<SEC-DOCUMENT>0001213900-14-006336.txt : 20140829
<SEC-HEADER>0001213900-14-006336.hdr.sgml : 20140829
<ACCEPTANCE-DATETIME>20140829130950
ACCESSION NUMBER:		0001213900-14-006336
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140829
DATE AS OF CHANGE:		20140829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Orient Paper Inc.
		CENTRAL INDEX KEY:			0001358190
		STANDARD INDUSTRIAL CLASSIFICATION:	CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
		IRS NUMBER:				204158835
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-196111
		FILM NUMBER:		141074497

	BUSINESS ADDRESS:	
		STREET 1:		SCIENCE PARK, JULI ROAD
		STREET 2:		XUSHUI COUNTY, BAODING CITY
		CITY:			HEBEI PROVINCE,
		STATE:			F4
		ZIP:			072550
		BUSINESS PHONE:		(86) 312-8698215

	MAIL ADDRESS:	
		STREET 1:		SCIENCE PARK, JULI ROAD
		STREET 2:		XUSHUI COUNTY, BAODING CITY
		CITY:			HEBEI PROVINCE,
		STATE:			F4
		ZIP:			072550

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARLATERAL, INC.
		DATE OF NAME CHANGE:	20060403
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>f424b5082714_orientpaper.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-196111</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PROSPECTUS SUPPLEMENT</B><BR>
(to the prospectus dated June 26, 2014)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>1,562,500
Shares of Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Warrants to
Purchase 781,250 Shares of Common Stock</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are offering up to1,562,500 shares of our
common stock and warrants to purchase up to 781,250 shares of our common stock (and the shares of common stock issuable from time
to time upon exercise of these warrants) pursuant to a securities purchase agreement, dated August 27, 2014. Each share of common
stock we sell in this offering will be accompanied by a warrant to purchase one-half of one share of common stock at an exercise
price for two warrants of $1.70 per share. Each share of common stock and accompanying warrant will be sold at a negotiated price
of $1.60. The shares of common stock and warrants will be issued separately but can only be purchased together in this offering.
We are also registering warrants to purchase up to 39,062 shares of our common stock (and the shares of common stock issuable from
time to time upon exercise of these warrants) issuable to the placement agent in the offering under the registration statement
of which this prospectus supplement forms a part and are issuing these warrants contemporaneously with this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our common stock is traded on the NYSE MKT under
the symbol &ldquo;ONP&rdquo;. We do not intend to apply for any listing of the warrants on any securities exchange and we do not
expect that the warrants will be quoted on that NYSE MKT. On August 25, 2014, the closing price of our common stock on the NYSE
MKT was $2.02 per share.</P>

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

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    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Per Share (1)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Offering Price</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">1.60</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,500,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Placement Agent&rsquo;s Fees (2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">125,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Offering Proceeds, Before Expenses, to us</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,375,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt"></P>

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<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD>Per share price
represents the offering price for one share of common stock and a warrant to purchase one-half of one share &#9;of common stock.</TD></TR></TABLE>

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

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<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD>In addition, we have agreed to issue to the placement agent warrants to purchase up to an aggregate of 2.5% of the aggregate
number of shares of common stock sold in this offering and to pay to the placement agent a non-accountable expense allowance equal
to $60,000 as described in the &ldquo;Plan of Distribution&rdquo; section herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">H.C. Wainwright &amp; Co., LLC has agreed to
act as our placement agent in this offering. The placement agent is not purchasing any of the securities offered by us, and is
not required to sell any specific number or dollar amount of securities, but will use its best efforts to sell the securities offered.
We have agreed to pay the placement agent a placement fee equal to 5.0% of the aggregate gross proceeds of this offering or up
to $125,000, to issue to the placement agent warrants to purchase up to an aggregate of 2.5% of the aggregate number of shares
of common stock sold in the offering and to pay the placement agent a non-accountable expense allowance equal to $60,000. We estimate
total expenses of this offering, excluding the placement agent fees, will be approximately $150,000. Because there is no minimum
offering amount required as a condition to closing in this offering, the actual public offering amount, placement agent fees, and
proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set
forth above. See &ldquo;Plan of Distribution&rdquo; beginning on page S-8 of this prospectus for more information on this offering
and the placement agent arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Delivery of the shares of common stock
and warrants is expected to be made on or about September 3, 2014, subject to customary <FONT STYLE="font-size: 10pt">closing conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><B>Investing in our securities involves
a high degree of risk. Before deciding whether to invest in our securities, you should review carefully the risks and uncertainties
described under the heading &ldquo;Risk Factors&rdquo; on page S-4 of this prospectus supplement. This prospectus supplement should
be read in conjunction with and may not be delivered or utilized without the prospectus dated June 26, 2014.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The date of this prospectus supplement is
August 27, 2014.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0"></P>

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



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<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0"></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; text-indent: 0; padding: 0"><A HREF="#a_002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABOUT THIS PROSPECTUS SUPPLEMENT</FONT></A></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_003">FORWARD-LOOKING STATEMENTS</A></FONT><A HREF="#a_003"></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_004">SUMMARY</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_005">RISK FACTORS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><A HREF="#a_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">USE OF PROCEEDS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-5</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><A HREF="#a_007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DESCRIPTION OF SECURITIES WE ARE OFFERING</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_008">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-7</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_009">LEGAL MATTERS</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><A HREF="#a_010"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXPERTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_011">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_012">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S-9</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Prospectus</B></FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
</TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="color: Black"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_013">ABOUT THIS PROSPECTUS</A></FONT></td>
    <TD STYLE="width: 2%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_015">ABOUT ORIENT PAPER</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3</FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">4</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_017">USE OF PROCEEDS</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">5</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_018">DESCRIPTION OF SECURITIES</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_019">DESCRIPTION OF COMMON STOCK</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_020">DESCRIPTION OF WARRANTS</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">7</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_021">DESCRIPTION OF DEBT SECURITIES</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_022">DESCRIPTION OF UNITS</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">14</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_023">PLAN OF DISTRIBUTION</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_024">LEGAL MATTERS</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">17</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_025">EXPERTS</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">17</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_026">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">17</FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_027">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></td>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">17</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>No
dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus
supplement or the accompanying prospectus. You must not rely on any unauthorized information or representations. This prospectus
supplement and the accompanying prospectus are an offer to sell only the securities offered hereby, but only under circumstances
and in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement and the accompanying
prospectus is current only as of their respective dates.</B></FONT></P>

