some extent that <FONT STYLE="letter-spacing: -0.2pt">such change does not aggravate the liabilities of the Debtor
        or extend period for performing debts;</FONT></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.2pt">B.
        According to trade financing internationally and domestically, Party A and Debtor modify L/C relating to Principal Contract to
        some extent that such change does not aggravate Debtor&rsquo;s payment under L/C or extend payment period;</FONT></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">C. The amount of principal creditor&rsquo;s
        right is changed due to floating rate adopted by Principal Contract or policy on interest rate adjustment introduced by People&rsquo;s
        Bank of China; and</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">D. Party A transfers its principal creditor&rsquo;s
        right and mortgagee&rsquo;s right.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">9.2 Without written consent of Party A,
        Party B shall not set new warranties, pledge on Mortgage Property in any manner, and shall not lease, transfer, present to a third
        party, and shall protect Mortgage Property from any harm.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">9.3 All expenses for realization of the
        Mortgagee&rsquo;s rights hereunder, including but not limited to litigation fees, legal fees, appraisal fees, auction fees and
        fees for selling the Mortgage shall be borne by Party B.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">9.8 If there is another guarantee on principal
        creditor&rsquo;s right of Party A, not matter it is provided by Debtor or a third party, Party A is entitled to determine the sequence
        of realization of guarantee at his discretion and Party B undertakes that it will not make any defense about it. If Party A waivers,
        modifies, losses its rights and interests of guarantee under Principal Contract, Party B shall continue to assume liabilities as
        security and shall not be voided or mitigated.</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">9.9 Under domestic L/C, buyer financing
        under domestic L/C, import L/C and import bill advance/import payment business, in any of the following situations, Party B shall
        be responsible for guarantee without defense. Party B shall not claim exemption or make defense owing to the fact that any judicial
        authority or administration authority issue stop-payment order and injunction on payment under the said L/C, or take measures including
        sealing up, distrainment, freezing property relating to L/C:</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">A. In accordance with Party A&rsquo;s
        order, Party A&rsquo;s designee and authorized person has made payment in good faith;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">B. Party A and his designee and authorized
        person have issued confirmation letter for payment at maturity under domestic L/C or have accepted the receipts under import L/C
        in good faith;</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">C. Confirming Bank has made payment in
        good faith; and</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">D. Negotiation Bank has negotiated in
        good faith.</P></TD></TR>
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    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 13%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 82%; border-top: Black 1pt solid">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Article 13 Dispute Resolution</B></P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">The formation, validity, construction,
        performance and settlement of dispute of this Contract shall be governed by the laws of People&rsquo;s Republic of China. Any dispute
        arising during the performance hereof shall be resolved by the parties through negotiation, failing which either party may resort
        to the people&rsquo;s court in the place where the Party A is located for resolving such dispute.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">Schedule</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>List of Mortgage
    Property</B></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 150%">Name</FONT></TD>
    <TD STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 150%">Ownership Certificate</FONT></TD>
    <TD STYLE="width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 150%">Location</FONT></TD>
    <TD STYLE="width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 150%">Condition</FONT></TD>
    <TD STYLE="width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 150%">Estimated Value</FONT></TD>
    <TD STYLE="width: 38%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 150%">Others</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">306000 square meter of industrial land
        and constructing project on the ground</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">No. CGY 0007 (2013)</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">Southeast side of Haiyu</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">West Line, Chahe Town, Changjiang Hainan</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 150%">Fine</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 150%">RMB 138,485,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">Estimated Value of land is RMB 82,314,000.00,
        calculated in accordance with 70% of mortgage rate,</P>
        <P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left">mortgage value is RMB 57,620,000.00; Estimated
        Value of Construction in process is RMB 56,171,500.00, calculated in accordance with 70% of mortgage rate, mortgage value is RMB
        39,320,000.00</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.25in"></P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.25in">Mortgagor: REIT Environmental
Building Material (ChangJiang) Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: 21pt"><U>/s/ Hengfang
Li</U></P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: left; text-indent: 21pt">Co-owner of Mortgage
Property (if any): N/A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.25in">Mortgagee: Industrial
and Commercial Bank of China Corp. ChangJiang Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: 21pt"><U>/s/ Hongwen
Wu</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">5</P>

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<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>23
<FILENAME>ff12017ex10ix_retoeco.htm
<DESCRIPTION>INDEMNIFICATION ESCROW AGREEMENT
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.9</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEMNIFICATION
ESCROW AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
INDEMNIFICATION ESCROW AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) dated as of [&#9679;], 2017 is entered into by and among
ReTo Eco-Solutions, Inc. (the &ldquo;<U>Company</U>&rdquo;), ViewTrade Securities, Inc. (the &ldquo;<U>Underwriter</U>&rdquo;),
and Pearlman Law Group LLP (the &ldquo;<U>Escrow Agent</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WITNESSETH:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company is offering (the &ldquo;<U>Offering</U>&rdquo;) on a firm commitment basis up to 3,220,000 common shares of the Company,
par value $0.001 (including up to 420,000 common shares that the underwriters in the offering have the option to purchase) (the
&ldquo;<U>Shares</U>&rdquo;), at an offering price of $[&#9679;] per share;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company and Underwriter expect that the Offering will close on or before the close of business on [&#9679;], 2017 (the &ldquo;<U>Closing
Date</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
upon the closing of the Offering, the Company has agreed to deposit an aggregate amount of Five Hundred Thousand Dollars ($500,000)(the
&ldquo;<U>Escrowed Funds</U>&rdquo;) from the proceeds of the Offering to be received by the Company with the Escrow Agent in
a non-interest bearing escrow account, to be held, invested and disbursed by the Escrow Agent pursuant to the terms and conditions
of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Escrow Agent is willing to hold the Escrowed Funds and Investment Gain Funds (as such term is defined below) in escrow pursuant
to and subject to the terms and conditions of this Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual promises herein contained and intending to be legally bound hereby, the parties hereto
hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Appointment
    of Escrow Agent</U>. The Company and the Underwriter hereby appoint the Escrow Agent as escrow agent in accordance with the
    terms and subject to the conditions set forth herein and the Escrow Agent hereby accepts such appointment.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Delivery of the Escrowed Funds</U>. Upon
    the closing of the Offering, the Escrowed Funds shall be delivered on behalf of the Company to the Escrow Agent, as escrow
    agent, into a non-interest bearing escrow account maintained by the Escrow Agent (the &ldquo;<U>Escrow Account</U>&rdquo;)
    by wire transfer in accordance with the wire transfer instructions set forth on <U>Schedule A</U> hereto. In no event shall
    the aggregate amount of Escrowed Funds delivered to the Escrow Account be less than Five Hundred Thousand Dollars ($500,000).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Escrow Agent to Hold and Disburse the Escrowed
    Funds and Investment Gain Funds</U>. The Escrow Agent will retain the Escrowed Funds and Investment Gain Funds in an escrow
    account and disburse the Escrowed Funds and Investment Gain Funds pursuant to the terms of this Agreement, as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;The
Escrowed Funds shall be held by the Escrow Agent for the purpose of satisfying the initial $500,000 of the indemnification obligations
of the Company, with respect to the Escrowed Funds, pursuant to Section 2 of the Underwriting Agreement dated [&#9679;], 2017
by and between the Company and the Underwriter, for a period of two (2) years from the closing of the Offering. Disbursement of
such Escrowed Funds and Investment Gain Funds shall be determined by an independent third-party trustee, to be chosen by mutual
consent of the Company and the Underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;Notwithstanding
the last sentence of the prior paragraph, in the event that any litigation or proceeding arising out of any matter in connection
with the Offering in connection to the Underwriter acting in its capacity as underwriter within two (2) years following the Closing
Date and in which the Company, the Underwriter, the Escrow Agent or the Escrowed Funds becomes the subject of such litigation
or proceeding, the Underwriter and the Company hereby authorize the Escrow Agent, at the Underwriter&rsquo;s sole instruction
upon Underwriter&rsquo;s written notice to the Escrow Agent if not otherwise so required, to release and deposit the Escrowed
Funds with the clerk of the court in which the litigation is pending for the purpose of indemnifying and defending the Underwriter
such litigation and proceeding, and thereupon the Escrow Agent shall be relieved and discharged of any further responsibility
with regard thereto to the extent determined by any such court. The Company and the Underwriter further hereby authorize the Escrow
Agent, if it receives conflicting claims to any of the Escrowed Funds, is threatened with litigation in its capacity as escrow
agent under this Agreement, or if the Escrow Agent determines it is necessary to do so for any other reason relating to this Agreement
or the Offering, to interplead all interested parties in any court of competent jurisdiction and to deposit the Escrowed Funds
with the clerk of that court and thereupon the Escrow Agent shall be relieved and discharged of any further responsibility hereunder
to the parties from which they were received to the extent determined by such court.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.&nbsp;Upon
written instruction of the Company, with a copy to the Underwriter the Escrow Agent may invest the Escrowed Funds during the
term of the Agreement as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.
The Escrowed Funds may be invested in issuers listed on U.S. national securities exchanges; provided that (1) no investments may
be made in the Company&rsquo;s securities; (2) no more than 20% of the Escrowed Funds may be invested in one issuer; (3) no more
than 50% of the Escrowed Funds may be invested in issuers that have; (A) a market capitalization of less than $1.0 billion; (B)
been public for less than two years; and (C) less than $1.0 million in average daily volume for last 30 days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.
