<SEC-DOCUMENT>0001193805-20-000761.txt : 20200701
<SEC-HEADER>0001193805-20-000761.hdr.sgml : 20200701
<ACCEPTANCE-DATETIME>20200701093832
ACCESSION NUMBER:		0001193805-20-000761
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20200821
FILED AS OF DATE:		20200701
DATE AS OF CHANGE:		20200701
EFFECTIVENESS DATE:		20200701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULF RESOURCES, INC.
		CENTRAL INDEX KEY:			0000885462
		STANDARD INDUSTRIAL CLASSIFICATION:	CHEMICALS & ALLIED PRODUCTS [2800]
		IRS NUMBER:				133637458
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34499
		FILM NUMBER:		201004296

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 11, VEGETABLE BUILDING
		STREET 2:		INDUSTRIAL PARK OF THE EAST CITY
		CITY:			SHOUGUANG CITY, SHANDONG
		STATE:			F4
		ZIP:			262700
		BUSINESS PHONE:		86 (536) 567-0008

	MAIL ADDRESS:	
		STREET 1:		LEVEL 11, VEGETABLE BUILDING
		STREET 2:		INDUSTRIAL PARK OF THE EAST CITY
		CITY:			SHOUGUANG CITY, SHANDONG
		STATE:			F4
		ZIP:			262700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIVERSIFAX INC
		DATE OF NAME CHANGE:	19940331
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e619737_def14a-gulf.htm
<TEXT>
<HTML>
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<P STYLE="margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</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>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Rule 14a-101)</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 REQUIRED IN PROXY STATEMENT</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>SCHEDULE 14A INFORMATION</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">Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Filed by the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">o</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Check the appropriate box:</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Preliminary Proxy Statement</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Definitive Proxy Statement</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Definitive Additional Materials</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Soliciting Material Pursuant to &sect;240.14a-12</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gulf Resources, Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified
in Its Charter)</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and&nbsp;0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 90%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title of each class of securities to which transaction applies:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate number of securities to which transaction applies:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Per unit price or other underlying value of transaction computed
        pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposed maximum aggregate value of transaction:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total fee paid:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amount Previously Paid:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form, Schedule or Registration Statement No.:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filing Party:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date Filed:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</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"><B>GULF RESOURCES, INC.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Level 11, Vegetable Building, Industrial
Park of the East City,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shouguang City, Shandong Province 262700</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The People&rsquo;s Republic of China</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to be held on August 21, 2020</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TO THE STOCKHOLDERS OF Gulf Resources, Inc.:</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-align: justify; text-indent: 0.5in">The Annual Meeting
of the stockholders of Gulf Resources, Inc., a Nevada corporation (&ldquo;Company&rdquo;), will be held on August 21, 2020, at
10:00 a.m. (local time), at the company&rsquo;s headquarters located at Level 11, Vegetable Building, Industrial Park of the East
City, Shouguang City, Shandong Province 262700, the People&rsquo;s Republic of China, for the following purposes:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 80%; text-align: justify"><FONT STYLE="font-size: 10pt">To elect seven directors, consisting of Ming Yang, Xiaobin Liu, Naihui Miao, Shengwei Ma, Yang Zou, Shi Tong Jiang and Tengfei Zhang, to hold office for a one-year term or until their successors are elected and qualified;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="width: 80%; text-align: justify"><FONT STYLE="font-size: 10pt">To ratify the appointment of Morison Cogen LLP, independent public accountants, as the auditor of the Company for the fiscal year 2020; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To transact any other business as may properly be presented at the Annual Meeting or any adjournment thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholders of record
of the Company&rsquo;s Common Stock at the close of business on June 30, 2020 are entitled to notice of, and to vote at, the Annual
Meeting or any adjournment or postponement thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your attention is directed
to the Proxy Statement accompanying this Notice for a more complete statement of matters to be considered at the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>All stockholders
are cordially invited to attend the meeting.&nbsp;&nbsp;Whether or not you expect to attend, you are respectfully requested by
the Board of Directors to sign, date and return the enclosed proxy promptly, or follow the instructions contained in the Notice
of Availability of Proxy Materials to vote on the Internet.&nbsp;&nbsp;Stockholders who execute proxies retain the right to revoke
them at any time prior to the voting thereof.&nbsp;&nbsp;If you received this proxy statement in the mail, a return envelope is
enclosed for your convenience.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>YOUR VOTE IS IMPORTANT.
YOU ARE REQUESTED TO CAREFULLY READ THE PROXY STATEMENT. PLEASE VOTE ON THE INTERNET. IF THIS PROXY STATEMENT WAS MAILED TO YOU,
COMPLETE, DATE, SIGN AND RETURN YOUR PROXY IN THE ENCLOSED ENVELOPE. YOU MAY ALSO ATTEND THE MEETING TO VOTE IN PERSON.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Order of the Board of Directors,</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"><U>/s/ Ming Yang</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman of the Board of Directors</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">Dated: July 1, 2020</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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<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>GULF RESOURCES, INC.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Level 11, Vegetable Building, Industrial
Park of the East City,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shouguang City, Shandong Province 262700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The People&rsquo;s Republic of China</B></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">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to be held on August 21, 2020</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTRODUCTION</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: justify; text-indent: 0.5in">Your proxy is solicited
by the Board of Directors of Gulf Resources, Inc., a Nevada corporation (the &ldquo;<U>Company,</U>&rdquo; &ldquo;<U>we,</U>&rdquo;
&ldquo;<U>us</U>&rdquo; or &ldquo;<U>our</U>&rdquo;),&nbsp;&nbsp;for use at the Annual Meeting of Stockholders to be held on August
21, 2020, at 10:00 a.m. (local time) Beijing Standard Time (10:00 p.m. Eastern Standard Time, August 20, 2020) (the &ldquo;<U>Annual
Meeting</U>&rdquo;), at the company&rsquo;s headquarters located at Level 11, Vegetable Building, Industrial Park of the East City,
Shouguang City, Shandong Province 262700, the People&rsquo;s Republic of China, for the following purposes:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 80%; text-align: justify"><FONT STYLE="font-size: 10pt">To elect seven directors, consisting of Ming Yang, Xiaobin Liu, Naihui Miao, Shengwei Ma, Yang Zou, Shi Tong Jiang and Tengfei Zhang, to hold office for a one-year term or until their successors are elected and qualified;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="width: 80%; text-align: justify"><FONT STYLE="font-size: 10pt">To ratify the appointment of Morison Cogen LLP, independent public accountants, as the auditor of the Company for the fiscal year 2020; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="width: 79%; text-align: justify"><FONT STYLE="font-size: 10pt">To transact any other business as may properly be presented at the Annual Meeting or any adjournment thereof.&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
set June 30, 2020 as the record date (the &ldquo;<U>Record Date</U>&rdquo;) to determine those holders of common stock of the Company
(the &ldquo;<U>Common Stock</U>&rdquo;), who are entitled to notice of, and to vote at, the Annual Meeting. A list of the stockholders
entitled to vote at the meeting may be examined at the Company&rsquo;s office at Level 11, Vegetable Building, Industrial Park
of the East City, Shouguang City, Shandong Province 262700, the People&rsquo;s Republic of China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>On or about July
10, 2020, the Company shall mail to all stockholders of record, as of the Record Date, a Notice of Availability of Proxy Materials
(the &ldquo;<U>Notice</U>&rdquo;). Please carefully review the Notice for information on how to access the Notice of Annual Meeting,
Proxy Statement, proxy card and Annual Report on <U>www.proxyvote.com</U>, in addition to instructions on how you may request to
receive a paper or email copy of these documents. There is no charge to you for requesting a paper copy of these documents.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL INFORMATION ABOUT VOTING</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"><B>Who can vote?</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-align: justify; text-indent: 0.5in">You can vote your shares
of Common Stock if our records show that you owned the shares on the Record Date. As of the close of business on the Record Date,
a total of 9,517,427 shares of Common Stock are entitled to vote at the Annual Meeting.&nbsp;&nbsp;Each share of Common Stock is
entitled to one vote on matters presented at the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>How do I vote by proxy?</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-align: justify; text-indent: 0.5in">If you have received
a printed copy of these materials by mail, you may simply complete, sign and return your proxy card in the mail.&nbsp;&nbsp;If
you did not receive a printed copy of these materials by mail and are accessing them on the Internet, you may simply follow the
instructions below to submit your proxy on the Internet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>What if I received a Notice of Availability of proxy materials?</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-align: justify; text-indent: 0.5in">In accordance with
rules and regulations adopted by the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;), instead of mailing a printed
copy of our proxy materials to each stockholder of record, we may now furnish proxy materials to our stockholders on the Internet.
If you received a Notice by mail, you will not receive a printed copy of the proxy materials. Instead, the Notice will instruct
you as to how you may access and review all of the important information contained in the proxy materials. The Notice also instructs
you as to how you may submit your proxy on the Internet. If you received a Notice by mail and would like to receive a printed copy
of our proxy materials, including a proxy card, you should follow the instructions for requesting such materials included in the
Notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If I am a stockholder of record, how do I cast my vote?</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-align: justify; text-indent: 0.5in">If you are a stockholder
of record, you may vote in person at the Annual Meeting. We will give you a ballot when you arrive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you do not wish
to vote in person or you will not be attending the Annual Meeting, you may vote by proxy. If you received a printed copy of these
proxy materials by mail, you may vote by proxy using the enclosed proxy card, complete, sign and date your proxy card and return
it promptly in the envelope provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you received a Notice
by mail, you may vote by proxy over the Internet by going to <U>www.proxyvote.com</U> to complete an electronic proxy card.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you vote by proxy,
your vote must be received by 5:00 p.m. U.S. Eastern Standard Time on June 29, 2020 to be counted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide Internet
proxy voting to allow you to vote your shares on-line, with procedures designed to ensure the authenticity and correctness of your
proxy vote instructions. However, please be aware that you must bear any costs associated with your Internet access, such as usage
charges from Internet access providers and telephone companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>What if other matters come up at the Annual Meeting?</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-align: justify; text-indent: 0.5in">The matters described
in this proxy statement are the only matters we know of that will be voted on at the Annual Meeting.&nbsp;&nbsp;If other matters