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<DIV STYLE="padding: 2px; border: Black 1.5pt solid; width: 99%">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="a_002"></A>ABOUT
THIS PROSPECTUS SUPPLEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement and the accompanying base prospectus is part of a registration statement that we filed with the Securities and Exchange
Commission (&ldquo;SEC&rdquo;), utilizing a &ldquo;shelf&rdquo; registration process. Each time we sell securities under the accompanying
base prospectus we will provide a prospectus supplement that will contain specific information about the terms of that offering,
including the price, the amount of securities being offered and the plan of distribution. The shelf registration statement was
initially filed with the SEC on May 20, 2014, and was declared effective by the SEC on June 26, 2014. This prospectus supplement
describes the specific details regarding this offering and may add, update or change information contained in the accompanying
prospectus. The accompanying base prospectus provides general information about us, some of which, such as the section entitled
&ldquo;Plan of Distribution,&rdquo; may not apply to this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If information
in this prospectus supplement is inconsistent with the accompanying base prospectus or the information incorporated by reference,
you should rely on this prospectus supplement. This prospectus supplement, together with the base prospectus and the documents
incorporated by reference into this prospectus supplement and the base prospectus, includes all material information relating
to this offering. We have not authorized anyone to provide you with different or additional information. You should assume that
the information appearing in this prospectus supplement, the accompanying prospectus, and the documents incorporated by reference
in this prospectus supplement and the accompanying prospectus is accurate only as of the respective dates of those documents.
Our business, financial condition, results of operations and prospects may have changed since those dates. <B>You should carefully
read this prospectus supplement, the base prospectus, the information and documents incorporated herein by reference and the additional
information under the heading &ldquo;Where You Can Find More Information&rdquo; before making an investment decision.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We further
note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document
that is incorporated by reference into the accompanying prospectus were made solely for the benefit of the parties to such agreement,
including, in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to
be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as
of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing
the current state of our affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise mentioned or unless the context requires otherwise, all references in this prospectus to &ldquo;our Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and &ldquo;Orient Paper&rdquo; refer to Orient Paper, Inc., a Nevada corporation.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_003"></A><FONT STYLE="font-size: 10pt">FORWARD-LOOKING
STATEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement, the accompanying prospectus and the documents we have filed with the SEC that are incorporated herein by reference
contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;) and Section 21E of the Exchange Act. Forward-looking statements deal with our current plans, intentions, beliefs and
expectations and statements of future economic performance. Statements containing terms such as &ldquo;believe,&rdquo; &ldquo;do
not believe,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;anticipate&rdquo;
and other phrases of similar meaning are considered to contain uncertainty and are forward-looking statements. In addition, from
time to time we or our representatives have made or will make forward-looking statements orally or in writing. Furthermore, such
forward-looking statements may be included in various filings that we make with the SEC, or press releases or oral statements
made by or with the approval of one of our authorized executive officers. These forward-looking statements are subject to certain
known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those
reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited
to, those set forth under &ldquo;Risk Factors&rdquo; incorporated by reference in this prospectus supplement and those discussed
in Item 7, &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operation,&rdquo; in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2013 and in Part I, Item 2, &ldquo;Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations&rdquo; in our recent Quarterly Reports on Form 10-Q and in our future
filings made with the SEC. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this
prospectus supplement, the accompanying prospectus or the documents we have filed with the SEC that are incorporated herein by
reference, which reflect management&rsquo;s opinions only as of their respective dates. Except as required by law, we undertake
no obligation to revise or publicly release the results of any revisions to any forward-looking statements. You are advised, however,
to consult any additional disclosures we have made or will make in our reports to the SEC on Forms 10-K, 10-Q and 8-K. All subsequent
written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements contained in this prospectus, any prospectus supplement or any related issuer free writing
prospectus.</FONT></P>