In the event the aggregate value of the Escrowed Funds plus the Investment Gain Funds in the Escrow Account decreases to less
than 81% of the original amount ($500,000) of Escrowed Funds (&ldquo;<U>Minimum Equity</U>&rdquo;) for more than 20 consecutive
trading days the Company shall promptly (but no later than 10 calendar days following the 20 consecutive trading days following
the decrease of less than 81%) add funds to the Escrow Account to maintain the Minimum Equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.
Upon the account reaching Minimum Equity, the Company may not open any additional positions until the account is above the
Minimum Equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.
As soon as possible after the Closing, the Escrow Agent shall establish a brokerage account in the Company&rsquo;s name with a
FINRA registered broker-dealer chosen by the Company and reasonably satisfactory to the Underwriter (the &ldquo;<U>Escrow Broker</U>&rdquo;).
All proposed transactions will be submitted by the Company in writing to the Underwriter with a confirmation by the Company that
such transaction(s) meet the criteria set forth in Sections 3(c)(i)-(iii). The Underwriter will have two business days after receipt
to review the submission. Unless the Underwriter disagrees in writing that the transaction(s) meet the criteria set forth in Section
3(c)(i)-(iii) prior to the end of the second business day after receipt of the written submission by the Company, the Company
may submit the transaction request to the Escrow Agent for submission to the Escrow Broker with a copy to the Underwriter. The
Escrow Agent shall instruct the Escrow Broker to submit confirmations of all transactions to the Escrow Agent, the Company and
the Underwriter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.
All income derived from the investments pursuant to this Section 3(c) in excess of the Escrowed Funds (&ldquo;<U>Investment Gain
Funds</U>&rdquo;) shall be disbursed to the Company provided in the manner of Section 3(a) of this Agreement, provided that to
the extent Investment Gain Funds exceed $50,000 in excess of the Minimum Equity, the Company shall be permitted to request a disbursement
of such excess funds in an amount of no less than $50,000 on March 31, June 30, September 30 or December 31 of any year during
the term of this Agreement prior to the two year period set forth in Section 3(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exculpation and Indemnification of Escrow
    Agent.</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;The
Escrow Agent shall have no duties or responsibilities other than those expressly set forth herein. The Escrow Agent shall have
no duty to enforce any obligation of any person to make any payment or delivery, or to direct or cause any payment or delivery
to be made other than as set forth herein, or to enforce any obligation of any person to perform any other act. The Escrow Agent
shall be under no liability to the other parties hereto or anyone else, by reason of any failure, on the part of any party hereto
or any maker, guarantor, endorser or other signatory of a document or any other person, to perform such person&rsquo;s obligations
under any such document. Except for amendments to this Agreement referenced below, and except for written instructions given to
the Escrow Agent by the Company and the Underwriter relating to the Escrowed Funds, the Escrow Agent shall not be obligated to
recognize any agreement between or among any of the Company and the Underwriter, notwithstanding that references thereto may be
made herein and the Escrow Agent has knowledge thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;The
Escrow Agent shall not be liable to the Company, the Underwriter, or to anyone else for any action taken or omitted by it, or
any action suffered by it to be taken or omitted, in good faith and acting upon any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report, or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained), which is reasonably believed by the Escrow Agent to be genuine and to be signed or presented
by the proper party or parties hereunder. The Escrow Agent shall not be bound by any of the terms thereof, unless evidenced by
written notice delivered to the Escrow Agent signed by the proper party or parties hereunder and, if the duties or rights of the
Escrow Agent are affected, unless it shall give its prior written consent thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.&nbsp;The
Escrow Agent shall not be responsible for the sufficiency or accuracy of the form, or of the execution, validity, value or genuineness
of, any document or property received, held or delivered to it hereunder, or of any signature or endorsement thereon, or for any
lack of endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable to the Company,
the Underwriter, or to anyone else in any respect on account of the identity, authority or rights, of the person executing or
delivering or purporting to execute or deliver any document or property or this Agreement. Except as otherwise set forth herein,
the Escrow Agent shall have no responsibility with respect to the use or application of the Escrowed Funds pursuant to the provisions
hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.&nbsp;The
Escrow Agent shall have the right to assume, in the absence of written notice to the contrary from the proper party or parties
hereunder, that a fact or an event, by reason of which an action would or might be taken by the Escrow Agent, does not exist or
has not occurred, without incurring liability to the Company, the Underwriter, or to anyone else for any action taken or omitted
to be taken or omitted, in good faith and in the exercise of its own best judgment, in reliance upon such assumption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.&nbsp;To
the extent that the Escrow Agent becomes liable for the payment of taxes, including withholding taxes, in respect of the Investment
Gain Funds, or any payment made hereunder, the Escrow Agent may pay such taxes from the Escrowed Funds; and the Escrow Agent may
withhold from any payment of the Escrowed Funds and Investment Gain Funds such amount as the Escrow Agent estimates to be sufficient
to provide for the payment of such taxes not yet paid, and may use the sum withheld for that purpose. The Escrow Agent shall be
indemnified and held harmless against any liability for taxes and for any penalties in respect of taxes, on such investment income
or payments in the manner provided in Section 4(f).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.&nbsp;The
Escrow Agent will be indemnified and held harmless by the Company and Underwriter from and against all expenses, including all
counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or proceeding involving
any claim, or in connection with any claim or demand, which in any way, directly or indirectly, arises out of or relates to this
Agreement, the services of the Escrow Agent hereunder, except for claims relating to gross negligence or reckless misconduct by
the Escrow Agent or breach of this Agreement by the Escrow Agent, or the monies or other property held by it hereunder. Promptly,
but no later than ten (10) business days, after the receipt by the Escrow Agent of notice of any demand or claim or the commencement
of any action, suit or proceeding, the Escrow Agent shall, if a claim in respect thereof is to be made by the Escrow Agent against
the Company, notify the Company in writing, but the failure by the Escrow Agent to give such notice shall not relieve the Company
from any liability which the Company may have to the Escrow Agent hereunder, unless the failure of the Escrow Agent to give such
notice prejudices or otherwise impairs the Company&rsquo;s ability to defend any demand, claim, action suit or proceeding. Notwithstanding
any obligation to make payments and deliveries hereunder, the Escrow Agent may retain and hold for such time as it deems necessary
such amount of monies or property as it shall, from time to time, reasonably deem sufficient to indemnify itself for any such
loss or expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.&nbsp;For
purposes hereof, the term &ldquo;expense or loss&rdquo; shall include all amounts paid or payable to satisfy any claim, demand
or liability, or in settlement of any claim, demand, action, suit or proceeding settled with the express written consent of the
Escrow Agent, and all costs and expenses, including, but not limited to, counsel fees and disbursements, paid or incurred in investigating
or defending against any such claim, demand, action, suit or proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indemnification by the Company</U>. The indemnification
    provisions subject to this Agreement are set forth in Section 6 of the Underwriting Agreement dated [&#9679;], 2017 by and
    between the Company and the Underwriter, which Section 6 shall be deemed to be a part of this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination of Agreement and Resignation
    of Escrow Agent.</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;This
Agreement shall terminate upon disbursement of all of the Escrowed Funds and Investment Gain Funds provided that the rights of
the Escrow Agent and the obligations of the Company and the Underwriter under Section 4 shall survive the termination hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;The
Escrow Agent may resign at any time and be discharged from its duties as Escrow Agent hereunder by giving the Company and the
Underwriter at least fifteen (15) business days written notice thereof (the &ldquo;<U>Notice Period</U>&rdquo;). As soon as practicable
after its resignation, the Escrow Agent shall, if it receives notice from the Company and the Underwriter within the Notice Period,
turn over to a successor escrow agent appointed by the Company and the Underwriter all Escrowed Funds and Investment Gain Funds
(less such amount as the Escrow Agent is entitled to continue to retain and hold in escrow pursuant to Section 4(f) and to retain
pursuant to Section 7) upon presentation of the document appointing the new escrow agent and its acceptance thereof. If no new
agent is so appointed within the Notice Period, the Escrow Agent shall return the Escrowed Funds and Investment Gain Funds to
the Company without interest or deduction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Form of Payments by Escrow Agent</U>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;Any
payments of the Escrowed Funds by the Escrow Agent pursuant to the terms of this Agreement shall be made by wire transfer unless
directed to be made by check by the Underwriter and/or Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;All
amounts referred to herein are expressed in United States Dollars and all payments by the Escrow Agent shall be made in such dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compensation</U>. Escrow Agent shall be entitled
    to $12,500 as compensation for its services rendered under this Agreement, which amount shall be delivered by the Company
    to an account designated by the Escrow Agent on the same date when the Escrowed Funds are delivered into the Escrow Account.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U>. All notices, demands, consents,
    requests, instructions and other communications to be given or delivered or permitted under or by reason of the provisions
    of this Agreement or in connection with the transactions contemplated hereby shall be in writing and shall be deemed to be
    delivered and received by the intended recipient as follows: (i) if personally delivered, on the business day of such delivery
    (as evidenced by the receipt of the personal delivery service), (ii) if mailed certified or registered mail return receipt
    requested, on the business day of such delivery (as evidenced by the signed certified mail card), (iii) if delivered by overnight
    courier (with all charges having been prepaid), on the business day of such delivery (as evidenced by the receipt of the overnight
    courier service of recognized standing), (iv) if delivered by facsimile transmission, on the business day of such delivery
    if sent by 6:00 p.m. in the time zone of the recipient, or if sent after that time, on the next succeeding business day (as
    evidenced by the printed confirmation of delivery generated by the sending party&rsquo;s telecopier machine), or (v) if delivered
    by email on the business day of such delivery (as evidenced by delivery confirmation). If any notice, demand, consent, request,
    instruction or other communication cannot be delivered because of a changed address of which no notice was given (in accordance
    with this Section 9), or the refusal to accept same, the notice, demand, consent, request, instruction or other communication
    shall be deemed received on the second business day the notice is sent (as evidenced by a sworn affidavit of the sender).