are properly presented at the meeting, the proxy holders will vote your shares as they see fit.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Can I change my vote after I return my proxy card?</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-align: justify; text-indent: 0.5in">Yes. You can revoke
your proxy at any time before it is exercised at the Annual Meeting in any of three ways:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font-size: 10pt">by submitting written notice revoking your proxy card to the Secretary of the Company;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">by submitting another proxy via the Internet or by mail that is later dated and, if by mail, that is properly signed; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">by voting in person at the Annual Meeting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</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>Can I vote in person at the Annual Meeting rather than by
completing the proxy card?</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-align: justify; text-indent: 0.5in">Although we encourage
you to complete and return the proxy card or vote by proxy on the Internet to ensure that your vote is counted, you can attend
the Annual Meeting and vote your shares in person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>How are votes counted?</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-align: justify; text-indent: 0.5in">We will hold the Annual
Meeting if holders representing a majority of the shares of Common Stock issued and outstanding and entitled to vote in person
or by proxy either sign and return their proxy cards, submit their proxy on the Internet, or attend the meeting.&nbsp;&nbsp;If
you sign and return your proxy card, or submit your proxy on the Internet, your shares will be counted to determine whether we
have a quorum even if you abstain or fail to vote on any of the proposals listed on the proxy card.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The election of directors
under Proposal 1 will be by the affirmative vote of a plurality of the shares of Common Stock, represented in person or by proxy
at the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Proposal 2 shall be
approved upon the vote of a majority of shares present in person or represented by proxy at the meeting. An abstention with respect
to Proposal 2 will have the effect of a vote &ldquo;AGAINST&rdquo; such proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Who pays for this proxy solicitation?</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-align: justify; text-indent: 0.5in">We do.&nbsp;&nbsp;In
addition to sending you these materials and posting them on the Internet, some of our employees may contact you by telephone, by
mail, by fax, by email, or in person.&nbsp;&nbsp;None of these employees will receive any extra compensation for doing this.&nbsp;&nbsp;We
may reimburse brokerage firms and other custodians for their reasonable out-of-pocket costs in forwarding these proxy materials
to stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Why are we seeking stockholder approval for these proposals?</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-align: justify; text-indent: 0.5in"><U>Proposal No. 1</U>:&nbsp;&nbsp;The
Nevada Revised Statutes, as amended and the NASDAQ Stock Market require corporations to hold elections for directors each year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Proposal No. 2</U>:
The Company appointed Morison Cogen LLP to serve as the Company&rsquo;s independent auditors for the 2020 fiscal year.&nbsp;&nbsp;The
Company elects to have its stockholders ratify such appointment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</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: justify; text-indent: 0.5in">The following table
sets forth certain information regarding beneficial ownership of Common Stock, as of the Record Date of the meeting, by each of
Company&rsquo;s directors and executive officers; all executive officers and directors as a group, and each person known to Company
to own beneficially more than 5% of Company&rsquo;s Common Stock. Except as otherwise noted, the persons identified have sole voting
and investment powers with respect to their shares.&nbsp;&nbsp;As of June 30, 2020, there were 9,517,427 shares of the Company&rsquo;s
Common Stock outstanding.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Name of Beneficial Owner (1)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Number of Shares</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Percent of Class</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">Ming Yang (Chairman)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">2,810,622</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">29.5</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Xiaobin Liu (CEO)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">38,115</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Min Li (CFO)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">38,115</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Naihui Miao (COO)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">38,115</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shengwei Ma (Director)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Yang Zou (Director)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shi Tong Jiang (Director)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tengfei Zhang (Director)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All Directors and Executive Officers as a Group (eight persons)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,927,467</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chen Weijie</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,213,603</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Wenxiang Yu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,015,945</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(5)(6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shandong Haoyuan Industry Group Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">824,947</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(5)(6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_<U STYLE="text-decoration: none">_______________</U></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-indent: 0.25in">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than
1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The address of each director and executive
officer is c/o Gulf Resources, Inc., Level 11, Vegetable Building, Industrial Park of the East City, Shouguang City , Shandong
Province, 262700, the People&rsquo;s Republic of China.</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">(2) Consists of 634,770 shares owned by
Ming Yang, 1,015,945 shares owned by Ms.&nbsp;Wenxiang Yu, the wife of Mr. Yang, 334,960 shares owned by Mr. Zhi Yang, Mr. Yang&rsquo;s
son, and 824,947 shares owned by&nbsp;&nbsp;Shandong Haoyuan Industry Group Ltd. (&ldquo;SHIG&rdquo;), of which Mr. Yang is the
controlling shareholder, chief executive officer and a director.&nbsp;&nbsp;Mr. Yang disclaims beneficial ownership of the shares
owned by his wife and SHIG.</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">(3) Consists of 20,000 shares issuable
upon exercise of options held by such beneficial owner.</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">(4) Consists of 2,500 shares issuable upon
exercise of options held by Mr. Zhang.</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">(5) Based on Schedule 13D filed on August
12, 2015. Mr. Chen&rsquo;s address is North Weigao Road, Luocheng Sub-district Office, Shouguang, Shandong Province 262700, the
People&rsquo;s Republic of China.</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">(6) The address of the shareholder is c/o
Gulf Resources, Inc., Level 11, Vegetable Building, Industrial Park of the East City, Shouguang City , Shandong Province, 262700,
the People&rsquo;s Republic of China.&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: 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1</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>ELECTION OF DIRECTORS</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"><B>Nominees of the Board of Directors</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-align: justify; text-indent: 0.5in">The Board of Directors
has nominated seven (7) persons identified below for election as directors, to serve until the next annual meeting and their successors
have been elected and qualified.&nbsp;&nbsp;If any nominee becomes unavailable for election, which is not expected, the persons
named in the accompanying proxy intend to vote for any substitute whom the Board of Directors nominates.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 44%"><FONT STYLE="font-size: 10pt"><B>Other positions with Company; other directorships held in last five years</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt"><B>Has served as Company director since</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Ming Yang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of the Board of Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">December 2006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Xiaobin Liu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">March 2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Naihui Miao</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Secretary, Chief Operating Officer and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">January 2006</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Yang Zou (1)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Independent Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">March 2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Shengwei Ma(1)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Independent Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">December 2019</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Shitong Jiang (1) (2)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Independent Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">April 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Tengfei Zhang (2)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Independent Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 2011</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: 0pt 0">(1) Serves as a member of the Audit Committee.</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">(2) Serves as a member of the Compensation Committee.</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">(3) Serves as a member of the Nominating and Corporate Governance
Committee.</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-align: justify"><B>Ming Yang</B>, <B>Chairman of the Board
of Director</B> &ndash; Mr. Yang has served as Chairman of Shouguang Vegetable Industry Group Holding Company since 2013. In addition,
he has served as Chairman of Shouguang City Yuxin Chemical Company Limited since July 2000. Since May 2005, Mr. Yang has served
as Chairman of Shouguang City Haoyuan Chemical Company Limited, Shouguang City He Mao Yuan Bromize Company Limited, and Shouguang
City Qing River Real Estate Construction Company.&nbsp;&nbsp;He was nominated as director of Qinghe Oil Field Office in 1993, where
he managed operations. In 1997 he was appointed Chairman and General Manager of Shouguang Qinghe Shiye LLC and during the next
three years its profits doubled. He took the position of general manager of Shouguang City Yu Xin Chemical Industry Co., Ltd. in
2000. During his stay, he focused on quality management and technology progress, which led to a 100 percent success rate of all
products. He also helped the company successfully pass the ISO certification and become a private high-tech enterprise. In 2005
he was appointed to the position of Chairman, where he has helped the company to become a leading producer of bromine and crude
salt in China.&nbsp;&nbsp;In 2006 he became the Chairman of Gulf Resources, Inc. Mr. Yang has been the representative of Shandong
Shouguang congress since 1995 and in 1998 he was awarded as Honorary Entrepreneur in Weifang City.</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>Xiaobin Liu</B>, <B>Chief Executive
Officer and Director</B> &ndash; Mr. Liu was appointed as Chief Executive Officer and Director on March 10, 2009. Mr. Liu joined
the Company as Vice President in December 2007. He has served as Chairman of Chengdu Philosopher's Stone Culture Media Co. LTD
since August 2018. He served as Chairman of China Shouguang Vegetable Industry Group (Cayman) Inc. from 2011 to 2017. He currently
serves as a director of China Shouguang Vegetable Industry Group (Cayman) Inc. Before he joined the Company, Mr. Liu served as
project manager of Shenzhen Guangshen Accounting Firm from January 2007 to November 2007; the department manager of Hainan Zhongou
Accounting Firm from January 2003 to December 2006; the CFO (equivalent of Vice President) of Dasheng Real Estate Development Company,
which is the subsidiary of Saige Dasheng Co., Ltd from May 2002 to November 2002; the CFO of Shenzhen Securities Department of
Hainan Saige International Trust Investment Company from May 2000 to August 2004; and the financial manager of Hainan Wanquanyuan
Hot Spring Tourism Development Co., Ltd from 1995 to 2000. During this time, he also was the CFO of Qionghai City Guantang Hotspring
Leisure Center, the CFO of Qionghai City Wanquanhe Agricultural Development Co., Ltd, the CFO of Qionghai Wanquanhe Hotspring Tourist
Development Property Management Co., Ltd, and the CFO of Qionghai Guantangyuzhuang Resort Co., Ltd. Prior to that, Mr. Liu worked
in the financial department of Hainan Jinyuan Industrial Co., Ltd, which is a subsidiary of Chinese Black Metal Limited Company
Northwest Branch from 1992 to 1995, and the financial department of Shanxi Aircraft Manufacturing Company from 1988 to 1992.&nbsp;&nbsp;Mr.
Liu earned a master degree from the Economic and Management School at Hong Kong City University.</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"></P>