</DIV>
<BR>


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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="a_004"></A>SUMMARY</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
summary highlights information contained elsewhere in this prospectus supplement, the accompanying base prospectus and the documents
incorporated by reference. This summary does not contain all of the information that you should consider before deciding to invest
in our securities. You should read this entire prospectus supplement and the accompanying base prospectus carefully, including
the section entitled &ldquo;Risk Factors&rdquo; beginning on page S-4 and our consolidated financial statements and the related
notes and the other information incorporated by reference into this prospectus supplement and the accompanying prospectus before
making an investment decision.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are
a leading manufacturer and distributor of diversified paper products in North China. We engage mainly in the production and distribution
of packaging and printing paper products such as corrugating medium paper, offset printing paper, digital photo paper and other
paper and packaging related products.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Our Products</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Corrugating
medium paper</I>. Corrugating medium paper is used in the manufacturing of corrugated cardboards. After the launch of our new
360,000 tonnes/year PM6, corrugating medium paper becomes a major product of the Company and comprises approximately 78% of our
total paper production quantities and roughly 64% of our total revenue for the year ended December 31, 2013, and approximately
81% of our total paper production quantities and roughly 67% of our total revenue for the six months ended June 30, 2014. Raw
materials used in the production of corrugating medium paper include recycled paper board (or Old Corrugated Cardboard, &ldquo;OCC&rdquo;)
and certain supplementary agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Offset
printing paper</I>. Offset printing paper is used for offset printing. Our medium-grade offset printing paper comprises approximately
21% of our total paper production quantities and approximately 32% of our total sales revenue for the year ended December 31,
2013 and approximately 18% of our total paper production quantities and approximately 29% of our total sales revenue for the
six months ended June 30, 2014. The offset printing paper we manufacture is typically coated and brightened. Raw materials used
in the production of offset printing paper may include recycled white scrap paper, wood pulp, fluorescent whitening agent, sizing
agent and pulvis talc. We have not produced any high-grade offset printing paper and have not used wood pulp as a source of raw
material since the fourth quarter of year 2009. We currently have two production lines, PM2 and PM3 for the production of offset
printing paper.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Digital
photo paper</I>. Starting in March 2010, we began producing digital photo papers that are cast-coating, and water-proof. These
digital photo papers are sold to printing companies and paper distributors, who eventually sell to advertising companies and printing
companies which use photo-quality paper for multiple-color printing or local photo studios for production of special event printouts
or personal home printing use. Our digital photo paper comprises approximately 1% of our total paper production quantities and
approximately 4% of our total sales revenue for the year ended December 31, 2013 and approximately 1% of our total paper production
quantities and approximately 4% of our total sales revenue for the six months&nbsp;ended June 30, 2014. We have two photo
paper coating lines, PM4 and PM5, that produce digital photo paper products.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Our Customers and Market</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We generally
sell our products to companies making corrugated cardboards (in the case of our packaging products like corrugating medium paper)
and to printing companies (in the case of our printing paper products). We also sell digital photo paper mainly to distributors
and advertising/printing companies. Our primary market has been the region of North China, especially in the province of Hebei.
We target corporate customers in the middle range of the marketplace, where products such as corrugating medium paper and mid-grade
offset printing paper with reasonable quality and competitive pricing have potential for high volume growth.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Company Information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our principal
executive offices are located at Science Park, Juli Road, Xushui County, Baoding City, Hebei Province, People&rsquo;s Republic
of China. Our telephone number is (86) 312-869-8215. Our website is located at http://www.orientpaperinc.com. Information contained
on, or that can be accessed through, our website in not part of this prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Working Capital
Deficiency; Going Concern</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As of
June 30, 2014, the Company had current assets of $32,215,826 and current liabilities of $40,949,564 (including amounts due to
related parties for $2,406,262), resulting in a working capital deficit of approximately $8,733,738; while as of December 31,
2013, the Company had current assets of $25,953,328 and current liabilities of $28,372,723 (including amounts due to related parties
for $2,266,961), resulting in a working capital deficit of approximately $2,419,395. We are currently seeking to restructure the
term of our liabilities by raising funds through long-term loans to pay off liabilities with shorter terms. Our ability to continue
as a going concern is dependent upon our obtaining the necessary financing or negotiating the terms of the existing short-term
liabilities to meet our current and future liquidity needs. Although management believes it can secure financial resources to
satisfy the Company's current liabilities and the capital expenditure needs in the next 12 months, there can be no guarantee that
we can secure these financial resources. Therefore, there is a substantial doubt about the ability of the Company to continue
as going concern. Our condensed consolidated financial statements do not include any adjustments that might be necessary if we
are unable to continue as a going concern.</FONT></P>


</DIV>

<BR>


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<DIV STYLE="padding: 2px; border: Black 1.5pt solid; width: 99%">

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The following is a
brief summary of some of the terms of the offering and is qualified in its entirety by reference to the more detailed information
appearing elsewhere in this prospectus supplement and the accompanying prospectus. For a more complete description of the terms
of our common stock, see the &ldquo;Description of Securities We Are Offering&rdquo; section in this prospectus supplement.</FONT></P>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 40%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Securities
    offered by us in this offering</FONT></td>
    <td style="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">1,562,500 shares of
        our common stock, par value $0.001 per share.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Warrants to purchase
        up to 781,250 shares of common stock, with an exercise price equal to $1.70 per share.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Offering
    price</FONT></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">$1.60 per share of common
        stock and accompanying warrant to purchase our common stock.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Warrant Exercise Price</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">$1.70 per share; with two
        warrants being exercisable for one share of common stock.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Placement
    agent warrants</FONT></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">We are also registering warrants
        to purchase up to 39,062 shares of our common stock (and the shares of common stock issuable from time to time upon exercise
        of these warrants) issuable to the placement agent in the offering under the registration statement of which this prospectus
        supplement forms a part. The placement agent warrants shall have substantially the same terms as the warrants offered
        in this offering, except that the exercise price shall be $2.00 per share and the expiration date shall be five years
        from the effective date of the registration statement of which this prospectus forms a part.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Common stock outstanding
        immediately before this offering*</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">18,753,900 shares</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Common stock to be outstanding
        immediately after this offering</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">20,316,400 shares (assuming
        the sale of all shares covered by this prospectus and assuming no exercise of any of the warrants offered hereby or of
        the warrants issued to the Placement Agent or of any of the warrants issued to the placement agent in connection with
        this offering).</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Use
    of proceeds</FONT></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">We expect to use the proceeds
        received from the offering to fund our working capital and general corporate purposes. See &ldquo;Use of Proceeds.&rdquo;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Risk
    factors</FONT></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">See &ldquo;Risk Factors&rdquo;
        and other information included in this prospectus supplement and the accompanying prospectus or incorporated herein and
        therein by reference for a discussion of factors you should carefully consider before deciding to invest in our common
        stock.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">NYSE
    MKT symbol</FONT></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">ONP.
    There is no established trading market for the warrants and we do not expect a market to develop.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">*The number of shares of our common
stock outstanding immediately before and immediately after this offering excludes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">781,250
                                         shares of common stock issuable upon exercise of the warrants being offered in this offering;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">39,062
                                         shares of common stock issuable upon exercise of warrants issuable to the placement agents
                                         in connection with this offering.</FONT></TD></TR></TABLE>