    All such notices, demands, consents, requests, instructions and other communications will be sent to addresses or facsimile
    numbers as applicable set forth hereunder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>If
to the Company, to: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newater
Technology, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
Beijing REIT Technology Development Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X-702,
60 Anli Road, Chaoyang District, Beijing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
Republic of China 100101</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
lhf@reit.cc</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to (which shall not constitute notice):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haneberg
Hurlbert PLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1111
East Main St., Suite 2010</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richmond,
VA 23219</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Bradley A. Haneberg, Esq.; Matthew B. Chmiel, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
brad@hbhblaw.com; matt@hbhblaw.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>If
to the Underwriter, to:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ViewTrade
Securities, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Doug K. Aguililla</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7280
West Palmetto Park Road, Suite 310</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boca
Raton, FL 33433</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
dougagui@viewtrade.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to (which shall not constitute notice):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">K&amp;L
Gates LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Southeast
Financial Center, Suite 3900</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200
South Biscayne Boulevard</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miami,
FL 33131</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Clayton E. Parker, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
clayton.parker@klgates.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>If
to the Escrow Agent, to: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pearlman
Law Group LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200
South Andrews Avenue, Suite 901</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fort
Lauderdale, FL 33301</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Charles Pearlman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
Charlie@pslawgroup.net</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Further Assurances</U>. From time to time
    on and after the date hereof, the Company and the Underwriter shall deliver or cause to be delivered to the Escrow Agent such
    further documents and instruments and shall do and cause to be done such further acts as the Escrow Agent shall reasonably
    request (it being understood that the Escrow Agent shall have no obligation to make any such request) to carry out more effectively
    the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in
    acting hereunder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Consent to Service of Process</U>. The Company,
    the Underwriter and the Escrow Agent hereby irrevocably consent to the jurisdiction of the courts of the State of Florida
    and of any Federal court located in such state in connection with any action, suit or proceedings arising out of or relating
    to this Agreement or any action taken or omitted hereunder, and waives personal service of any summons, complaint or other
    process and agrees that the service thereof may be made by certified or registered mail directed to it at the address listed
    hereto.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Miscellaneous.</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;This
Agreement shall be construed without regard to any presumption or other rule requiring construction against the party causing
such instrument to be drafted. The terms &ldquo;hereby,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereunder,&rdquo; and any similar
terms, as used in this Agreement, refer to the Escrow Agreement in its entirety and not only to the particular portion of this
Agreement where the term is used. The word &ldquo;person&rdquo; shall mean any natural person, partnership, corporation, government
and any other form of business of legal entity. All words or terms used in this Agreement, regardless of the number or gender
in which they were used, shall be deemed to include any other number and any other gender as the context may require. This Agreement
shall not be admissible in evidence to construe the provisions of any prior agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;This
Agreement and the rights and obligations hereunder of the Company and the Underwriter may not be assigned without the consent
of the Escrow Agent, other than by laws of descent or operation of law. This Agreement and the rights and obligations hereunder
of the Escrow Agent may be assigned by the Escrow Agent, with the prior consent of the Company. This Agreement shall be binding
upon and inure to the benefit of each party&rsquo;s respective successors, heirs and permitted assigns. No other person shall
acquire or have any rights under or by virtue of this Agreement. This Agreement may not be changed orally or modified, amended
or supplemented without an express written agreement executed by the Escrow Agent, the Company and the Underwriter, which consent
shall not be unreasonably withheld. This Agreement is intended to be for the sole benefit of the parties hereto and their respective
successors, heirs and permitted assigns, and none of the provisions of this Agreement are intended to be, nor shall they be construed
to be, for the benefit of any third person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.&nbsp;This
Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Florida. The representations
and warranties contained in this Agreement shall survive the execution and delivery hereof and any investigations made by any
party. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect any of the terms
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Execution of Counterparts</U>. This Agreement
    may be executed in any number of counterparts, by facsimile or other form of electronic transmission, each of which shall
    be deemed to be an original as of those whose signature appears thereon, and all of which shall together constitute one and
    the same instrument. This Agreement shall become binding when one or more of the counterparts hereof, individually or taken
    together, are signed by all parties hereto.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[THE
REMAINDER OF THE PAGE IS INTENTIONALLY LEFT BLANK]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties have executed and delivered this Agreement on the day and year first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ESCROW AGENT: </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEARLMAN LAW GROUP LLP</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RETO
ECO-SOLUTIONS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hengfang Li</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDERWRITER:
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIEWTRADE
SECURITIES, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas K. Aguililla</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Investment Banking</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Indemnification
Escrow Agreement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Schedule
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACCOUNT
NAME: </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRUST
ACCOUNT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACCOUNT
NO.:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABA
ROUTING NO.:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SWIFT
CODE: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BANK:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REFERENCE:
ATTN:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TO
BE WIRED IN U.S. DOLLARS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>24
<FILENAME>ff12017ex10x_retoeco.htm
<DESCRIPTION>CONVERTIBLE DEBT INVESTMENT AGREEMENT - LIU KEJIA
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.10</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>Convertible Debt Investment Agreement</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>Among</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>Liu Kejia</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>Tech Sources International
Enterprises Limited</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>Li Hengfang</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>ReTo Eco-Solutions, Inc.</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>And</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>REIT Mingsheng Environmental Protection
Construction Materials (Changjiang) Co., Ltd.</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 9pt 0 0">This &ldquo;Convertible Debt Investment Agreement&rdquo;
(hereinafter referred to as the &ldquo;Agreement&rdquo;) is concluded and entered into by and among the following parties on September
30, 2016:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">(1)</TD><TD><B>Liu Kejia</B> (hereinafter referred to as &ldquo;Party A&rdquo;), a natural person with full capacity for civil conduct
within the territory of China.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">(2)</TD><TD> Tech Sources International Enterprises Limited (hereinafter referred to as &ldquo;Party B&rdquo;), a company duly
                                                          incorporated and validly existing under the laws of Hong Kong.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">(3)</TD><TD>Li Hengfang (hereinafter referred to as &ldquo;Party C&rdquo;), a natural person with full capacity for civil conduct within
the territory of China.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">(4)</TD><TD><B>ReTo Eco-Solutions, Inc.</B> (hereinafter referred to as &ldquo;Party D&rdquo;), a company duly incorporated and validly
existing under the laws of British Virgin Islands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">(5)</TD><TD>REIT Mingsheng Environmental Protection Construction Materials (Changjiang) Co., Ltd. (hereinafter referred to as &ldquo;Party
E&rdquo;), a limited liability company duly incorporated and validly existing under the laws of China, and located at No. 1, Fazhan
Road, Changjiang Circular Industrial Park, Hainan Province (at the south side at 221km of Yu-Hai West Line).</TD></TR></TABLE>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 9pt 0 0">Whereas:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">1.</TD><TD>Party C has borrowed a total amount of RMB Twenty-One Million Two Hundred and Forty Thousand from Party A on March 28, 2016,
and such amount was used as the working capital of Party C's holding company <B>ReTo Eco-Solutions, lnc.</B> and its Chinese operating
entities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">2.</TD><TD>Party D has borrowed RMB Twelve Million Seven Hundred and Eighty Thousand and RMB Eight Million Four Hundred and Sixty Thousand