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<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>Naihui Miao, Secretary, Chief Operating
Officer and Director</B>&nbsp;&ndash; Mr. Miao has served as Vice President of Shouguang City Haoyuan Chemical Company Limited
since January 2006.&nbsp;&nbsp;Since January 2006, Mr. Miao has served as Director, Secretary and Vice President of Gulf Resources,
Inc. and he is in charge of sales, human resource and business management.&nbsp;&nbsp;From 2005 to 2006, Mr. Miao served as Vice
President of Shouguang City Yuxin Chemical Company Limited as the deputy general manager.&nbsp;&nbsp;From 1991 to 2005, Mr. Miao
served as a Manager and then Vice President of Shouguang City Commercial Trading Center Company Limited.&nbsp;&nbsp;He was the
director of Shouguang Business Trade Center since 1986. He has served as Supervisor of Chengdu Philosopher's Stone Culture Media
Co. LTD since August 2018.</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>Yang Zou</B>, <B>Independent Director
&ndash; </B>Mr. Zou was appointed a director on March 2, 2011. Mr. Zou served as Vice Director of Beijing Zhongtianhuamao Accounting
Firm (General Partnership) from July&nbsp;1, 2017 to August 2018. &nbsp;He is a Certified Public Accountant of China and holds
the certificate of Certified Internal Auditor.&nbsp;&nbsp;From March 2003 to September 2009, Mr. Zou was chief financial officer
of Bohua Ziguang Zhiye Co., Ltd.&nbsp;&nbsp;From July 2001 to January 2003, Mr. Zou was the audit department manager of financial
center of Beijing Hengji Weiye Electronic Products Co., Ltd., where he was in charge of internal audit, financial budget management,
and coordination with external audit. From July 1999 to June 2001, Mr. Zou was manager of finance and audit department of Zhonglian
Online Information Development Co., Ltd. From September 1993 to June 1999, Mr. Zou had served as assistant auditor, auditor, and
head of project audit of Hainan Zhongou Certified Public Accountants Co., Ltd. From July 1991 to August 1993, Mr. Zou was an accountant
of department of finance of Hunan Department Store Co., Ltd.&nbsp;&nbsp;Mr. Zou graduated from Beijing University with bachelor&rsquo;s
degree in finance.</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>Shitong Jiang, Independent Director
&ndash;</B> Mr. Jiang was appointed a director on April 23, 2008.&nbsp;&nbsp;Mr. Jiang is Chief of the Shouguang City Audit Bureau,
Shandong Province, has been with the Audit bureau since 1990. During his career at the Shouguang City Audit Bureau he has held
multiple positions including, Auditing Officer and Audit Section Deputy Chief. The Shouguang City Audit Bureau is responsible for
the independent audit supervision of the affairs of the government. From 1987 to 1990 Mr. Jiang attended Shandong Financial Institution.</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>Tengfei Zhang, Independent Director
&ndash;</B> Mr. Zhang was appointed a director on June 30, 2011. Mr. Zhang has served as Director of Shenzhen Kaili Industrial
Co., Ltd. since January&nbsp;1, 2017. Prior to this position, he was the Chairman of the Board of Supervisors of Shenzhen Kaili
Industrial Co., Ltd. &nbsp;He is a Certified Public Accountant in China. From July 2000 to December 2004 , Mr. Zhang was Supervisor
of Shenzhen Kaili Industrial Co., Ltd. and Director of Finance of Changsha Kaili Real Estate Development Co., Ltd. From January
to June 2000, he was Manager of Financial Department of Shenzhen Kaili Industrial Co., Ltd.&nbsp;&nbsp;Mr. Zhang graduated from
Economics and Management Department of Hunan Business School with a college degree in 1989.</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>Shengwei Ma</B>, <B>Independent Director
&ndash; </B>Mr. Ma was appointed a director on December 18, 2019. Mr. Ma has served as Department Manager of Shouguang City Urban
Construction and Investment Group since March 2012.&nbsp;&nbsp;Mr. Ma holds a Senior Accountant Certificate. Mr. Ma graduated from
Central Broadcasting and Television University with bachelor&rsquo;s degree in accounting in 2004.</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"><B>Family Relationships</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">There are no family relationships among
our executive officers, directors and significant employees.</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>Involvement in Certain Legal Proceedings</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-align: justify; text-indent: 0.5in">To the best of our
knowledge, there have been no events under any bankruptcy act, no criminal proceedings and no judgments, injunctions, orders or
decrees material to the evaluation of the ability and integrity of any director, executive officer, promoter or control person
of our Company during the past ten years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Operations</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-align: justify; text-indent: 0.5in">The positions of principal
executive officer and Chairman of the Board of Company are held by different persons.&nbsp;&nbsp;The Chairman of the Board chairs
Board and stockholder meetings and participates in preparing their agendas.&nbsp;&nbsp;The Chairman of the Board also serves as
a focal point for communication between management and the Board between Board meetings, although there is no restriction on communication
between directors and management.&nbsp;&nbsp;The Company believes that these arrangements afford the directors sufficient resources
to supervise management effectively, without being overly engaged in day-to-day operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board plays an
active role, as well as the independent committees, in overseeing the management of the Company&rsquo;s risks. The Board regularly
reviews reports from members of senior management and committees on areas of material risk to the Company, including operational,
financial, legal, strategic and regulatory risks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
held 6 meetings during 2019. During 2019, no director attended fewer than 75% of the meetings of the Board of Directors and Board
committees of which the director was a member.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Director Qualifications</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-align: justify; text-indent: 0.5in">The Company seeks directors
with established strong professional reputations and experience in areas relevant to the strategy and operations of our businesses.
The Company also seeks directors who possess the qualities of integrity and candor, who have strong analytical skills and who are
willing to engage management and each other in a constructive and collaborative fashion, in addition to the ability and commitment
to devote time and energy to service on the Board and its committees. We believe that all of our directors and director nominee
meet the foregoing qualifications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Nominating and
Corporate Governance Committee and the Board believe that the leadership skills and other experience of the Board members, as described
below, provide the Company with a range of perspectives and judgment necessary to guide our strategies and monitor their execution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ming Yang</B> is the founder of the
company and has been in the chemical industry for more than ten years. Mr. Yang has contributed to the Board&rsquo;s strong leadership
and vision for the development of the Company.</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>Xiaobin Liu </B>was appointed as Chief
Executive Officer and Director on March 10, 2009. Mr. Liu has years of experience in capital markets, financial and business management,
and strategic planning and development.</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>Naihui Miao </B>has served as Vice President
of Shouguang City Haoyuan Chemical Company Limited since January 2006.&nbsp;&nbsp;Since January 2006, Mr. Miao has served as Director,
Secretary and Vice President of the Company. He is in charge of sales, human resource and business management. Mr. Miao has years
of experience in the chemical industry, business operations and management, and strategic planning and development.</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>Yang Zou</B> was appointed as a Director
on March 2, 2011. Mr. Zou has served as the Vice Director of Beijing Zhongtianhuamao Accounting Firm (General Partnership) since
July&nbsp;1, 2016. &nbsp;He is a Certified Public Accountant and holds the certificate of Certified Internal Auditor.&nbsp;Mr.
Zou has extensive experience in auditing and accounting related matters.</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>Shitong Jiang </B>was appointed as a
Director on April 23, 2008.&nbsp;&nbsp;Mr. Jiang is Chief of the Shouguang City Audit Bureau, Shandong Province. He has been with
the audit bureau since 1990.&nbsp;&nbsp;Mr. Jiang has many years of auditing and management experience with PRC government departments.</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"></P>