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

</DIV>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_005"></A><FONT STYLE="font-size: 10pt">RISK
FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><I>Investing in our securities involves
a high degree of risks. Before making an investment decision, you should carefully consider the risks described under &ldquo;Risk
Factors&rdquo; in the applicable prospectus supplement and in our most recent Annual Report on Form 10-K for the fiscal year ended
December 31, 2013 and in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2014, together with all of the
other information appearing in this prospectus or incorporated by reference into this prospectus and any applicable prospectus
supplement, in light of your particular investment objectives and financial circumstances. Our business, financial condition or
results of operations could be materially adversely affected by any of these risks. The trading price of our securities could
decline due to any of these risk factors, and you may lose all or any part of your investment.</I></FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_006"></A><FONT STYLE="font-size: 10pt">USE
OF PROCEEDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We estimate
the net proceeds to us from the sale of the securities offered under this prospectus, after deducting estimated placement agent
fees and our other estimated offering expenses, will be approximately $2.17 million if we sell the maximum amount of common stock
and warrants offered hereby. However, this is a best efforts offering with no minimum, and we may not sell all or any of the securities;
as a result, we may receive significantly less in net proceeds, and the net proceeds received may not be sufficient to continue
to operate our business. If a warrant holder elects to exercise the warrants issued in this offering, we may also receive proceeds
from the exercise of the warrants. We cannot predict when or if the warrants will be exercised. It is possible that the warrants
may expire and may never be exercised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We expect
to use the net proceeds from this offering (including any resulting from the exercise of warrants, if any) for working capital
and general corporate purposes. Our management will have significant flexibility in applying the net proceeds of this offering.</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_007"></A><FONT STYLE="font-size: 10pt">DESCRIPTION
OF SECURITIES WE ARE OFFERING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The material
terms and provisions of our common stock and each other class of our securities that qualifies or limits our common stock are
described under the caption &ldquo;Description of Common Stock&rdquo; starting on page 6 of the accompanying prospectus. As of
August 26, 2014, we had 18,753,900 shares of common stock outstanding.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
is a brief summary of certain terms and conditions of the warrants and is subject in all respects to the provisions contained
in the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Form</I>.
The warrants will be issued as individual warrants to each of the investors. You should review a copy of the form of warrant,
which is attached as an exhibit to our Current Report on Form 8-K being filed with the SEC in connection with this offering, for
a complete description of the terms and conditions of the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Exercisability</I>.
The warrants are exercisable at any time on or after the date of their original issuance, and at any time up to the date that
is five years after such initial date of issuance. The warrants will be exercisable, at the option of each holder, in whole or
in part by delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance
of the shares of common stock underlying the warrants under the Securities Act is effective and available for the issuance of
such shares, or an exemption from registration under the Securities Act is available for the issuance of such shares, by payment
in full in immediately available funds for the number of shares of common stock purchased upon such exercise. If a registration
statement registering the issuance of the shares of common stock underlying the warrants under the Securities Act is not then
effective or available, the holder may only exercise the warrant through a cashless exercise, in which case the holder would receive
upon such exercise the net number of shares of common stock determined according to the formula set forth in the warrant. No fractional
shares of common stock will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will pay
the holder an amount in cash equal to the fractional amount multiplied by the exercise price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Exercise
Limitation</I>. A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of our stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may
increase or decrease such percentage to any other percentage not in excess of 9.99% upon at least 61 days&rsquo; prior notice
from the holder to us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Exercise
Price; Anti-Dilution</I>. The initial exercise price per share of common stock purchasable upon exercise of the warrants is $1.70
per share of common stock. Two warrants are exercisable for each share of common stock. The exercise price is subject to appropriate
adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar
events affecting our common stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Transferability</I>.
Subject to applicable laws, the warrants may be offered for sale, sold, transferred or assigned without our consent. There is
currently no trading market for the warrants and a trading market is not expected to develop.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Exchange
Listing</I>. We do not plan to apply to list the warrants on the NYSE MKT, any other national securities exchange or any other
nationally recognized trading system.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Fundamental
Transactions</I>. In the event of a fundamental transaction, as described in the warrants and generally including any reorganization,
recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all
of our properties or assets, our consolidation or merger with or into another person, the holders of the warrants will be entitled
to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders would have
received had they exercised the warrants immediately prior to such fundamental transaction. In the event of a fundamental transaction
that is an all cash transaction, a &ldquo;going private&rdquo; transaction as defined in Rule 13e-3 under the Exchange Act, or
a fundamental transaction involving a person or entity not traded on a national securities exchange, the Company or any successor
entity will, at the warrant holder&rsquo;s option, purchase the warrants by paying to the warrant holder an amount of cash equal
to the value of the remaining unexercised portion of the warrants on the date of the consummation of such fundamental transaction,
as calculated based on the Black-Scholes Option Pricing Model obtained from the &ldquo;OV&rdquo; function on Bloomberg, L.P.,
determined as of the day of consummation of the applicable fundamental transaction for pricing purposes as set forth in the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Rights
as a Stockholder</I>. Except as otherwise provided in the warrants or by virtue of such holder&rsquo;s ownership of shares of
our common stock, the holder of a warrant does not have the rights or privileges of a holder of our common stock, including any
voting rights, until the holder exercises the warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Placement
Agent Warrants</I>. We are also registering warrants to purchase up to 39,062 shares of our common stock (and the shares of common
stock issuable from time to time upon exercise of these warrants) issuable to the placement agent in the offering under the registration
statement of which this prospectus supplement forms a part. The placement agent warrants shall have substantially the same terms
as the warrants offered in this offering, except that the exercise price shall be $2.00 per share and the expiration date shall
be five years from the effective date of the registration statement of which this prospectus forms a part.&nbsp;</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="a_008"></A>PLAN
OF DISTRIBUTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are
offering up to 1,562,500 shares of our common stock and warrants to purchase up to 781,250 shares of our common stock. Each share
of common stock we sell in this offering will be accompanied by a warrant to purchase one-half of one share of common stock at
an exercise price of $1.70 per share, two warrants being exercisable for each share of common stock. Each share of common stock
and accompanying warrant will be sold at a negotiated price of $1.60. The shares of common stock and warrants will be issued separately