respectively from Party C on April 10, 2016, collectively as a total amount of RMB Twenty-One Million Two Hundred and Forty Thousand,
such two borrowings thereof were used for repaying the arrears of civil engineering and steel structure owed externally by Party
D's subsidiary REIT Mingsheng Environmental Protection Construction Materials (Changjiang) Co., Ltd., the operating entity within
the territory of China.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.</TD><TD>Now, per the consensus of Party A, Party B, Party C, Party D and Party E, in respect of the borrowing of Party D from Party
C and the arrears owed by Party C to Party A, now Party D will uniformly issue the shares of equivalent amount to pay to Party
B.</TD></TR></TABLE>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
Party A, Party B, Party C and Party D and Party E reach a consensus and agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
party hereto plans to introduce Party B as the investing party through convertible debt. In order to guarantee smooth implementation
of this transaction, per friendly consultation among each party and pursuant to relevant laws, this Agreement has been concluded
to specify the rights and obligations of each party in this transaction.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
                          1:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
                                         amount already invested</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
D has borrowed a total amount of RMB Twenty-One Million Two Hundred and Forty Thousand from Party C on April 10, 2016, and entrusted
Party C to pay the payment for civil engineering and the payment for steel structure on behalf of Party E, namely RMB 12.78 million
(in words: RMB Twelve Million Seven Hundred and Eighty Thousand) and RMB 8.46 million (in words: RMB Eight Million Four Hundred
and Sixty Thousand) respectively, the foregoing total amount paid by Party C on behalf of Party E is RMB 21.24 million (in words:
RMB Twenty-One Million Two Hundred and Forty Thousand).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
borrowing of Party C from Party A on March 28, 2016 is RMB 21.24 million (in words: RMB Twenty-One Million Two Hundred and Forty
Thousand) in total.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Now,
in respect of Party C's creditor's rights to Party D, namely RMB 21.24 million in total, Party C agrees to transfer it to Party
A, so as to repay Party C's borrowing of RMB 21.24 million from Party A on March 28, 2016. Meanwhile, Party A agrees to transfer
its creditor's rights which it has in Party D to Party B. Therefore, as agreed herein, Party B will immediately enjoy the direct
creditor's rights of RMB 21.24 million in total to Party D, and it will be deemed as Party B directly invests RMB 21.24 million
in Party D.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 49.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
                          2:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Convertible
                                         debt exercising method, price and refund</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 21pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
party hereto unanimously agrees that Party D shall begin the convertible debt as agreed herein on or before September 30, 2016,
When Party D has completed the issuing registration formalities for the shares of investor's overseas company, such action will
be deemed as Party D has refunded relevant payment for others to Party B and completed the settlement, and Party C and Party E
will no longer bear any debt liability for Party A.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
                                         of convertible debt and number of converted shares issued to Party B</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 21pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
party agrees that the price of convertible debt this time is [USD 4.00]/share, the exchange rate between USD and RMB is subject
to 6.6375, and it is converted into 8,000,000 shares (calculation method: borrowing amount/6.6375/share price of USD 4.00).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 21pt; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 9pt 0 0 21pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt">Article 3:</TD><TD><U>Effectiveness and termination</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.1</TD><TD>This Agreement will become effective as of the date of signature by each party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">3.2</TD><TD>This Agreement will be terminated upon the occurrence of any one of the following circumstances:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">3.2.1</TD><TD>Each party has reached a consensus to terminate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">3.2.2</TD><TD>This investment cannot be implemented due to force majeure event or other objective reasons not attributable to each party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 28.65pt">3.2.3</TD><TD>Either party hereto seriously violates the stipulation of this Agreement or applicable law, and thereby causing the performance
and fulfillment of this Agreement become impossible, under such circumstance, other parties are entitled to unilaterally terminate
this Agreement by serving written notice.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt">Article 4:</TD><TD><U>Confidentiality</U></TD></TR></TABLE>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 9pt 0 0">In the course of this investment, for the information
of other parties learned by each party, if such information has not been publicly disclosed, then it shall be deemed as confidential
information, and each party shall bear permanent duty of confidentiality therefor. Without the consent of other parties, neither
party may disclose the contents hereof to the public or the third party (except for making a statement or disclosure according
to legal provisions or the requirement of any statutory competent authority).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt">Article 5:</TD><TD><U>Taxes and dues</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.1</TD><TD>Each party agrees that any tax incurred from this investment shall be borne by each party respectively according to the provisions
of laws and regulations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">5.2</TD><TD>Each party shall bear all expenses and expenditures incurred from the negotiation, drafting, signing and execution of this
Agreement respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt">Article 6:</TD><TD><U>Applicable law and dispute settlement</U></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.1</TD><TD>The conclusion and performance of this Agreement shall be governed by and interpreted according to the law of China.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.2</TD><TD>Any dispute among each party arising from or related to this Agreement shall be first settled through friendly consultation.
If such dispute cannot be settled through consultation within 60 days as of the date of dispute occurrence, either party is entitled
to apply to the China International Economic and Trade Arbitration Commission located in Beijing China for arbitral settlement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.3</TD><TD>Except for relevant clauses in dispute, during the period of dispute settlement, it shall not affect the effectiveness and
continuous performance of other clauses of this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">6.4</TD><TD>Where some clauses of this Agreement are terminated of validity or are declared invalid pursuant to the law or the stipulations
of this Agreement, it shall not affect the validity of other clauses of this Agreement.</TD></TR></TABLE>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">Party A: /s/ Liu Kejia</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">Party B: Tech Sources International Enterprises Limited (Seal)</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 38.5pt">Legal representative: /s/ Liu Kejia</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">Party C: /s/ Li Hengfang</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">Party D: ReTo Eco-Solutions, Inc. (Seal)</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 38.5pt">Legal representative: /s/ Li Hengfang</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0">Party E: REIT Mingsheng Environmental Protection Construction
Materials (Changjiang) Co., Ltd. (Seal)</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 38.5pt">Legal representative: /s/ Li Hengfang</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin-top: 9pt; text-align: center; margin-bottom: 0">4</P>

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<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>25
<FILENAME>ff12017ex10xi_retoeco.htm
<DESCRIPTION>CONVERTIBLE DEBT INVESTMENT AGREEMENT - GOOD VENTURE INDUSTRIAL LIMITED
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 10.11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Convertible
Debt Investment Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Among</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Good
Venture Industrial Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ReTo
Eco-Solutions, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>And</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REIT
HOLDINGS (CHINA) CO., LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
&ldquo;Convertible Debt Investment Agreement&rdquo; (hereinafter referred to as &ldquo;this Agreement&rdquo;) is concluded and entered
into by and among the following parties on June 29, 2016:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Good
                                         VentureIndustrial Limited (hereinafter referred to as &ldquo;Party A&rdquo;), a company
                                         duly incorporated and validly existing under the laws of Hong Kong, and the certificate
                                         number is [66356572].</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ReTo
                                         Eco-Solutions, Inc. (hereinafter referred to as &ldquo;Party B&rdquo;), a company duly
                                         incorporated and validly existing under the laws of British Virgin Islands, and the company
                                         number is [1885527].</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
                                         HOLDINGS (CHINA) CO., LIMITED (hereinafter referred to as &ldquo;Party C&rdquo;), a company
                                         duly incorporated and validly existing under the laws of Hong Kong, and the company number
                                         is [740270].</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whereas:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subordinate company of Party B, namely Party C, the REIT HOLDINGS (CHINA) CO., LIMITED has borrowed USD3.6 million from Party
A on or before 20 December 2016for purchasing 100% equity of the Venture Business International Limited; now, each party hereto
plans to introduce Party A as the investing party through convertible debt investment according to the arrangement of this Agreement.