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<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>Tengfei Zhang </B>was appointed as a
Director on June 30, 2011. Mr. Zhang has served as Director of Shenzhen Kaili Industrial Co., Ltd. He is a Certified Public Accountant.
Mr. Zhang has many years of experience in management, finance, business strategy and audit related matters.</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>Shengwei Ma</B> was appointed as a Director
on December 18, 2019. Mr. Ma holds a Senior Accountant Certificate. Mr. Ma has extensive experience in financial, accounting and
management related matters with PRC government departments.</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"><B>Code of Ethics</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-align: justify; text-indent: 0.5in">The Board has adopted
a code of ethics applicable to Company&rsquo;s directors, officers, and employees.&nbsp;&nbsp;The code of ethics is available at
Company&rsquo;s website, www.gulfresourcesinc.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Committees</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 Board of Directors has standing audit,
compensation, and nominating committees, comprised solely of independent directors.&nbsp;&nbsp;Each committee has a charter, which
is available at Company&rsquo;s website,www.gulfresourcesinc.com.</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>Audit Committee</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-align: justify; text-indent: 0.5in">The Audit Committee
is responsible for reviewing the results and scope of the audit, and other services provided by our independent auditors, and reviewing
and evaluating&nbsp;our system of internal controls. Mr. Li is the Audit Committee Financial Expert and Mr. Jiang is the chair
of the Audit Committee. Our Audit Committee met 5 times during 2019. Our Board of Directors has determined that Messrs. Jiang,
Zou and Ma are &ldquo;independent directors&rdquo; within the meaning of Rule 10A-3 under the Exchange Act, as determined based
upon the criteria for &ldquo;independence&rdquo; set forth in the rules of the NASDAQ Stock Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Audit Committee Report</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-align: justify; text-indent: 0.5in">With respect to the
audit of Company&rsquo;s financial statements for the year ended December 31, 2019, the Audit Committee has:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font-size: 10pt">reviewed and discussed the audited financial statements with management;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">discussed with Company&rsquo;s independent accountants the matters required to be discussed by Auditing Standard No. 1301, Communications with Audit Committees, as adopted by the Public Company Accounting Oversight Board; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">received the written disclosures and the letter from the independent accountant required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant's communications with the Audit Committee concerning independence and has discussed with the independent accountant the independent accountant's independence.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on these reviews
and discussions, the Audit Committee recommended to the Board of Directors that the audited financial statements be included in
the Company's annual report on Form 10-K for the year ended December 31, 2019.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shengwei Ma</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"><I>Compensation Committee</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-align: justify; text-indent: 0.5in">The Compensation Committee
is responsible for (a) reviewing and providing recommendations to the Board of Directors on matters relating to employee compensation
and benefit plans, and (b) assisting the Board in determining the compensation of the Chief Executive Officer and making recommendations
to the Board with respect to the compensation of the Chief Financial Officer, other executive officers of the Company and independent
directors. Each of Tengfei Zhang and Shitong Jiang are members of the Compensation Committee. The Compensation Committee operates
under a written charter. Mr. Zhang is the Chairman of Compensation Committee. The Compensation Committee met 3 times in 2019.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Nominating and Corporate Governance Committee</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-align: justify; text-indent: 0.5in">Our Board of Directors
established a Nominating and Corporate Governance Committee in June 2009. The purpose of the Nominating and Corporate Governance
Committee is to assist our Board of Directors in identifying qualified individuals to become board members, in determining the
composition of the Board of Directors and in monitoring the process to assess board effectiveness. Each of Tengfei Zhang, Shitong
Jiang and Yang Zou are members of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee
operates under a written charter. Mr. Jiang is the Chairman of Nominating and Corporate Governance Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Nominating and
Corporate Governance Committee met 2 times in 2019. The Nominating and Corporate Governance Committee will consider director candidates
recommended by security holders. Potential nominees to the Board of Directors are required to have such experience in business
or financial matters as would make such nominee an asset to the Board of Directors and may, under certain circumstances, be required
to be &ldquo;independent&rdquo;, as such term is defined under Rule 5605 of the listing standards of NASDAQ and applicable SEC
regulations. Security holders wishing to submit the name of a person as a potential nominee to the Board of Directors must send
the name, address, and a brief (no more than 500 words) biographical description of such potential nominee to the Nominating and
Corporate Governance Committee at the following address: Nominating and Corporate Governance Committee of the Board of Directors,
c/o Gulf Resources, Inc., Level 11, Vegetable Building, Industrial Park of the East City, Shouguang City , Shandong Province, the
People&rsquo;s Republic of China. Potential director nominees will be evaluated by personal interview, such interview to be conducted
by one or more members of the Nominating and Corporate Governance Committee, and/or any other method the Nominating and Corporate
Governance Committee deems appropriate, which may, but needs not, include a questionnaire. The Nominating and Corporate Governance
Committee may solicit or receive information concerning potential nominees from any source it deems appropriate. The Nominating
and Corporate Governance Committee need not engage in an evaluation process unless (i) there is a vacancy on the Board of Directors,
(ii) a director is not standing for re-election, or (iii) the Nominating and Corporate Governance Committee does not intend to
recommend the nomination of a sitting director for re-election. Although it has not done so in the past, the Nominating and Corporate
Governance Committee may retain search firms to assist in identifying suitable director candidates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board does not
have a formal policy on Board candidate qualifications.&nbsp;&nbsp;The Board may consider those factors it deems appropriate in
evaluating director nominees made either by the Board or stockholders, including judgment, skill, strength of character, experience
with businesses and organizations comparable in size or scope to the Company, experience and skill relative to other Board members,
and specialized knowledge or experience.&nbsp;&nbsp;Depending upon the current needs of the Board, certain factors may be weighed
more or less heavily.&nbsp;&nbsp;In considering candidates for the Board, the directors evaluate the entirety of each candidate&rsquo;s
credentials and do not have any specific minimum qualifications that must be met. &ldquo;Diversity,&rdquo; as such, is not a criterion
that the Committee considers<I>. </I>The directors will consider candidates from any reasonable source, including current Board
members, stockholders, professional search firms or other persons.&nbsp;&nbsp;The directors will not evaluate candidates differently
based on who has made the recommendation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stockholder Communications</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-align: justify; text-indent: 0.5in">Stockholders can mail
communications to the Board of Directors, c/o Secretary, Gulf Resources, Inc., Level 11, Vegetable Building, Industrial Park of
the East City, Shouguang City, Shandong Province, the People&rsquo;s Republic of China 262700, who will forward the correspondence
to each addressee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 16(a) Beneficial Ownership Reporting Compliance</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-align: justify; text-indent: 0.5in">Section 16(a) of the
Securities Exchange Act of 1934 requires Company&rsquo;s directors and executive officers and any beneficial owner of more than
10% of any class of Company equity security to file reports of ownership and changes in ownership with the Securities and Exchange
Commission and furnish copies of the reports to Company.&nbsp;&nbsp;Based solely on the Company&rsquo;s review of copies of such
forms and written representations by Company&rsquo;s executive officers and directors received by it, Company believes that during
2019, all such reports were filed timely, except that Mr. Shengwei Ma inadvertently failed to file a Form 3 in connection his appointment
of director of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Executive Compensation</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"><I>Compensation Discussion and Analysis</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">This compensation discussion describes the
overall compensation practices at the Company and specifically describes the compensation for the following named executive officers
(&ldquo;Named Executive Officers&rdquo;):</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%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Xiaobin Liu, Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Min Li, Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Naihui Miao, Chief Operating Officer</FONT></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">The Board of Directors appointed the Compensation
Committee of our Board of Directors to evaluate and determine the compensation programs of the Company&rsquo;s Named Executive
Officers, including the Chief Executive Officer and the Chief Financial Officer.</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>Compensation Philosophy and Objectives</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">Our primary goal with respect to our compensation
programs has been to attract and retain the most talented and dedicated employees in key positions in order to compete effectively
in the market place, successfully execute our growth strategies, and create lasting shareholder value. The Compensation Committee
evaluates both individual and Company performance when determining the compensation of our executives. The Compensation Committee
believes that a significant portion of our executive&rsquo;s total compensation should be at-risk compensation that is linked to
stock-based incentives to align their interests with those 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">Additionally, the Compensation Committee
has determined that an executive officer who is a Chinese national and is based in China will be entitled to a locally competitive
package and an executive officer who is an expatriate or who is based in the U.S. will be paid a salary commensurate with those
paid to the executives in the U.S. The Compensation Committee evaluates the appropriateness of the compensation programs annually
and may make adjustments after taking account the subjective evaluation described previously.</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 apply our compensation policies consistently
for determining compensation of our Chief Executive Officer as we do with the other executives. The Compensation Committee assesses
the performance of our Chief Executive Officer annually and determines the base salary and incentive compensation of our chief
executive officer.</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 Chief Executive Officer is primarily
responsible for the assessment of our other executive officers&rsquo; performance. Ultimately, it is the Compensation Committee&rsquo;s
evaluation of the chief executive officer&rsquo;s assessment along with competitive market data that determines each executive&rsquo;s
total compensation.</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>Elements of Our Executive Compensation
Programs</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"><I>Base Salary</I>. All full time executives
are paid a base salary. Base salaries for our named executives are set based on their professional qualifications and experiences,
education background, scope of their responsibilities, taking into account competitive market compensation levels paid by other
similar sized companies for similar positions and reasonableness and fairness when compared to other similar positions of responsibility
within the Company. Base salaries are reviewed annually by the Compensation Committee, and may be adjusted annually as needed.&nbsp;</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>Annual Bonuses</I>. The Company does
not pay guaranteed annual bonuses to our executives or to employees at any level because we emphasize pay-for-performance. The
Compensation Committee determines cash bonuses towards the end of each fiscal year to award our executive officers including our
Chief Executive Officer and Chief Financial Officer based upon a subjective assessment of the Company&rsquo;s overall performance
and the contributions of the executive officers during the relevant period.</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"><I>Equity Incentive Compensation</I>. A
key element of our pay-for-performance philosophy is our reliance on performance-based equity awards through the Company&rsquo;s
stock option plan. This program aligns executives&rsquo; and shareholders&rsquo; interests by providing executives an ownership
stake in the Company. Our Compensation Committee has the authority to award equity incentive compensation, i.e. stock options,
to our executive officers in such amounts and on such terms as the Compensation Committee determines in its sole discretion. The
Compensation Committee reviews each executive&rsquo;s individual performance and his or her contribution to our strategic goals
and determines the amount of stock options to be awarded towards the end of the fiscal year. The Compensation Committee grants
equity incentive compensation at times when there are not material non-public information to avoid timing issues and the appearance
that such awards are made based on any such information. The exercise price is the closing market price on the date of the grant.</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>Other Compensation</I>. We provide our
executives with certain other benefits, including reimbursement of business and entertainment expenses, health insurance, vacation
and sick leave plan. The Compensation Committee in its discretion may revise, amend or add to the officer&rsquo;s executive benefits
as it deems necessary. We believe that these benefits are typically provided to senior executives of similar companies in China
and in the U.S.</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 table sets forth information
regarding compensation of the named executive officers for each of the&nbsp;two fiscal years in the period ended December 31, 2019.</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="border: black 1pt solid; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>FISCAL 2019 COMPENSATION TABLE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border: black 1pt solid"><FONT STYLE="font-size: 10pt">Name and Principal Position</FONT></TD>
    <TD STYLE="width: 5%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Year</FONT></TD>
    <TD STYLE="width: 9%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Salary ($)</FONT></TD>
    <TD STYLE="width: 7%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Bonus($)</FONT></TD>
    <TD STYLE="width: 10%; border: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Awards($)</P></TD>
    <TD STYLE="width: 11%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Option Awards$(1)</FONT></TD>
    <TD STYLE="width: 11%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Non-Equity Incentive Plan Compensation ($)</FONT></TD>
    <TD STYLE="width: 11%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Nonqualified Deferred Compensation Earnings ($)</FONT></TD>
    <TD STYLE="width: 11%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">All Other Compensation ($)</FONT></TD>
    <TD STYLE="width: 8%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total ($)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-size: 10pt">Xiaobin Liu</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">104,467</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">104,467</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-size: 10pt">CEO</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">109,029</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">118,233</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">227,262</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-size: 10pt">Min Li</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">104,467</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">104,467</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-size: 10pt">CFO</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">109,029</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">118,233</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">227,262</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-size: 10pt">Naihui Miao</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">104,467</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">104,467</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-size: 10pt">COO</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">109,029</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">118,233</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">227,262</FONT></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: justify">(1) Represents the dollar amount recognized
for financial statement reporting purposes in accordance with Financial Accounting Standards Board Accounting Standards Codification
(FASB ASC) 718 &ndash; &ldquo;Compensation - Stock Compensation.&rdquo;</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; text-indent: 0.5in">Except as disclosed
below under the caption &ldquo;Directors Compensation,&rdquo; we have not paid or accrued any fees to any of our executive directors
for serving as a member of our Board of Directors. We do not have any retirement, pension, profit sharing or insurance or medical
reimbursement plans covering our officers and directors. Our executive officers are reimbursed by us for any out-of-pocket expenses
incurred in connection with activities conducted on our behalf. There is no limit on the amount of these out-of-pocket expenses
and there will be no review of the reasonableness of such expenses by anyone other than our Board of Directors, which includes
persons who may seek reimbursement, or a court of competent jurisdiction if such reimbursement is challenged.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Grants of Plan-Based Awards</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">There was no plan-based award granted by
the Company during fiscal 2019.</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>Narrative Discussion</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-align: justify; text-indent: 0.5in">The following employment
agreements were entered into by the Company and the named executive officers:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Xiaobin Liu</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-align: justify; text-indent: 0.5in">The employment agreement
for Xiaobin Liu to serve as Chief Executive Officer of the Company was renewed on June 1, 2019 with a term of three years. Xiaobin
Liu is also a member of the Board of Directors. Pursuant to the agreement, Mr. Liu is entitled to receive annual compensation equal
to approximately $107,327, subject to changes in the foreign exchange rate and market conditions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Min Li</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-align: justify; text-indent: 0.5in">The employment agreement
for Min Li to serve as Chief Financial Officer of the Company was renewed on January 1, 2020 with a term of one year. Pursuant
to the agreement, Mr. Li is entitled to receive annual compensation equal to approximately $107,327, subject to changes in the
foreign exchange rate and market conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Naihui Miao</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-align: justify; text-indent: 0.5in">The employment agreement
for Naihui Miao to serve as Chief Operating Officer of the Company was renewed on June 1, 2019 with a term of three years. Mr.
Miao is also a member of the Board of Directors. Pursuant to the agreement, Mr. Miao is entitled to receive annual compensation
equal to approximately $107,327 subject to changes in the foreign exchange rate and market conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, each of
our named executive officers is entitled to participate in any and all benefit plans from time to time, in effect for employees,
along with vacation, sick and holiday pay in accordance with policies established and in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assuming the employment
of the Company&rsquo;s named executive officers was to be terminated without cause or for good reason or in the event of change
in control, as of December 31, 2019, the following individuals would have been entitled to payments in the amounts set forth opposite
to their name in the below table:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cash Payment</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Xiaboin Liu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Min Li</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Naihui Miao</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Outstanding Equity Awards at Fiscal Year-End</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-align: justify; text-indent: 0.5in">&nbsp;&nbsp;The following
table sets forth, for each named executive officer, information regarding unexercised stock options, unvested stock awards, and
equity incentive plan awards outstanding as of December 31, 2019.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11"><FONT STYLE="font-size: 10pt">OPTION AWARDS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7"><FONT STYLE="font-size: 10pt">STOCK AWARDS</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Number of Securities Underlying Unexercised Options (#) Exercisable</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 10pt">Number of Securities Underlying Unexercised Options (#) Unexercisable</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">Option Exercise Price ($)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Option Expiration Date</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Number of Shares or Units of Stock That Have Not Vested (#)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Market Value of Shares or Units of Stock That Have Not Vested ($)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Xiaobin Liu, CEO</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7.27</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">August 22, 2021</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Min Li, CFO</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7.27</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">August 22, 2021</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Naihui Miao, COO</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7.27</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">August 22, 2021</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></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: justify">(1) Represents an option to purchase shares
of Common Stock granted on August 23, 2017, which vested and became exercisable beginning on August 23, 2017 and are adjusted to
reflect the 1-for-5 reverse stock split of our common stock completed on January 27, 2020.</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"></P>