but can only be purchased together in this offering. There is no minimum offering amount required as a condition to closing, and
we may sell significantly fewer shares of common stock and warrants in the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We have
entered into a securities purchase agreement directly with the investors in this offering. The securities purchase agreement contains
customary representations, warranties and covenants for transactions of this type. These representations, warranties and covenants
were made solely for purposes of the securities purchase agreement and should not be relied upon by any of our investors who are
not parties to the agreement, nor should any such investor rely upon any descriptions thereof as characterizations of the actual
state of facts or condition. Such investors are not third party beneficiaries under the securities purchase agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are
offering the securities to the investors through H.C. Wainwright &amp; Co., LLC (&ldquo;Wainwright&rdquo;), which has agreed to
act as placement agent in connection with the offering pursuant to the terms of an engagement letter with us. The placement agent
is not purchasing the securities offered by us, and is not required to sell any specific number or dollar amount of securities,
but will assist us in this offering on a &ldquo;reasonable best efforts&rdquo; basis. Subject to the terms and conditions of the
engagement letter, the placement agent is using its reasonable best efforts to introduce us to selected institutional investors
who will purchase the shares directly from us. The placement agent has no obligation to buy any of the shares from us nor is it
required to arrange the purchase or sale of any specific number or dollar amount of the shares, but has agreed to use its reasonable
best efforts to arrange for the sale of all of the securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Upon the
closing of this offering, we have agreed to pay the placement agent a placement fee equal to 5% of the aggregate gross proceeds
to us from the sale of the common stock in the offering. We have agreed to pay to Wainwright a non-accountable expense allowance
equal to $60,000. We estimate that total expenses of this offering, excluding placement agent fees, will be approximately $150,000.
The following table shows the per share and total fees we will pay to the placement agent, assuming the sale of all of the securities
being offered hereby. Because there is no minimum offering amount required as a condition to closing, the actual total proceeds
received by us and total offering commissions and warrants issuable to the placement agent, if any, are not presently determinable
and may be substantially less than the maximum amount set forth in the table below.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%">Per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.08</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">125,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition to the cash fees set forth above, we have agreed to issue to the placement agent warrants to purchase up to an
aggregate of 2.5% of the aggregate number of shares of common stock sold in this offering (excluding any shares of common
stock issuable upon exercise of the warrants). The placement agent warrants shall have substantially the same terms as the
warrants offered in this offering, except that the compensation warrants will have an exercise price of $2.00 (125% of the
public offering price per share) and a termination date of June 26, 2019, or the five year anniversary of the effective date
of the registration statement of which this prospectus supplement forms a part. Pursuant to FINRA Rule 5110(g), the
compensation warrants and any shares issued upon exercise of the compensation warrants shall not be sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that
would result in the effective economic disposition of the securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales of this offering, except the transfer of any
security:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by operation of law or by reason of reorganization of our company;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction set forth above for the remainder of the time period;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if the aggregate amount of securities of our company held by the holder of the compensation warrants or related persons do not exceed 1% of the securities being offered;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction set forth above for the remainder of the time period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">The warrants
and the shares underlying the warrants issuable to the placement agent are being registered under the registration statement of
which this prospectus supplement forms a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The placement
agent shall also be entitled to the foregoing cash and warrant compensation (other than the unaccountable expense allowance) with
respect to any investors introduced by the placement agent to us that invest in any subsequent capital-raising transaction during
the 12-month period following the termination of the engagement letter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: white">Following
the completion of this offering, we have granted the placement agent a right of first refusal under certain circumstances to act
as financial advisor with respect to certain business transactions or to act as lead underwriter or placement agent in connection
with any subsequent public or private offering of equity securities or other capital markets financing by us. This right of first
refusal extends for twelve months from the date this offering is consummated. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We have
agreed to indemnify the placement agent against certain liabilities under the Securities Act. The placement agent may be deemed
to be an underwriter within the meaning of Section 2(a)(ii) of the Securities Act and any commissions received by it and any profit
realized on the sale of securities by them while acting as principal might be deemed to be underwriting discounts or commissions
under the Securities Act. The placement agent is required to comply with the requirements of the Securities Act and the Exchange
Act, including without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the
timing of purchases and sales of shares of common stock and warrants to purchase shares of common stock by the placement agent.
Under these rules and regulations, the placement agent may not (i) engage in any stabilization activity in connection with our
securities or (ii) bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities,
other than as permitted under the Exchange Act, until they have completed their participation in the distribution. The placement
agent has informed us that it will not engage in overallotment, stabilizing transactions or syndicate covering transactions in
connection with this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The engagement
letter agreement provides that we will indemnify the placement agent against specified liabilities, including liabilities under
the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The foregoing descriptions of the securities purchase agreement and the engagement letter are only summaries,
do not purport to be complete and are qualified in their entirety by reference to the securities purchase agreement and the engagement
letter, copies of which are attached as exhibits to our Current Report on Form 8-K being filed with the SEC in connection with
this offering and are incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We currently
anticipate that the closing of the sale of the shares of common stock and warrants offered pursuant to this prospectus supplement
will take place on or about September 3, 2014. The securities purchase agreement provides that the obligations of the investors
to close this offering are subject to certain conditions, including the absence of any material adverse change in our business
and the receipt of customary legal opinions, letters and certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement will be distributed to the investors who agree to purchase the securities and will inform the investors of the closing
date as to such securities. The investors will also be informed of the date and manner in which they must transmit the purchase
price for their shares. We will deposit the shares of our common stock with The Depository Trust Company once the funds have been
received. At the closing, The Depository Trust Company will credit the shares to the account of the investors. We will mail warrants
directly to the investors at the address for such investor set forth in the securities purchase agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The transfer
agent and registrar for our common stock is Empire Stock Transfer Inc., 859 Whitney Mesa Dr., Henderson, NV 89014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common