In order to guarantee smooth implementation of this transaction, per friendly consultation among each party and pursuant to relevant
laws, this Agreement has been concluded to specify the rights and obligations of each party in this transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
1:&#9;<U>Amount</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
A will pay Party C USD3.6 million on or before 20 December 2016for Party C&rsquo;s purchase of 100% equity interest of Venture
Business International Limited. Now, as agreed herein, Party A will enjoy the creditor&rsquo;s rights of USD3.6 million to Party C,
and it will be deemed as Party A directly invests USD3.6 million in Party B.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -49.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
2:&#9;<U>Exercise of equity</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
                                         of debt-for-equity swap and number of converted shares</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
party hereto unanimously agrees to carry out convertible debt with the arrears of USD3.6 million paid by Party A, the price thereof
is USD[4.00]/share, and it is converted into 900,000 shares. Party B and Party C will no longer bear any debt liability for Party
A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -49.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
3:&#9;<U>Effectiveness and termination</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Agreement will become effective as of the date of signature by each party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Agreement will be terminated upon the occurrence of any one of the following circumstances:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -35.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         party has reached a consensus to terminate;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         debt-for-equity swap cannot be implemented due to force majeure event or other objective
                                         reasons not attributable to each party;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Either
                                         party hereto seriously violates the stipulation of this Agreement or applicable law,
                                         and thereby causing the performance and fulfillment of this Agreement become impossible,
                                         under such circumstance, other parties are entitled to unilaterally terminate this Agreement
                                         by serving written notice.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -49.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
4:&#9;<U>Confidentiality</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the course of this debt-for-equity swap, for the information of other parties learned by each party, if such information has not
been publicly disclosed, then it shall be deemed as confidential information, and each party shall bear permanent duty of confidentiality
therefor. Without the consent of other parties, neither party may disclose the contents hereof to the public or the third party
(except for making a statement or disclosure according to legal provisions or the requirement of any statutory competent authority).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -49.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
5:&#9;<U>Taxes and dues</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         party agrees that any tax incurred from this debt-for-equity swap shall be borne by each
                                         party respectively according to the provisions of laws and regulations.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         party shall bear all expenses and expenditures incurred from the negotiation, drafting,
                                         signing and execution of this Agreement respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -49.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
6:&#9;<U>Applicable law and dispute settlement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         conclusion and performance of this Agreement shall be governed by and interpreted according
                                         to the law of China.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         dispute among each party arising from or related to this Agreement shall be first settled
                                         through friendly consultation. If such dispute cannot be settled through consultation
                                         within 60 days as of the date of dispute occurrence, either party is entitled to apply
                                         to the China International Economic and Trade Arbitration Commission located in Beijing
                                         China for arbitral settlement.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
                                         for relevant clauses in dispute, during the period of dispute settlement, it shall not
                                         affect the effectiveness and continuous performance of other clauses of this Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                         some clauses of this Agreement are terminated of validity or are declared invalid pursuant
                                         to the law or the stipulations of this Agreement, it shall not affect the validity of
                                         other clauses of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
page:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
A: Good VentureIndustrial Limited (Seal)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
Representative /s/ Wu Feng</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
B: ReTo Eco-Solutions, Inc. (Seal)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
representative: /s/ Li Hengfang</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
C: REIT HOLDINGS (CHINA) CO., LIMITED (Seal)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
representative: /s/ Li Hengfang</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3</FONT></P>



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<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>26
<FILENAME>ff12017ex10xii_retoeco.htm
<DESCRIPTION>REIT XINYI PHASE 1 CONSTRUCTION AGREEMENT
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 10.12</B></FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REIT
New Materials Xinyi Co., Ltd. Phase 1 Project</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Construction Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 15%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract-issuing&nbsp;party:&nbsp;</FONT></TD>
    <TD STYLE="width: 85%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
    New Materials Xinyi Co., Ltd. (hereinafter referred to as Party A)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractor:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xinyi
    Yuanda Construction and Installation Engineering Co., Ltd. (hereinafter referred to as Party B)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to &ldquo;Contract Law of the People&rsquo;s Republic of China&rdquo;, &ldquo;Construction Law of the People&rsquo;s Republic of China&rdquo;
and other relevant laws and regulations, on the principle of equality, voluntariness, fairness and good faith and by consensus,
both parties hereby conclude and enter into the following agreements regarding the construction matters of construction project:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project
                                         overview:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project
                                         name: REIT New Materials Xinyi Co., Ltd. phase 1 project (including block workshop, insulation
                                         board workshop, new materials research institute, road and enclosing wall).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project
                                         location: harbor district, Gangtou Town, Xinyi City</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracting
                                         mode: contract for labor and materials.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracting
                                         content: all contents included in drawing (including contents modified in drawing review)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project
                                         price</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         provisional project price hereof is <U>RMB Eighty Million only</U> (hereinafter referred
                                         to as &ldquo;provisional project price&rdquo;), and the final settlement price will be
                                         settled by lowering 5% according to actual auditing after the project has passed the
                                         completion inspection.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         A shall pay Party B <U>20</U>% of the provisional project price within <U>10 </U>days
                                         after signing this Contract, namely <U>RMB Sixteen Million only</U>; after this project
                                         has passed the completion inspection and handover is completed, Party A shall pay Party
                                         B the unpaid provisional project price within <U>10 </U>days after this project has passed
                                         the completion inspection; and the residual payment shall be paid off in a lump sum within
                                         one week after the end of project settlement auditing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
                                         period</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencement
                                         date: <U>April 20, 2016</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completion
                                         date: <U>February 27, 2017</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         completion date of this project is subject to the day on which this project has passed
                                         all acceptance inspections conducted by Party A. For every delayed day, Party A is entitled
                                         to directly deduct <U>1</U>% of the final project price.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project
                                         quality</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B shall strictly follow all kinds of relevant rules, specifications, standards and requirements
                                         for construction etc. promulgated by Ministry of Industry and Information Technology,
                                         and guarantee that the quality of this project will meet Party A&rsquo;s standards.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         concealed works of Party B during construction shall be endorsed by Party A before concealment;
                                         otherwise Party A is entitled to ask for inspection of the concealed works at any time.
                                         All expenses arising therefrom shall be borne by Party B, and the construction period
                                         delayed thereby will not be extended accordingly.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case that rework is needed due to the nonconforming quality of this project, all expenses
                                         arising therefrom shall be borne by Party B, and Party B shall still compensate Party
                                         A all losses suffered therefrom.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         project warranty period is <U>12 </U>months as of the completion date of this project,
                                         Party B shall be responsible for repairing all quality issues occurring during such period
                                         for free, and Party B shall still compensate Party A all losses suffered therefrom.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completion
                                         acceptance</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B shall arrange Party A to carry out completion inspection to this project at least <U>10
                                         </U>days before the completion date stipulated hereof, and provide Party A the completion
                                         materials and completion inspection report approved by Party A at the same time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         Party A finds any non-conformance in this project upon completion inspection, Party B
                                         shall make correction within 3 working days after receiving notice from Party A and arrange
                                         Party A for acceptance inspection again and pass it, and Party B shall bear all expenses
                                         arising therefrom; if Party B fails to make correction, arrange Party A for inspection
                                         again, or pass it as scheduled, for every delayed day, Party A is entitled to directly
                                         deduct <U>1</U>% of the final project price.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
                                         this project has passed the completion acceptance, Party B shall hand over relevant materials,
                                         equipment, documents, certificates etc. of this project, and as requested by Party A,
                                         to Party A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VI.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement
                                         principle</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Jiangsu
Construction and Decoration Engineering Valuation Quota&rdquo; <U>(2014)</U>, &ldquo;Jiangsu Installation Engineering Valuation
Quota&rdquo; <U>(2014)</U>, &ldquo;Jiangsu Construction Project Cost Quota&rdquo; <U>(2014)</U>, and relevant construction costs
documents and policy adjustment documents currently in effect are adopted for settlement. All costs will be calculated and charged
according to &ldquo;Jiangsu Construction Project Cost Quota&rdquo; <U>(2014)</U>. The intermediate value shall be applied to the
rate with upper and lower limit. Basic fee and standard increased expense will be charged for on-site safety and civilized construction
measure expenses, and the inspection and test fees are calculated according to actual costs incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VII.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         A&rsquo;s rights and responsibilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         A is entitled to supervise the construction, and assign follow-up responsible person
                                         to serve as construction technical director and carry out follow-up inspection, in case
                                         of quality issue is found in Party B&rsquo;s construction or construction is not carried out
                                         according to the drawing, the follow-up responsible person is entitled to order Party
                                         B to suspend the work or rework, and all expenses arising therefrom shall be borne by
                                         Party B.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         A shall be responsible for organizing the completion inspection to this project according
                                         to the stipulations hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         A shall pay the project payment as agreed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIII.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B&rsquo;s rights and responsibilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B shall ascertain the construction preparation work (including but not limited to materials,
                                         equipment and tools used for construction, and manning) before commencement of this construction,
                                         and submit construction commencement report to Party A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
                                         commencement of this construction, Party B shall find out the conditions of underground
                                         utilities in construction site, and be responsible for protecting the existing underground
                                         utilities (including but not limited to communication, signal, power cable, water supply
                                         and drainage pipes, and gas pipeline) in construction site during construction period,
                                         and sign safety agreement with relevant units and eliminate the interference might occur
                                         during the construction, otherwise Party B shall bear full compensation responsibility
                                         for the loss caused to Party A or the third party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B shall be responsible for designing the drawings of this project, and obtain Party A&rsquo;s
                                         approval on the drawings; and Party B shall return all drawings of this project to Party
                                         A after the expiry of project warranty period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         written consent of Party A, Party B shall not subcontract or commission this project
                                         to the third party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B shall be responsible for the safety of all personnel and properties in construction
                                         site through the entire process of project construction and project warranty period,
                                         apart from the accident caused by the mistake of Party A&rsquo;s follow-up responsible person,
                                         Party B shall bear all compensation responsibilities and relevant expenses caused by
                                         the accident.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B shall conduct civilized construction and keep the construction site clean and tidy,
                                         before handover, the construction site shall meet the requirements of smooth, clean and
                                         tidy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
                                         B shall buy insurance for relevant personnel or equipment as required by Party A, and
                                         pay the insurance expenses.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IX.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility
                                         for breach of contract</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                         either party breaches the contract, the breaching party shall compensate the other party
                                         all losses suffered therefrom.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         Party B breaches the contract and fails to make correction within a reasonable time designated
                                         by Party A, Party A is entitled to rescind this contract; this contract will be rescinded
                                         starting from the third day as of the day on which Party A has issued written notice
                                         on rescission; the stipulation of this article will not affect Party B&rsquo;s other due obligations
                                         or responsibilities for breach of contract as stipulated herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force
                                         majeure</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force
                                         majeure event means the event that cannot be predicted, avoided or overcome by both Party
                                         A and Party B, including but not limited to war, turmoil, strike and natural disasters
                                         such as typhoon, rainstorm, flood, earthquake etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
                                         the occurrence of force majeure event, Party B shall inform Party A immediately, and
                                         take effective measure to reduce the loss as soon as possible; Party B shall fully resume
                                         construction within 3 days after the end of force majeure event, and submit detailed
                                         report on such force majeure event and the impact caused by it as requested by Party
                                         A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         construction period delayed due to force majeure shall be extended accordingly; and the
                                         losses caused by force majeure shall be borne by Party A and Party B respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XI.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dispute
                                         settlement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         conclusion, effectiveness, interpretation, performance and dispute settlement of this