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<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"><B>Option Exercises and Stock Vested</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-align: justify; text-indent: 0.5in">The following table
sets forth aggregate information with respect to each named executive officer regarding the exercise of stock options, stock appreciation
rights, and similar instruments and the vesting of restricted stock, restricted stock units and similar instruments, for fiscal
2019.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>FISCAL 2019 OPTION EXERCISES AND STOCK VESTED</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">OPTION AWARDS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">STOCK AWARDS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Number of Shares Acquired on Exercise (#)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Value Realized on Exercise ($)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Number of Shares Acquired on Vesting (#)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Value Realized on Vesting ($)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 51%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Xiaobin Liu, CEO</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33,246*</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">202,801</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Min Li, CFO</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33,246*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">202,801</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Naihui Miao, COO</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">33,246*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">202,801</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&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">&nbsp;* Reflected the 1-for-5 reverse stock split of our common
stock completed on January 27, 2020.</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>Pension Benefits Table</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-align: justify; text-indent: 0.5in">The Company does not
provide to any of its named executive officers any plans that provide for payments or other benefits at, following, or in connection
with retirement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nonqualified Defined Contribution and Other Nonqualified
Deferred Compensation Plans Table</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-align: justify; text-indent: 0.5in">None of our named executive
officers had any non-qualified defined contribution or other plan that provides for the deferral of compensation, for fiscal 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Directors</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-align: justify; text-indent: 0.5in">The following table
sets forth information regarding compensation of each director, excluding our executive directors, Xiaobin Liu and Naihui Miao,
who do not receive compensation in their capacity as executive directors, for fiscal 2019.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>FISCAL 2019 DIRECTOR COMPENSATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Fees Earned or Paid in Cash ($)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Awards<BR>
($)</P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Option</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Awards<BR>
$(l)</P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Non-Equity Incentive Plan Compensation<BR>
($)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">All Other Compensation<BR>
($)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Total ($)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 16%; text-align: justify"><FONT STYLE="font-size: 10pt">Ming Yang</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">69,121</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">69,121</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Nan Li (2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shitong Jiang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Yang Zou</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tengfei Zhang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shengwei Ma</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</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: justify">(1) Represents the dollar amount recognized
for financial statement reporting purposes in accordance with FASB ASC 718 &ndash; &ldquo;Compensation &ndash; Stock Compensation.&rdquo;</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">(2) Mr. Nan Li resigned as an independent
director of the Company on April 22, 2019.</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"></P>