stock is listed on the NYSE MKT under the symbol &ldquo;ONP&rdquo;.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_009"></A><FONT STYLE="font-size: 10pt">LEGAL
MATTERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">The validity
of the securities offered by this prospectus supplement will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP, Las
Vegas, Nevada and by DLA Piper LLP (US), New York, New York. Ellenoff Grossman &amp; Schole, LLP, New York, New York is acting
as counsel for the placement agent in connection with the securities offered hereby.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_010"></A><FONT STYLE="font-size: 10pt">EXPERTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
consolidated financial statements as of December 31, 2012, and 2013 and for each of the two years in the period ended December
31, 2013 incorporated by reference in this prospectus have been so incorporated in reliance on the reports of BDO China Shu Lun
Pan Certified Public Accountants LLP, an independent registered public accounting firm, also incorporated herein by reference,
and given on the authority of said firm as experts in accounting and auditing.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_011"></A><FONT STYLE="font-size: 10pt">WHERE
YOU CAN FIND MORE INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We file
annual, quarterly and current reports and proxy statements and other information with the SEC. You may read and copy any document
that we file at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330
for further information on the Public Reference Room. Our SEC filings are also available on the SEC&rsquo;s web site at http://www.sec.gov.
Copies of certain information filed by us with the SEC are also available on our web site at http://www.oncosec.com. We have not
incorporated by reference into this prospectus the information on our website, and you should not consider it to be a part of
this document.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><A NAME="a_012"></A><FONT STYLE="font-size: 10pt">INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The SEC
allows us to &ldquo;incorporate by reference&rdquo; the information we file with it. This means that we can disclose important
information to you in this prospectus by referring you to another document. The information incorporated by reference is considered
to be a part of this prospectus, and information that we file later with the SEC will automatically update and supersede information
contained in this prospectus and any accompanying prospectus supplement. We incorporate by reference the documents listed below
that we have previously filed with the SEC (excluding any portions of any Form 8-K that are not deemed &ldquo;filed&rdquo; pursuant
to the General Instructions of Form 8-K):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">our
                                         Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on
                                         March 25, 2014;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">our
                                         Quarterly Reports on Form 10-Q for the quarters ended June 30, 2014 and March 31, 2014
                                         and filed with the SEC on August 13, 2014 and May 15, 2014, respectively;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">our
                                         Current Reports on Form 8-K filed with the SEC on August 26, 2014, July 2, 2014, May
                                         28, 2014, March 6, 2014 and March 5, 2014; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the
                                         description of our Common Stock contained in our Registration Statement on Form 8-A filed
                                         May 10, 2007 (File No. 000-52639), including any amendment or report filed for the purpose
                                         of updating such description.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We also
incorporate by reference into this prospectus additional documents that we may file with the SEC under Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act prior to the completion or termination of the offering, including all such documents we may file
with the SEC after the date of the initial registration statement and prior to the effectiveness of the registration statement,
but excluding any information deemed furnished and not filed with the SEC. Any statements contained in a previously filed document
incorporated by reference into this prospectus is deemed to be modified or superseded for purposes of this prospectus to the extent
that a statement contained in this prospectus, or in a subsequently filed document also incorporated by reference herein, modifies
or supersedes that statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We will
provide without charge to each person, including any beneficial owner, to whom a prospectus is delivered, on written or oral request
of that person, a copy of any or all of the documents we are incorporating by reference into this prospectus, other than exhibits
to those documents unless such exhibits are specifically incorporated by reference into those documents. Such written requests
should be addressed to Orient Paper, Inc., Science Park, Juli Road, Xushui County, Baoding City, Hebei Province, People&rsquo;s
Republic of China 072550. Our telephone number is 011- (86) 312-8698215.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>$10,000,000</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>Orient
Paper, Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Common
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Debt
Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Units&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may from time to time, in one or
more offerings at prices and on terms that we will determine at the time of each offering, sell common stock, warrants debt securities,
or a combination of these securities, or units for an aggregate initial offering price of up to $10,000,000. This prospectus provides
you with a general description of the securities we may offer. Each time we offer and sell securities, we will provide you with
a prospectus supplement that will contain specific information about the terms of that offering. Any prospectus supplement may
also add, update, or change information contained in this prospectus. You should carefully read this prospectus and the applicable
prospectus supplement as well as the documents incorporated or deemed to be incorporated by reference in this prospectus before
you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Our common stock is currently traded
on the NYSE MKT under the symbol &ldquo;ONP.&rdquo; On June 17, 2014, the last reported sales price for our common stock was $2.28
per share. Pursuant to General Instruction I.B.6 of Form S-3, so long as our public float remains below $75.0 million, in no event
will we sell securities in a public primary offering with a value exceeding more than one-third of our public float in any 12-month
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may sell the securities directly
to you, through agents we select, or through underwriters and dealers we select, on a continuous or delayed basis. If we use agents,
underwriters or dealers to sell the securities, we will name them and describe their compensation in a prospectus supplement.
The price to the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in
a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The securities offered by this prospectus
involve a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 4 of this prospectus in the applicable prospectus
supplement. We may include additional risk factors in an applicable prospectus supplement under the heading &ldquo;Risk Factors.&rdquo;
You should review that section of the prospectus supplement for a discussion of matters that investors in our securities should
consider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><B>This prospectus may not be used to
offer and sell securities unless accompanied by a prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><B>This prospectus
is dated June 26, 2014</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_013">ABOUT THIS PROSPECTUS</A></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_015">ABOUT ORIENT PAPER</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_017">USE OF PROCEEDS</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_018">DESCRIPTION OF SECURITIES</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_019">DESCRIPTION OF COMMON STOCK</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_020">DESCRIPTION OF WARRANTS</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_021">DESCRIPTION OF DEBT SECURITIES</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_022">DESCRIPTION OF UNITS</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_023">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_024">LEGAL MATTERS</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_025">EXPERTS</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_026">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; color: Black"><A HREF="#a_027">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; color: Black">17</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><B>You should rely only on the information