                                         contract shall be governed by the laws of the People&rsquo;s Republic of China.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         dispute arising from the conclusion or performance of this contract may be settled by
                                         both parties through consultation; if consultation fails, either party may file a lawsuit
                                         to the court (in the place where Party A is located).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XII.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effectiveness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         contract will become effective as of the date of signature and seal by both parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         contract is made in sextuplicate, each party holds 3 copies respectively, and each of
                                         them shall have the same legal effect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
        A:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT
        New Materials Xinyi Co., Ltd. (Contract Seal)</FONT></P></TD>
    <TD STYLE="width: 50%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party
        B:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xinyi
        Yuanda Construction and Installation Engineering Co., Ltd. (Seal)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsible
person: <U>/s/ Zhang Mo&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;</FONT></P></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
representative: <U>/s/ Ni Hongyvan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    April 27, 2016</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    April 26, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REIT
New Materials Xinyi Co., Ltd. Phase 1 Project</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
on Preparation of Tender Control Price</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preparation
                                         basis:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Code
                                         of Valuation with Bill Quantity of Construction Works&rdquo; (GB50854-2013);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014
                                         &ldquo;Jiangsu Construction and Decoration Engineering Valuation Quota&rdquo; (two volumes);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014
                                         &ldquo;Jiangsu Construction Project Cost Quota&rdquo;;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014
                                         &ldquo;Jiangsu Installation Engineering Valuation Quota&rdquo;;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drawings
                                         of phase 1 project of REIT New Materials Xinyi Co., Ltd. provided by the commissioning
                                         party;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Materials
                                         price will be calculated according to the 1st issue of &ldquo;Xinyi Project Cost Information&rdquo;
                                         in 2016;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Document
                                         S. J. H. J. (2016) No. 117 shall apply for the adjustment of labor cost;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant
                                         project cost documents promulgated by construction administrative department.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
                                         on the preparation of building projects:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Block
                                         workshop, insulation board workshop:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case of discrepancy between building construction drawing and structure construction
                                         drawing, the structure construction drawing shall prevail;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earthwork
                                         is subject to the excavation of excavator, allocate 5% labor to look for the slope;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         distance of earthwork transportation is calculated by 1km;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Materials
                                         of brick foundation wall are MU15 non-clay type sintered bricks, and the class of masonry
                                         mortar is calculated according to M5 cement mortar;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Materials
                                         of exterior wall are concrete hollow blocks and MU15 sintered coal gangue common bricks,
                                         and the strength class of masonry mortar is calculated according to M7.5 mixed mortar;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Materials
                                         of interior wall are MU15 sintered coal gangue common bricks, and the strength class
                                         of masonry mortar is calculated according to M7.5 mixed mortar;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brick
                                         foundation will be calculated for the part with brick wall;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
                                         the baseboard of emulsion paint according to the height of 150mm;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the practice table of apron practice is different from floor plan, the practice table
                                         shall prevail;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Practice
                                         of cement non-slip ramp:</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plastering
                                         with 1:2 cement mortar of 20mm thickness, corundum slider of 15mm width, 80mm center
                                         distance, convex slope</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         path of neat cement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C15
                                         concrete of 80-100mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gravel
                                         or rubble of 200mm thickness, inject with 1:5 cement mortar</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rammed
                                         earth</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(II)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
                                         materials research institute</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
                                         of masonry mortar: exterior wall and interior partition wall are calculated according
                                         to M7.5 cement mortar, those under the ground or damp-proof course are calculated according
                                         to M10 cement mortar;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case of discrepancy between building construction drawing and structure construction
                                         drawing, the structure construction drawing shall prevail;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         earthwork is calculated according to the labor allocated for excavation of excavator;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
                                         earthwork transportation by 1km;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
                                         ridge tile as cement ridge tile;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         damp-proof course of wall foundation is not calculated;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
                                         to the requirements of commissioning party:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case of discrepancy between plane and vertical plane of stair railing, calculate according
                                         to the plane barrier-free railing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stair
                                         surface is calculated according to 1:2 cement mortar of 20mm thickness;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case of discrepancy between the practice of exterior wall practice table (waterproof
                                         paint) and culture stone and surface brick wall surface of elevation drawing, calculate
                                         according to the culture stone and surface brick wall surface of elevation drawing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Face
                                         brick exterior wall:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wall
                                         face brick of 300*600mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1:0.1:2.5
                                         mixed mortar binding course of 6mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1:3
                                         cement mortar of 13mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paint
                                         one path of neat cement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rock
                                         wool insulation board of 85mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Planish
                                         base wall space with emery board, clear floating dust on the surface</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Culture
                                         stone exterior wall:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Culture
                                         stone wall of 200*400mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1:1
                                         cement mortar of 2mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1:2
                                         cement mortar of 6mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1:3
                                         cement mortar of 16mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rock
                                         wool insulation board of 85mm thickness</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 63pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Planish
                                         base wall space with emery board, clear floating dust on the surface</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         decoration of independent column outside entrance hall is included in professional engineering
                                         for provisional valuation, calculate according to RMB1000/one</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         specification of wall tiles in bathroom is calculated according to 300*600mm, and the
                                         specification of ground floor tiles in bathroom is calculated according to 300*300mm</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         materials f eaves gutter and waterproof coiled materials are calculated according to
                                         roofing coil material (1.0 synthetic polymer waterproof sheet)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
                                         on the preparation of installation projects:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Block
                                         workshop, insulation board workshop, new materials research institute:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
                                         service-entrance cable to the place 0.2 meter away from apron, the cables needed excluded;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         case of inconsistency between system drawing and general specification, floor plan, calculate
                                         according to system drawing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
                                         the water supply and drainage pipelines up to the outdoor valve well center, water meter
                                         chamber and water meter are excluded;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="width: 21pt; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         all inconsistencies between system drawing and floor plan, calculate according to system
                                         drawing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>27
<FILENAME>ff12017ex10xiii_retoeco.htm
<DESCRIPTION>JOINT PATENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 10.13</B></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Joint Patent Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party
A</B></FONT><B>: </B><FONT STYLE="font-family: Times New Roman, Times, Serif">Beijing Reit Technology Development Co.,
Ltd</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Legal
Representative</B></FONT><B>:</B><FONT STYLE="font-family: Times New Roman, Times, Serif">Hengfang Li</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party
B</B></FONT><B>:</B><FONT STYLE="font-family: Times New Roman, Times, Serif"> Luoyang Water-Conservancy Surveying &amp;
Design Co., Ltd</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Legal
Representative</B></FONT><B>:</B><FONT STYLE="font-family: Times New Roman, Times, Serif">Jiahui Wang</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 1: Joint Patent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">As at the signing date
of this Agreement, the patents that Party A and Party B cooperated together to create and were granted by the State Intellectual
Property Office (hereinafter referred to as &ldquo;SIPO&rdquo;) are listed as below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Proprietary Name</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Patent No.</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Patent Type</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Application Date</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Approval Date</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expiration Date</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Authority</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">Slope protection block</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ZL 2016 3 0542207.1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Design Patent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/8/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5/24/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/7/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">China State Intellectual Property Office</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">Slope protection block</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ZL 2016 3 0542295.5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Design Patent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/8/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5/10/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/7/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">China State Intellectual Property Office</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">Slope protection block</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ZL 2016 3 0542296.X</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Design Patent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/8/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5/10/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/7/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">China State Intellectual Property Office</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">Slope protection block</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ZL 2016 3 0542514.X</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Design Patent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/8/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5/24/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/7/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">China State Intellectual Property Office</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">Slope protection block</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ZL 2016 3 0595820.X</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Design Patent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12/6/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5/24/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12/5/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">China State Intellectual Property Office</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">Slope protection block</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ZL 2016 3 0542294.0</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Design Patent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/8/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5/17/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/7/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">China State Intellectual Property Office</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">Slope protection block</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">ZL 2016 3 0542168.5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Design Patent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/8/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5/24/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11/7/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">China State Intellectual Property Office</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">Both Party A and Party
B agree that the 7 patents listed above, any new patents which both parties research collectively and are granted by the SIPO will
be listed as an appendix of this Agreement and will be subject to this Agreement as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 2: Statements and Commitments
of Party A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">1. For those joint patents
under this Agreement, Party A agrees that both parties are the co-owner, but only Party A has the rights to use or license other
entities or individuals to use the joint patents, subsidiaries of Party A also have the right to use those joint patents under
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">2. Party A commits that
it will use those joint patents appropriately and protect their integrity and ownership from any infringements caused by any other
third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">3. Party
A agrees not to license or transfer the joint patents under this Agreement to any other third parties (excluding subsidiaries of
Party A) without written consent of Party B; and if Party A wants to transfer its ownership relating to the joint patents, Party
B shall have the rights of first refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 3: Statements and Commitments
of Party B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">1. For those joint patents
under this Agreement, Party B agrees that both parties are the co-owner, but only Party A has the right to use or license other
entities or individuals to use the joint patents, subsidiaries of Party A also have the right to use the joint patents under this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">2. For the joint patents
under this Agreement, Party B agrees that only it holds ownership, its subsidiaries or branch offices have no rights to use or
license any entities or individuals to use the joint patents under any circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">3. Party
B agrees that Party A may license its subsidiaries to use the joint patents for free, but Party A shall be required to supervise
its subsidiaries to ensure they are using the joint patents in a proper way and prevent them from causing any infringements by
and third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">4. Party
B undertakes to Party A that it will never use, license, pledge, transfer, inherit or dispose in any way the joint patents under
this Agreement at any time; but after negotiation and agreement by both parties, Party B can transfer its ownership in respect
of those joint patents to Party A; as a result of Party B&rsquo;s breach of this Agreement, Party B shall bear any legal liabilities
or loss which it brought to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">5. In the
event that Party B wants to give up its ownership or any benefits regarding the joint patents, it commits to Party A that Party
A will become the sole owner of those joint patents after a written agreement is given by Party B, and Party A can then apply to
SIPO for ownership change at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 4: Cost and Expense</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: left; text-indent: -12pt">1. For those
joint patents under this Agreement, Party A will bear the R&amp;D expense and application fee, and Party A agrees that Party B
has no obligation to repay it for those aforesaid fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: left; text-indent: -12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">2. For those
joint patents under this Agreement, both parties shall bear the annual fee and any renewal fee afterwards collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">3. It is agreed that,
both parties shall share the fee arising from licensing the joint patents, which was granted to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">4. Both parties shall
bear any risk or legal liabilities or loss relating to those joint patents collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">5. For any
other fees or expenses which may arise from those joint patents will be be borne by both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.