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<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">Pursuant to the terms of their director
agreements, each of our independent directors, receive options to purchase 12,500 shares of our Common Stock on an annual basis
with exercise prices not less than the closing market price of our Common Stock on the dates of grant. The grant of future options
is contingent upon the director&rsquo;s continued service with the Company. We do not pay any cash compensation to the independent
directors.&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: 0pt 0"><B>Compensation Committee Interlocks and Insider Participation</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-align: justify; text-indent: 0.5in">We are a smaller reporting
company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this
item.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Relationships and Related Transactions</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-align: justify; text-indent: 0.5in">During the fiscal year
2018 and 2019, the Company borrowed $355,212 and $$419,995, and fully repaid later during the same period, from Jiaxing Lighting
Appliance Company Limited (&ldquo;Jiaxing Lighting&rdquo;), in which Mr. Ming Yang, a shareholder and the Chairman of the Company,
has a 100% equity interest. The amounts due to Jiaxing Lighting were unsecured, interest free and repayable on demand.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our policy is that
a contract or transaction either between the Company and a director, or between a director and another company in which he is financially
interested is not necessarily void or void-able if the relationship or related party transactions are approved or ratified by the
Audit Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B>Director Independence</B></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; text-indent: 27pt">The Board of Directors
has determined that Yang Zou, Shitong Jiang, Tengfei Zhang and Shengwei Ma are independent under Rule 5605(a)(2) of the NASDAQ
Listing Rules. In addition, under applicable rules and regulations, and as determined by the Board, all of the members of the Audit,
Compensation, and Nominating and Corporate Governance Committees are &ldquo;independent&rdquo; directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Directors are elected
by a plurality of votes cast.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE
&ldquo;<U>FOR</U>&rdquo; THE ELECTION OF THE BOARD OF DIRECTORS&rsquo; NOMINEES.</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>

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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"><B>PROPOSAL 2</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>RATIFICATION OF THE APPOINTMENT OF INDEPENDENT
ACCOUNTANTS</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: justify; text-indent: 0.5in">The Audit Committee
has appointed Morison Cogen LLP (&ldquo;<U>MC</U>&rdquo;) as independent accountants for fiscal 2020.&nbsp;&nbsp;Representatives
of MC are expected to be present at the Annual Meeting to respond to appropriate questions and will have an opportunity to make
a statement, if they so desire.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Services and Fees of Independent Accountants</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: 27pt">The aggregate fees billed to the Company
by MC for the last two fiscal years were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Fees</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 76%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Audit Fees</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">233,000</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">208,000</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Audit Related Fees</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Tax Fees</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">All Other Fees</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">242,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">217,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&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"><I>Audit Fees</I></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-align: justify; text-indent: 0.5in">This category consists
of fees for the audit of our annual financial statements, review of the financial statements included in our quarterly reports
on Form 10-Q and services that are normally provided by the independent registered public accountants in connection with statutory
and regulatory filings or engagements for those fiscal years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Audit-Related Fees</I></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-align: justify; text-indent: 0.5in">This category consists
of services by our independent auditors that are reasonably related to the performance of the audit or review of our financial
statements and are not reported above under Audit Fees. This category includes accounting consultations on transaction and proposed
transaction related matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Tax Fees</I></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-align: justify; text-indent: 0.5in">The tax fee of $9,000
relate to tax compliance services rendered in each of the years ended December 31,2019 and 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>All Other Fees</I></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-align: justify; text-indent: 0.5in">There are no other
fees to disclose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pre-Approval of Services</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-align: justify; text-indent: 0.5in">The Audit Committee
appoints the independent accountant each year and pre-approves the audit services.&nbsp;&nbsp;The Audit Committee chair is authorized
to pre-approve specified non-audit services for fees not exceeding specified amounts, if he promptly advises the other Audit Committee
members of such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A majority of votes
present in person or by proxy is required to ratify appointment of the independent accountants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE BOARD OF DIRECTORS RECOMMENDS THAT
YOU VOTE &ldquo;<U>FOR</U>&rdquo; RATIFICATION OF THE APPOINTMENT OF THE INDEPENDENT ACCOUNTANTS.</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>