contained in this prospectus and the documents incorporated by reference in this prospectus. We have not provided, and we have
not authorized anyone else to provide, different information to you. We take no responsibility for, and can provide no assurance
as to the reliability of, any other information that others may give you. This prospectus does not constitute an offer to sell,
or a solicitation of an offer to purchase, the securities offered by this prospectus in any jurisdiction to or from any person
to whom or from whom it is unlawful to make such offer or solicitation of an offer in such jurisdiction. You should not assume
that the information contained in this prospectus or any document incorporated by reference is accurate as of any date other than
the date on the front cover of the applicable document. Neither the delivery of this prospectus nor any distribution of securities
pursuant to this prospectus shall, under any circumstances, create any implication that there has been no change in the information
set forth or incorporated by reference into this prospectus or in our affairs since the date of this prospectus. Our business,
financial condition, results of operations and prospects may have changed since that date.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_013"></A><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This prospectus is part of a registration
statement on Form S-3 that we filed with the Securities and Exchange Commission, or SEC, using a &ldquo;shelf&rdquo; registration
process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus in
one of more offerings up to a total dollar amount of proceeds of $10,000,000. This prospectus provides you with a general description
of the securities that we may offer and the manner in which the securities may be offered. Each time we sell securities, we will
provide a prospectus supplement that will contain specific information about the terms of that offering, including the specific
amounts, prices and terms of the securities offered. The prospectus supplement may also add, update or change information contained
in this prospectus or in documents incorporated by reference in this prospectus. The prospectus supplement may also include a
discussion of certain United States federal income tax consequences and any risk factors or other special considerations applicable
to those securities. To the extent that any statement that we make in a prospectus supplement is inconsistent with statements
made in this prospectus or in documents incorporated by reference in this prospectus, you should rely on the information in the
prospectus supplement. You should carefully read both this prospectus and any prospectus supplement together with the additional
information described under &ldquo;Where You Can Find More Information&rdquo; before investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The terms &ldquo;Orient Paper,&rdquo;
the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo; in this prospectus refer to Orient Paper, Inc.,
a Nevada corporation, and its subsidiaries and variable internal entities, unless the context requires otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_014"></A><B>CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This prospectus includes and incorporates
forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange
Act of 1934, as amended, or the Exchange Act. All statements, other than statements of historical facts, included or incorporated
in this prospectus regarding our strategy, future operations, financial position, future revenues, projected costs, prospects,
plans and objectives of management are forward-looking statements. The words &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo;
&ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo;
&ldquo;might,&rdquo; &ldquo;plans,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predicts,&rdquo; &ldquo;projects,&rdquo;
&ldquo;seeks,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and similar expressions, or the negatives of
such terms, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
We cannot guarantee that we actually will achieve the plans, intentions or expectations disclosed in our forward-looking statements
and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking statements, including, without limitation,
the following:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the effect of political, economic, and market conditions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">regulatory changes that affect our business;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the availability of funds and working capital;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the actions and initiatives of current and potential competitors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">investor sentiment;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our reputation; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; line-height: 115%; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0; line-height: 115%; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other factors, including those described in this prospectus under the heading &ldquo;Risk Factors,&rdquo; as well as factors set forth in other filings we make with the SEC.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Should one or more of these risks or
uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_015"></A><B>ABOUT ORIENT PAPER</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We are a leading manufacturer and distributor
of diversified paper products in North China. We engage mainly in the production and distribution of packaging and printing paper
products such as corrugating medium paper, offset printing paper, digital photo paper and other paper and packaging related products.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>Corrugating medium paper</I>. Corrugating
medium paper is used in the manufacturing of corrugated cardboards. After the launch of our new 360,000 tonnes/year PM6, corrugating
medium paper becomes a major product of the Company and comprises approximately 78% of our total paper production quantities and
roughly 64% of our total revenue for the year ended December 31, 2013. Raw materials used in the production of corrugating medium
paper include recycled paper board (or Old Corrugated Cardboard, &ldquo;OCC&rdquo;) and certain supplementary agents. In January
2013, we removed PM1, which was previously used to produce corrugating medium paper, from production. We are currently in the
process of renovating and converting PM1. We expect PM1 to produce up to 50,000 tonnes/year of insulation liner paper upon the
completion of the renovation, which is scheduled for the second quarter of 2014. We currently have only one production line (PM6)
that produces corrugating medium paper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>Offset printing paper</I>. Offset
printing paper is used for offset printing. Our medium-grade offset printing paper comprises approximately 21% of our total paper
production quantities and approximately 32% of our total sales revenue for the year ended December 31, 2013. The offset printing
paper we manufacture is typically coated and brightened. Raw materials used in the production of offset printing paper may include
recycled white scrap paper, wood pulp, fluorescent whitening agent, sizing agent and pulvis talc. We have not produced any high-grade
offset printing paper and have not used wood pulp as a source of raw material since the fourth quarter of year 2009. We currently
have two production lines, PM2 and PM3 for the production of offset printing paper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>Digital photo paper</I>. Starting
in March 2010, we began producing digital photo papers that are cast-coating, and water-proof. These digital photo papers are
sold to printing companies and paper distributors, who eventually sell to advertising companies and printing companies which use
photo-quality paper for multiple-color printing or local photo studios for production of special event printouts or personal home
printing use. Our digital photo paper comprises approximately 1% of our total paper production quantities and approximately 4%
of our total sales revenue for the year ended December 31, 2013. We have two photo paper coating lines, PM4 and PM5, that produce
digital photo paper products.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We generally sell our products to companies
making corrugated cardboards (in the case of our packaging products like corrugating medium paper) and to printing companies (in
the case of our printing paper products). We also sell digital photo paper mainly to distributors and advertising/printing companies.