For any fees and expenses which both parties shall bear collectively under this article, it is agreed that Party A will
account for </FONT>[&nbsp;&nbsp;] <FONT STYLE="font-family: Times New Roman, Times, Serif">% and Party B will account for the
remaining </FONT>[&nbsp;&nbsp;]<FONT STYLE="font-family: Times New Roman, Times, Serif"> %. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 5: Liabilities for breach of
this Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">It is agreed and undertaken
by both parties that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">1. Each party
shall comply with and fulfill its rights, obligations and commitments under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">2. Each party
shall comply with any rights and liabilities relating to joint patents that are stipulated under Chinese laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">3. Any other matters
agreed by both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.05pt; text-align: left; text-indent: 13.8pt">Any risks
or losses caused by any party, the breaching party shall undertake any lose or legal liabilities or compensation to the non-breaching
party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.05pt; text-align: left; text-indent: 13.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.05pt; text-align: left; text-indent: 13.8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.05pt; text-align: left; text-indent: 13.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 6: Validity of this Agreement
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">1. This Agreement
will become effective right after the signatures of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">2. Any changes to this
Agreement shall be negotiated and agreed by both parties, and a written supplementary agreement is necessary if any changes have
been made. Supplementary agreement is deemed to be part of this Agreement, and if any inconsistences occur, the agreement that
is dated afterwards shall be followed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 7: Term of this Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">The term
of this Agreement shall have the same term as those joint patents, and if those joint patents have been renewed after expiration,
this Agreement shall be extended the same period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.5pt; text-align: left; text-indent: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 8: Settlement of Disputes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">1. Any disputes arising
from the effectiveness, performance or breach of this Agreement, both parties shall negotiate amicably, if negotiation fails, both
parties agreed to submit relevant disputes to Beijing Arbitration Committee for arbitration, the arbitration results shall be final
and binding upon both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">2. This Agreement is
regulated by Chinese laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Article 11: Other</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">This Agreement shall
be issued with two copies, each party shall kept one copy, and both copies have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party
A</B></FONT><B>:</B><FONT STYLE="font-family: Times New Roman, Times, Serif"> Beijing Reit Technology Development Co.,
Ltd</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Legal
Representative</B></FONT><B>: <FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ </FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif">Hengfang
Li</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: January 7, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Party
B</B></FONT><B>:</B><FONT STYLE="font-family: Times New Roman, Times, Serif"> Luoyang Water-Conservancy Surveying &amp;
Design Co., Ltd</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Legal
Representative</B></FONT><B>: <FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ </FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif">Jiahui
Wang</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: January 7, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>28
<FILENAME>ff12017ex21i_retoeco.htm
<DESCRIPTION>LIST OF SUBSIDIARIES OF THE REGISTRANT
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 21.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RETO ECO-SOLUTIONS, INC.</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>List of Subsidiaries</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center; padding-left: 5.4pt; border-bottom: Black 1pt solid">Company Name&#9;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center; padding-left: 5.4pt; border-bottom: Black 1pt solid">Country of Incorporation/Formation&#9;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 32%; font-size: 10pt; font-weight: bold; text-align: center; padding-left: 5.4pt; border-bottom: Black 1pt solid">Ownership</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">REIT Holdings (China) Limited</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Hong Kong</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned Hong Kong subsidiary <BR></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Bejing REIT</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned subsidiary of REIT Holdings <BR></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">REIT Technology Development (America), Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">USA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned subsidiary of Beijing REIT <BR></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Beijing REIT Ecological Engineering and Technology Co., Ltd. <BR></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned subsidiary of Beijing REIT</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Gu-an REIT Machinery Manufacturing Co., Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned subsidiary of Beijing REIT <BR></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Langfang Ruirong Mechanical and Electrical Equipment Co., Ltd. <BR></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned subsidiary of Beijing REIT</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">REIT Mingsheng Environment Protection Construction Materials (Changjiang) Co., Ltd.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Subsidiary of Beijing REIT that is owned 84.32% by Beijing REIT <BR></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Nanjing Dingxuan Environment Protection Technology Development Co., Ltd. <BR></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned subsidiary of Beijing REIT</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Hainan REIT Construction Project Co., Ltd.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned subsidiary of REIT Changjiang <BR></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">REIT Xinyi New Material Co., Ltd. <BR></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">70% owned subsidiary of Beijing REIT</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">REIT Q Green Machines Private Limited</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">India</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">51% owned subsidiary of Beijing REIT</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Xinyi REIT Ecological Technology Co., Ltd</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Wholly-owned subsidiary of REIT Holdings</TD></TR>
</TABLE>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>29
<FILENAME>ff12017ex23i_retoeco.htm
<DESCRIPTION>CONSENT OF FRIEDMAN LLP
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="img011.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the use in this Amendment No.
3 to the Registration Statement on Form F-1 of ReTo Eco Solutions Inc., of our report dated April 12, 2017, with respect to the
consolidated balance sheets of ReTo Eco Solutions Inc., and its subsidiaries as of December 31, 2016 and 2015, and the related
consolidated statements of income and comprehensive income, changes in equity and cash flows for each of the years in the two-year
period ended December 31, 2016, included in this Registration Statement. We also consent to the reference to our firm under the
heading &ldquo;Experts&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/ Friedman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">August 3, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>30
<FILENAME>ff12017ex99i_retoeco.htm
<DESCRIPTION>CODE OF BUSINESS CONDUCT AND ETHICS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RETO
ECO-SOLUTIONS, INC.</B><BR>
<B>CODE OF BUSINESS CONDUCT AND ETHICS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Code of Business Conduct and Ethics covers a wide range of business practices and procedures. It does not cover every issue that
may arise, but it sets out basic principles to guide the employees of ReTo Eco-Solutions, Inc. and its subsidiaries (the &ldquo;Company&rdquo;).