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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"><B><BR STYLE="clear: both">
OTHER INFORMATION</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"><B>Important Notice Regarding Availability of Proxy Materials</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-align: justify; text-indent: 0.5in">Under rules adopted
by the SEC, the Company is making this Proxy Statement and the Company&rsquo;s Annual Report available on the Internet instead
of mailing a printed copy of these materials to each shareholder. Shareholders who received a Notice of Internet Availability of
Proxy Materials (the &ldquo;<U>Notice</U>&rdquo;) by mail will not receive a printed copy of these materials other than as described
below. Instead, the Notice contains instructions as to how shareholders may access and review all of the important information
contained in the materials on the Internet, including how shareholders may submit proxies by telephone or over the Internet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stockholders' Proposals for Next Annual Meeting</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-align: justify; text-indent: 0.5in">A stockholder of record
may present a proposal for action at the next annual meeting provided that we receive the proposal at our executive office no later
than March 12, 2021. We anticipate that the 2021 Annual Meeting will be held in the third fiscal quarter of 2020. The proponent
may submit a maximum of one (1) proposal of not more than five hundred (500) words for inclusion in our proxy materials for a meeting
of security holders. At the Annual Meeting, management proxies will have discretionary authority, under Rule 14a-4 of the Securities
Exchange Act of 1934, to vote on stockholder proposals that are not submitted for inclusion in our proxy statement unless received
by us before May 26, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Business</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-align: justify; text-indent: 0.5in">The Board of Directors
knows of no business other than that set forth above to be transacted at the meeting, but if other matters requiring a vote of
the stockholders arise, the persons designated as proxies will vote the shares of Common Stock represented by the proxies in accordance
with their judgment on such matters. If a stockholder specifies a different choice on the proxy, his or her shares of Common Stock
will be voted in accordance with the specification so made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Where You Can Find More Information</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-align: justify; text-indent: 0.5in">We file annual and
quarterly reports, proxy statements and other information with the SEC.&nbsp;&nbsp;Stockholders may read and copy any reports,
statements or other information that we file at the SEC.&nbsp;&nbsp;&nbsp;Our public filings are also available from commercial
document retrieval services and at the Internet Web site maintained by the SEC at <U>www.sec.gov</U>.&nbsp;&nbsp;The Company&rsquo;s
Annual Report on Form 10-K is available on our website at <U>www.gulfresourcesinc.cn.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">STOCKHOLDERS SHOULD
RELY ONLY ON THE INFORMATION CONTAINED IN THIS PROXY STATEMENT TO VOTE THEIR SHARES AT THE ANNUAL MEETING.&nbsp;&nbsp;NO ONE HAS
BEEN AUTHORIZED TO PROVIDE ANY INFORMATION THAT IS DIFFERENT FROM WHAT IS CONTAINED IN THIS PROXY STATEMENT.&nbsp;&nbsp;THIS PROXY
STATEMENT IS DATED JULY 1, 2020. STOCKHOLDERS SHOULD NOT ASSUME THAT THE INFORMATION CONTAINED IN THIS PROXY STATEMENT IS ACCURATE
AS OF ANY DATE OTHER THAN THAT DATE, UNLESS OTHERWISE DISCLOSED.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IT IS IMPORTANT
THAT PROXIES BE RETURNED PROMPTLY. WE URGE YOU TO FILL IN, SIGN AND RETURN THE FORM OF PROXY IN THE PREPAID ENVELOPE PROVIDED,
NO MATTER HOW LARGE OR SMALL YOUR HOLDINGS MAY BE</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Order of the Board of Directors,</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"><U>/s/ Ming Yang</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: July 1, 2020&nbsp;</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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<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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center"><B>*** Exercise Your <I>Right</I> to Vote ***</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center"><B>Important Notice Regarding the Availability of Proxy Materials for the</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center"><B>Stockholder Meeting to Be Held on August 21, 2020</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><B><U>Meeting
    Information</U></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><I>GULF RESOURCES, INC.</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid"><B>Meeting Type:</B> Annual Meeting</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid"><B>For holders as of:</B> June 30, 2020</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid"><B>Date:</B> August 21, 2020&nbsp;&nbsp;&nbsp; <B>Time:</B> 10:00 AM
    LST</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><B>B</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid"><B>Location:</B> Gulf Resources, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><B>A</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; text-align: left; text-indent: 0.5in">&nbsp;&nbsp;Level 11, Vegetable Building</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><B>R</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-indent: 0.5in">&nbsp;&nbsp;Industrial Park of East City</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><B>C</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-indent: 0.5in">&nbsp;&nbsp;Shouguang City</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><B>O</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-indent: 0.5in">&nbsp;&nbsp;Shandong Province, China</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><B>D</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><B>E</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid"><P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">GULF RESOURCES, INC.</FONT></P>
                                             <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Level 11, Vegetable Building</FONT></P>
                                             <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Industrial Park of the East City</FONT></P>
                                             <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Shouguang City, Shandong Province</FONT></P>
                                             <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">People&rsquo;s Republic of China 262700</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="4"><P STYLE="margin-top: 0; margin-bottom: 0">You are receiving this communication because you hold shares in the above named company.</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">This is not a ballot. You cannot use this notice to vote these
                    shares. This communication presents only an overview of the more complete proxy materials that are available
                    to you on the Internet. You may view the proxy materials online at <I>www.proxyvote.com</I> or easily request
                    a paper copy (see reverse side).</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">We encourage you to access and review all of the important information contained in the proxy materials before voting.</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="text-align: left; vertical-align: bottom">&nbsp;<IMG SRC="image_004.jpg" ALT=""></TD>
    <TD STYLE="border-left: black 1pt solid; background-color: rgb(229,229,229)"><P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Investor Address Line 1</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Investor Address Line 2</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Investor Address Line 3</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Investor Address Line 4</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Investor Address Line 5</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">John Sample</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">1234 ANYWHERE STREET</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">ANY CITY, ON A1A 1A1</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; background-color: rgb(229,229,229)"><P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT=""></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><IMG SRC="image_002.jpg" ALT=""></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: left; vertical-align: bottom; background-color: rgb(229,229,229)"><IMG SRC="image_003.jpg" ALT=""></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; background-color: Black"><FONT STYLE="font-size: 12pt; color: White">See the reverse side
    of this notice to obtain proxy materials and voting instructions.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; width: 20%; text-align: right; background-color: rgb(229,229,229)"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Broadridge
                                         Internal Use Only</FONT></P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Job
                                         #</FONT></P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Envelope
                                         #</FONT></P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Sequence
                                         #</FONT></P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt"># of # Sequence #</FONT></P></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>&mdash;&mdash;
Before You Vote &mdash;&mdash;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">How to Access the Proxy Materials&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Proxy
    Materials Available to VIEW or RECEIVE:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">1. Notice &amp; Proxy
    Statement &nbsp;&nbsp;&nbsp;2. 10-K</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>How to View Online:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 85%; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">Have the
    information that is printed in the box marked by the arrow <IMG SRC="image_005.jpg" ALT=""> (located on the following page)
    and visit: <I>www.proxyvote.com</I>.</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>How to Request and
    Receive a PAPER or E-MAIL Copy:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting
a copy. Please choose one of the following methods to make your request:</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.875in; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">1) BY INTERNET: www.proxyvote.com</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.875in; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">2) BY TELEPHONE: 1-800-579-1639</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0.875in; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">3) BY E-MAIL*: sendmaterial@proxyvote.com</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">* If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by
the arrow <IMG SRC="image_005.jpg" ALT=""> (located on the following page) in the subject line.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please
make the request as instructed above on or before August 7, 2020 to facilitate timely delivery.</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>&mdash;&mdash;
How To Vote &mdash;&mdash;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Please Choose One of the Following Voting Methods</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="5" STYLE="width: 5%">&nbsp;<IMG SRC="image_006.jpg" ALT=""></TD>
    <TD STYLE="width: 85%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>Vote
    In Person:</B> Many stockholder meetings have attendance requirements including, but not limited to, the possession of an
    attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements
    for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>Vote
    By Internet:</B> To vote now by Internet, go to <I>www.proxyvote.com</I>. Have the information that is printed in the box
    marked by the arrow <IMG SRC="image_005.jpg" ALT=""> available and follow the instructions.</FONT></TD>
    <TD ROWSPAN="3" STYLE="text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: rgb(229,229,229)"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Internal
                                         Use</FONT></P>
                                                                                                                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Only</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</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; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>Vote
    By Mail:</B> You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</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: 0pt 0"></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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Voting items</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7"><FONT STYLE="font-size: 8pt"><B>The Board of Directors recommends you vote FOR the following:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%; border-left: black 1pt solid; border-bottom: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>1.</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">Election of Directors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229); border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229); border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>Nominees</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229); border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229); border-right: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">1a.&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Ming Yang</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">1b.&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Xiaobin Liu</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">1c.&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Naihui Miao</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">1d.&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Shengwei Ma</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">1e.&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Yang Zou</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 10pt"><B>B</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">1f.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Shi Tong Jiang</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">1g.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Tengfei Zhang</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; text-align: center; background-color: rgb(229,229,229); border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>A</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; text-align: center; background-color: rgb(229,229,229); border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>R</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10"><FONT STYLE="font-size: 8pt"><B>The Board of Directors recommends you vote FOR proposal 2.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; text-align: center; background-color: rgb(229,229,229); border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>C</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; text-align: center; background-color: rgb(229,229,229); border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>O</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>2.</B></FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">To ratify the appointment of Morison Cogen LLP,
    independent public accountants, as the auditor of the Company for the fiscal year 2020.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229); border-right: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>D</B></FONT></P>
                                                                                <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>E</B></FONT></P></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229); border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229); border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt"><B>NOTE:</B> To transact any other business as may
    properly be presented at the Annual Meeting or any adjournment thereof.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" ROWSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><IMG SRC="image_007.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD>&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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="9" STYLE="width: 1%; text-align: left; vertical-align: top"><IMG SRC="image_009.jpg" ALT=""></TD>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><IMG SRC="image_008.jpg" ALT="">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="6" STYLE="border: black 1pt solid; text-align: right; background-color: rgb(229,229,229)"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Broadridge
                                         Internal Use Only</FONT></P>
                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">xxxxxxxxxx</FONT></P>
                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">xxxxxxxxxx</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Cusip
                                         Job # Envelope #</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Sequence
                                         # # of #</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7pt">Sequence
                                         #</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center; border: Black 1pt solid; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt">Reserved
    for Broadridge Internal Control Information</FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-top: Black 2px solid; border-right: Black 2px solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-right: Black 2px solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD>&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-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>NAME</B></FONT></TD>
    <TD STYLE="width: 35%; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 5%; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD STYLE="width: 18%"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>THE COMPANY NAME INC. - COMMON</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>123,456,789,012.12345</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>THE COMPANY NAME INC. - CLASS A</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>123,456,789,012.12345</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>THE COMPANY NAME INC. - CLASS B</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>123,456,789,012.12345</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>THE COMPANY NAME INC. - CLASS C</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>123,456,789,012.12345</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>THE COMPANY NAME INC. - CLASS D</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>123,456,789,012.12345</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>THE COMPANY NAME INC. - CLASS E</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>123,456,789,012.12345</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>THE COMPANY NAME INC. - CLASS F</B></FONT></TD>
    <TD STYLE="text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>123,456,789,012.12345</B></FONT></TD>
    <TD STYLE="background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-indent: 0.125in; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>THE COMPANY NAME INC. - 401K</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font-size: 8pt"><B>123,456,789,012.12345</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; background-color: rgb(229,229,229)">&nbsp;</TD>
    <TD><B>&nbsp;</B></TD></TR>
</TABLE>

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

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

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

</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD ROWSPAN="7" STYLE="vertical-align: top"><IMG SRC="image_010.jpg" ALT=""></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-left: black 1pt solid; text-align: right; background-color: rgb(229,229,229)"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">Broadridge
    Internal Use</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; width: 2%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 76%; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; background-color: rgb(229,229,229)"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THIS SPACE RESERVED FOR SIGNATURES IF APPLICABLE</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: rgb(229,229,229)">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;Only
        Job #&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">Envelope
        #</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt">Sequence
        #</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 7pt"># of
        # Sequence #</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; background-color: silver">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: silver">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 38%; border-right: black 1pt solid; border-left: black 1pt solid; background-color: silver">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: silver"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>GULF RESOURCES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Level 11, Vegetable Building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Industrial Park of the East City</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shouguang City, Shandong Province</B></P>

<P STYLE="margin: 0pt 0"><B>Peoples Republic of China 262700</B></P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 50%; text-align: left; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VOTE BY INTERNET - www.proxyvote.com</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use the Internet to transmit your voting instructions and for electronic delivery of
information up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand
when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction
form.</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>ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you
would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy
statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please
follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy
materials electronically in future years.</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>VOTE BY PHONE - 1-800-690-6903</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time the day
before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions.</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>VOTE BY MAIL</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark, sign and date your proxy card and
return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood,
NY 11717.</P></TD>
    <TD STYLE="border-top: black 1pt solid; width: 5%; border-right: black 1pt solid; border-left: black 1pt solid; background-color: silver">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; vertical-align: top; background-color: silver">
        <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"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Address Line 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Address Line 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Address Line 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Address Line 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Address Line 5</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1234 ANYWHERE STREET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANY CITY, ON A1A 1A1</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: silver">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1</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>OF</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>2</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: silver">&nbsp;</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">&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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver"><B>CONTROL # &mdash;&gt; 0000000000000000</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: Silver"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMPANY NAME INC. - COMMON</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMPANY NAME INC. - CLASS A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMPANY NAME INC. - CLASS B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMPANY NAME INC. - CLASS C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMPANY NAME INC. - CLASS D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMPANY NAME INC. - CLASS E</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMPANY NAME INC. - CLASS F</B></P>

<P STYLE="margin: 0pt 0"><B>THE COMPANY NAME INC. - 401 K</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver"><B>&nbsp;</B></TD>
    <TD STYLE="border-left: Black 1pt solid; background-color: Silver"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver"><B>&nbsp;</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B>SHARES</B></P></TD>
    <TD STYLE="background-color: Silver"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver"><B>&nbsp;</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; background-color: Silver"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>123,456,789,012.12345</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>123,456,789,012.12345</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>123,456,789,012.12345</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>123,456,789,012.12345</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>123,456,789,012.12345</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>123,456,789,012.12345</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>123,456,789,012.12345</B></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>123,456,789,012.12345</B></P>



<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center; background-color: Silver"><B></B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: Silver">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver"><B>PAGE&nbsp;&nbsp;&nbsp;
    1 OF&nbsp; &nbsp;&nbsp;2</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&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>

<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; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 48%"><B>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</B></TD>
    <TD STYLE="width: 4%; text-align: center"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="width: 48%; text-align: right"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 2px dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px dashed; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px dashed; text-align: right"><B>KEEP THIS PORTION FOR YOUR RECORDS</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><B>DETACH AND RETURN THIS PORTION ONLY</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3" STYLE="text-align: center"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></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>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border: Silver 1pt solid; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="8">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: Silver">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>For</B></P>
                          <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>All</B></P></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Withhold</B></P>
                          <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>All</B></P></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>For All</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>Except</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 2px solid; text-align: justify">To withhold authority to vote for any individual nominee(s), mark &ldquo;For All Except&rdquo; and write the number(s) of the nominee(s) on the line below.<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"></P>

</TD>
    <TD STYLE="border-left: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 2px solid; border-right: Black 2px solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: Silver">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6"><B>The Board of Directors recommends you vote FOR the following:</B></TD>
    <TD STYLE="text-align: center; vertical-align: middle">&#9744;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">&#9744;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">&#9744;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Silver">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
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    <TD STYLE="width: 3%">&nbsp;</TD>
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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
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    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><B>1.</B></TD>
    <TD COLSPAN="5">Election of Directors</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>Nominees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">01&nbsp; Ming Yang</TD>
    <TD COLSPAN="3">02&nbsp; Xiaobin Liu</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">03 &nbsp;Naihui Miao</TD>
    <TD COLSPAN="4">04 &nbsp;Shengwei Ma</TD>
    <TD COLSPAN="5">05&nbsp; Yang Zou</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">06&nbsp; Shi Tong Jiang</TD>
    <TD COLSPAN="4">07&nbsp; Tengfei Zhang</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="19"><P STYLE="margin: 0pt 0"><B>The Board of Directors recommends you vote FOR proposal 2.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>For</B></TD>
    <TD><B>Against</B></TD>
    <TD STYLE="text-align: center"><B>Abstain</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><B>2.</B></TD>
    <TD COLSPAN="20"><P STYLE="margin: 0pt 0">To ratify the appointment of Morison Cogen LLP, independent public accountants, as the auditor of the Company for the fiscal
year 2020.</P>


</TD>
    <TD STYLE="text-align: center">&#9744;</TD>
    <TD STYLE="text-align: center">&nbsp;&#9744;</TD>
    <TD STYLE="text-align: center">&nbsp;&#9744;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="20">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="21"><B>NOTE:</B> To transact any other business as may properly be presented at the Annual Meeting or any adjournment
    thereof.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="11"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                     <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                     <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                     <P STYLE="margin-top: 0; margin-bottom: 0">Please sign exactly as your name appears below. When shares are held by joint tenants, each should sign. When signing as attorney,
executor, administrator, trustee, guardian, corporate officer, or partner, please give full title as such. Joint owners should
each sign personally.</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver"><B>&nbsp;</B></TD>
    <TD COLSPAN="11" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver; text-indent: 0.5in"><B>Investor Address Line 1</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver; text-indent: 0.5in"><B>Investor Address Line 2</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver; text-indent: 0.5in"><B>Investor Address Line 3</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver; text-indent: 0.5in"><B>Investor Address Line 4</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver; text-indent: 0.5in"><B>Investor Address Line 5</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver; text-indent: 0.5in"><B>John Sample</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver; text-indent: 0.5in"><B>1234 ANYWHERE STREET</B></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; background-color: Silver; text-indent: 0.5in"><B>ANY CITY, ON A1A 1A1</B></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
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<TR STYLE="vertical-align: top; text-align: left">
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    <TD STYLE="background-color: Silver">&nbsp;</TD>
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    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: Silver">&nbsp;</TD>
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    <TD COLSPAN="2" STYLE="text-align: right; background-color: Silver">SHARES</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
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    <TD STYLE="border-bottom: Black 2px solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; background-color: Silver">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; background-color: Silver">&nbsp;</TD>
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<TR STYLE="vertical-align: top; text-align: left">
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    <TD STYLE="background-color: Silver">&nbsp;</TD>
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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>

<!-- Field: Page; Sequence: 24 -->
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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>The Annual Meeting of the Stockholders
of Gulf Resources, Inc., a Nevada corporation</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(&quot;Company&quot;), will be held on
August 21, 2020, at 10:00 a.m. (local time), at the Company's</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Level 11, Vegetable Building, Industrial
Park of the East City, Shouguang City, Shandong</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Province, 262700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People's Republic of China.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;Important Notice Regarding
the Availability of Proxy Materials for the Annual Meeting:</B> The Notice &amp; Proxy Statement and 10-K are available at
www.proxyvote.com</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt dashed">&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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>THIS
                                         PROXY IS SOLICITED ON BEHALF OF THE BOARD OF</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>DIRECTORS</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>PROXY
                                         FOR THE ANNUAL MEETING OF STOCKHOLDERS</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>OF GULF
                                         RESOURCES, INC.</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Gulf
                                         Resources, Inc.,</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Annual
                                         Meeting of Stockholders</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>August
                                         21, 2020 at 10:00 AM Local Time</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>This
                                         proxy is solicited by the Board Of Directors</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0">The stockholders hereby appoints Ming Yang and Xiaobin Liu, and each of them, each with full power of substitution, hereby are authorized to vote as specified on the reverse side or, with respect to any matter not set forth on the reverse side, as a majority of those or their substitutes present and acting at the meeting shall determine, all of the shares of capital stock of Gulf Resources, Inc. that the undersigned would be entitled to vote, if personally present, at the 2020 Annual Meeting of Stockholders and any adjournment thereof.</P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Unless
                                         otherwise specified, this proxy will be voted FOR Proposals 1 and 2. The Board of Directors</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>recommends
                                         a vote FOR Proposals 1 and 2.</B></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Continued
                                         and to be signed on reverse side</B></P></TD></TR>
</TABLE>

<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">&nbsp;</P>

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

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<DOCUMENT>
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begin 644 image_006.jpg
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<DOCUMENT>
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<FILENAME>image_007.jpg
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begin 644 image_007.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_008.jpg
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<TEXT>
begin 644 image_008.jpg
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