All of our employees must conduct themselves in accordance with these principles and seek to avoid even the appearance of improper
behavior. The Company&rsquo;s agents and representatives, including consultants and directors, to the extent practicable, shall
also follow this Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Code is in addition to and supplements the other policies and procedures that have been implemented by the Company. If a law conflicts
with a policy in this Code, you must comply with the law; however, if a local custom or policy conflicts with this Code, you must
comply with the Code. If you have any questions about a conflict, you should ask your supervisor how to handle the situation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
claims of violations of this Code will be investigated by appropriate personnel. Those who violate the standards in this Code
will be subject to disciplinary action. <I>If you are in a situation that you believe may violate or lead to a violation of this
Code, follow the guidelines described in Section 14 of this Code.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws, Rules and Regulations</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obeying
the law, both in letter and in spirit, is the foundation on which this Company&rsquo;s ethical standards are built. All employees
must respect and obey the laws of all jurisdictions in which the Company operates. Any employee who is unsure about any aspect
of these laws should seek advice from supervisors, managers or other appropriate personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record-Keeping</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accuracy
and reliability in the preparation of all business records is critically important to the Company&rsquo;s decision-making process
and to the proper discharge of its financial, legal, and reporting obligations. All of the Company&rsquo;s books, records, accounts
and financial statements shall be maintained in reasonable detail, shall appropriately reflect the Company&rsquo;s transactions
and shall conform both to applicable legal requirements and to the Company&rsquo;s system of internal controls. Unrecorded or
&ldquo;off the books&rdquo; funds or assets shall not be maintained unless permitted by applicable law or regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
employees regularly incur business expenses, which must be documented and recorded accurately. If you are not sure whether a certain
expense is appropriate, consult the policy or ask your supervisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
records and communications often become public, and we should avoid exaggeration, derogatory remarks, guesswork, or inappropriate
characterizations of people and companies that can be misunderstood. This applies equally to e-mail, internal memos and formal
reports. Records shall always be retained or destroyed according to the Company&rsquo;s record retention policies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflicts
of Interest and Related Party Transactions</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&ldquo;conflict of interest&rdquo; exists when a person&rsquo;s private interest interferes in any way with the interests of the
Company. A conflict situation can arise when an employee, officer or director takes actions or has interests that may make it
difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when an employee,
officer or director, or members of his or her family, receives improper personal benefits as a result of his or her position in
the Company. Loans to, or guarantees of obligations of, employees and their family members may create conflicts of interest. Loans
to, or guarantees of obligations of, directors, executive officers and their family members are prohibited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
conflict of interest almost always exists when a Company employee works concurrently for a competitor, customer or supplier. You
are not allowed to work for a competitor as a consultant or board member. The best policy is to avoid any direct or indirect business
connection with the Company&rsquo;s competitors, customers or suppliers, except on the Company&rsquo;s behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
conflict of interest may occur when an employee of the Company has an ownership or financial interest in another business organization
that is doing business with the Company. These transactions between the Company and the other organization are characterized as
related party transactions. While not all related party transactions are improper, the Company must be aware of the details of
each such transaction so that it can make a judgment as to the appropriateness of the transaction. If you or a family member have
any ownership or financial interest in another organization that conducts business or seeks to conduct business with the Company,
you must report the situation to the Chief Executive Officer (&ldquo;CEO&rdquo;) and cooperate with the legal staff by providing
all relevant facts. The CEO will determine whether or not the related party transaction is a conflict of interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflicts
of interest are prohibited as a matter of Company policy, except under guidelines approved by the Board of Directors. Conflicts
of interest may not always be clear, so if you have a question, you should consult with higher levels of management or the Company&rsquo;s
CEO. Any employee, officer or director who becomes aware of a conflict or potential conflict shall bring it to the attention of
a supervisor, manager or other appropriate personnel or consult the procedures described in Section 14 of this Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
must maintain the confidentiality of confidential information entrusted to them by the Company or its customers, except when disclosure
is authorized by the CEO or legally mandated. Even within the Company, you should disclose confidential information only to those
employees who need to know the information. Confidential information includes all non-public information that might be of use
to competitors, or harmful to the Company or its customers, if disclosed. It also includes information that suppliers and customers
have entrusted to us. The obligation to preserve confidential information continues even after employment ends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insider
Trading</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
who have access to confidential information are not permitted to use or share that information for stock trading purposes or for
any other purpose except the conduct of the Company&rsquo;s business. All non-public information about the Company shall be considered
confidential information. To use non-public information for personal financial benefit or to &ldquo;tip&rdquo; others who might
make an investment decision on the basis of this information is not only unethical but also illegal. If you have any questions,
you should consult the Company&rsquo;s CEO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Opportunities</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees,
officers and directors are prohibited from taking for themselves personally opportunities that are discovered through the use
of corporate property, information or position without the consent of the Board of Directors. No employee shall use corporate
property, information, or position for improper personal gain, and no employee shall compete with the Company directly or indirectly.
Employees, officers and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so
arises.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Competition
and Fair Dealing</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company seeks to outperform its competition fairly and honestly. The Company seeks competitive advantages through superior performance,
never through unethical or illegal business practices. Stealing proprietary information, possessing trade secret information that
was obtained without the owner&rsquo;s consent, or inducing such disclosures by past or present employees of other companies is
prohibited. Each employee shall endeavor to respect the rights of and deal fairly with the Company&rsquo;s customers, suppliers,
competitors and employees. No employee shall take unfair advantage of anyone through manipulation, concealment, abuse of privileged
information, misrepresentation of material facts, or any other intentional <U>unfair-dealing</U> practice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of business entertainment and gifts in a commercial setting is to create good will and sound working relationships, not
to gain unfair advantage with customers. No gift or entertainment shall ever be offered, given, provided or accepted by any Company
employee, family member of an employee or agent unless it:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not a cash gift,</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    consistent with customary business practices,</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not excessive in value,</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cannot
    be construed as a bribe or payoff, and</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">does
    not violate any laws or regulations.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Discrimination
and Harassment</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
diversity of the Company&rsquo;s employees is a tremendous asset. The Company is firmly committed to providing equal opportunity
in all aspects of employment and shall not tolerate any illegal discrimination or harassment or any kind. Examples include derogatory
comments based on racial, gender, religious, or ethnic characteristics and unwelcome sexual advances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Health
and Safety</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company strives to provide each employee with a safe and healthful work environment. Each employee has the responsibility for
maintaining a safe and healthful workplace for all employees by following safety and health rules and practices and reporting
accidents, injuries and unsafe equipment, practices or conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Violence
and threatening behavior are not permitted. Employees must report to work in condition to perform their duties, free from the
influence of alcohol or illegal drugs. The use of alcohol or illegal drugs in the workplace is not tolerated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Protection
and Proper Use of Company Assets</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
employees shall endeavor to protect the Company&rsquo;s assets and ensure their efficient use. Theft, carelessness and waste have
a direct impact on the Company&rsquo;s profitability. All Company assets should be used for legitimate business purposes. Any
suspected incident of theft, carelessness, or waste of or with Company assets shall be immediately reported for investigation.
Company equipment shall not be used for non-Company business, although incidental personal use may be permitted by your supervisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligation of employees to protect the Company&rsquo;s assets includes its proprietary information. Proprietary information includes
intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans,
databases, records, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this
information would violate Company policy. It could also be illegal and result in civil and/or criminal penalties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accounting
and Related Matters</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
employees participate, in some measure, in the gathering of information made available to the Company&rsquo;s accounting department
for use in the Company&rsquo;s financial reports and other information required to be publicly disclosed by the Securities and
Exchange Commission and the NASDAQ Stock Market LLC. Each employee should endeavor to ensure that such information is accurate
and complete in all material respects through full compliance with the Company&rsquo;s accounting requirements, internal disclosure
and accounting controls and audits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waivers
of the Code of Business Conduct and Ethics</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
waiver of this Code for executive officers or directors may be made only by the Nominating Committee of the Board and shall be
promptly disclosed as required by law or stock exchange regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration
of Code</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Code shall be administered by the Company&rsquo;s CEO, who shall act as the Corporate Compliance Officer of the Company, Company
employees are encouraged to seek guidance regarding the application or interpretation of this Code from the CEO and are expected
to cooperate fully in any investigation of any potential violation of this Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reporting
Violations; Compliance Procedures</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
employees shall work to ensure prompt and consistent action against violations of this Code. However, in some situations it is
difficult to know right from wrong. Since no one can anticipate every situation that will arise, it is important to have a way
to approach a new question or problem. These are the steps to keep in mind:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Make
                                         sure you have all the facts</U>. </B>In order to reach the right solutions, you must
                                         be as fully informed as possible.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Ask
                                         yourself: What specifically am I being asked to do? Does it seem unethical or improper</U></B>?
                                         This will enable you to focus on the specific question you are faced with and the alternatives
                                         you have. Use your judgment and common sense; if something seems unethical or improper,
                                         it probably is.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Clarify
                                         your responsibility and role</U>. </B>In most situations there is shared responsibility.
                                         Are your colleagues informed? It may help to get others involved and discuss the problem.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Discuss
                                         the problem with your supervisor</U></B>. You are encouraged to talk to your supervisor
                                         about any issues concerning illegal, unethical or improper behavior and when in doubt
                                         about the best course of action in a particular situation. This is the basic guidance
                                         for all situations. In many cases your supervisor will be more knowledgeable about the
                                         question, and will appreciate being brought into the decision-making process. Remember
                                         it is your supervisor&rsquo;s responsibility to help solve problems.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Report
                                         serious violations to the Company&rsquo;s CEO</U>. </B>You should report serious violations
                                         that have not been properly addressed by your supervisor or other resources of the Company
                                         to the CEO. However, if it is not appropriate to discuss an issue with the CEO, or if
                                         you believe that the CEO has not properly addressed the violations, you may contact any
                                         independent director of the Board of Directors. In the rare case that you become aware
                                         of a material legal violation or a breach of fiduciary duty by an employee of the Company,
                                         address your concerns to: Nominating Committee Chairman, ReTo Eco-Solutions, Inc., <FONT STYLE="color: windowtext">c/o
                                         </FONT>Beijing REIT Technology Development Co., Ltd.<FONT STYLE="color: windowtext">,
                                         </FONT>X-702, 60 Anli Road, Chaoyang District, Beijing, People&rsquo;s Republic of China
                                         100101.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Reporting
                                         of accounting issues</U>. </B>If you are aware of an issue concerning accounting, auditing
                                         or the Company&rsquo;s internal accounting controls, address your concerns with the Company&rsquo;s
                                         internal audit function or to the CEO. In the event that you believe that the Company
                                         has not properly responded to the issue, you may address your concerns to: Audit Committee
                                         Chairman, ReTo Eco-Solutions, Inc., <FONT STYLE="color: windowtext">c/o </FONT>Beijing
                                         REIT Technology Development Co., Ltd.<FONT STYLE="color: windowtext">,</FONT> X-702,
                                         60 Anli Road, Chaoyang District, Beijing, People&rsquo;s Republic of China 100101<FONT STYLE="color: windowtext">.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>You
                                         may report any possible violation in confidence and without fear of retaliation</U>.
                                         </B> If your situation requires that your identity be kept secret, your anonymity will
                                         be protected and you will be guaranteed confidentiality in the handling of your claim.
                                         It is the policy of the Company not to allow retaliation for reports of misconduct by
                                         others made in good faith by employees. Employees are expected to cooperate in internal
                                         investigations of misconduct.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Always
                                         ask first, act later</U></B>: If you are unsure of, what to do in any situation, seek
                                         guidance <U>before you act</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">5</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