Our primary market has been the region of North China, especially in the province of Hebei. We target corporate customers in the
middle range of the marketplace, where products such as corrugating medium paper and mid-grade offset printing paper with reasonable
quality and competitive pricing have potential for high volume growth.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Our principal executive offices are
located at Science Park, Juli Road, Xushui County, Baoding City, Hebei Province, People&rsquo;s Republic of China. Our telephone
number is (86) 312-869-8215. Our website is located at&nbsp;http://www.orientpaperinc.com. Information contained on, or that can
be accessed through, our website in not part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_016"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Investing in our securities involves
a high degree of risks. Before making an investment decision, you should carefully consider the risks described under &ldquo;Risk
Factors&rdquo; in the applicable prospectus supplement and in our most recent Annual Report on Form 10-K, and any updates in our
Quarterly Reports on Form 10-Q, together with all of the other information appearing in this prospectus or incorporated by reference
into this prospectus and any applicable prospectus supplement, in light of your particular investment objectives and financial
circumstances. Our business, financial condition or results of operations could be materially adversely affected by any of these
risks. The trading price of our securities could decline due to any of these risk factors, and you may lose all or any part of
your investment.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_017"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Unless otherwise indicated in a prospectus
supplement, we intend to use the net proceeds from the sale of the securities under this prospectus for various business purposes,
including short-term debt repayments, capital expenditures, working capital, and other general corporate purposes.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_018"></A><B>DESCRIPTION OF SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may offer, from time to time, in
one or more offerings, up to $10,000,000 of the following securities:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">common stock</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">debt securities; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">units comprised of common stock and warrants.</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The aggregate offering price of the
offered securities that we may issue will not exceed $10,000,000. This prospectus contains a summary of the general terms of the
various securities that we may offer. The prospectus supplement relating to the offer and sale of any particular securities will
describe the specific terms of those securities, which may be in addition to or different from the general terms summarized in
this prospectus. Because the summary in this prospectus and in any prospectus supplement does not contain all of the information
that you may find useful, you should read the documents relating to the securities that are described in this prospectus or in
any applicable prospectus supplement. Please read &ldquo;Where You Can Find More Information&rdquo; to find out how you can obtain
a copy of those documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The applicable prospectus supplement
will also contain the terms of a given offering, the initial offering price and our net proceeds. Where applicable, a prospectus
supplement will also describe any material United States federal income tax consequences relating to the securities offered and
indicate whether the securities offered are or will be quoted or listed on any quotation system or securities exchange.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_019"></A><B>DESCRIPTION OF COMMON
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We are authorized to issue up to 500,000,000
shares of common stock, $0.001 par value per share. As of June 17, 2014, we had approximately 18,753,900 shares of common stock
issued and outstanding.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Each outstanding share of common stock
is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the
stockholders.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">are entitled to share ratably in all our assets available for distribution to holders of common stock upon our liquidation, dissolution or winding up;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">do not have preemptive, subscription or conversion rights; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">are entitled to one non-cumulative vote per share on all matters on which stockholders may vote at all meetings of our stockholders.</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The holders of shares of our common
stock do not have cumulative voting rights, which means that the holder or holders of more than fifty percent (50%) of outstanding
shares voting for the election of directors can elect all of our directors if they so choose and, in such event, the holders of
the remaining shares will not be able to elect any of the our directors.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The transfer agent and registrar for
our common stock is Empire Stock Transfer Inc., 859 Whitney Mesa Dr., Henderson, NV 89014.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Our common stock is currently traded
on the NYSE MKT under the symbol &ldquo;ONP&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_020"></A><B>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may issue warrants for the purchase
of common stock. Warrants may be issued independently or together with shares of common stock, and may be attached to or separate
from the common stock. We will issue each series of warrants under a separate warrant agreement to be entered into between us
and the party or parties named therein which may include a warrant agent named in the warrant agreement and the related prospectus
supplement. The warrant agent, if any, will act solely as our agent in connection with the warrants of that series and will not
assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants. This summary
of some provisions of the securities warrants is not complete. You should refer to the securities warrant agreement, including
the forms of securities warrant certificate representing the securities warrants, relating to the specific securities warrants
being offered for the complete terms of the securities warrant agreement and the securities warrants. The securities warrant agreement,
together with the terms of the securities warrant certificate and securities warrants, will be filed with the SEC in connection
with the offering of the specific warrants.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The applicable prospectus supplement
relating to the offering of warrants or units will describe the terms of the warrants being offered and will include, as applicable,
some or all of the following:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The title of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The aggregate number of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The price or prices at which the warrants will be issued;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The designation, amount and terms of the offered securities purchasable upon exercise of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if applicable, the date on and after which the warrants and the offered securities purchasable upon exercise of the warrants will be separately transferable;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-bottom: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The terms of the securities purchasable upon exercise of such warrants and the procedures and conditions relating to the exercise of such warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The price or prices at which and currency or currencies in which the offered securities purchasable upon exercise of the warrants may be purchased;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The date on which the right to exercise the warrants shall commence and the date on which the right shall expire;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The minimum or maximum amount of the warrants that may be exercised at any one time;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">information with respect to book-entry procedures, if any;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if appropriate, a discussion of Federal income tax consequences; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any other material terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The description in the prospectus supplement
will not necessarily be complete and will be qualified in its entirety by reference to the form of the applicable warrant agreement,
which will be filed with the SEC.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Warrants will be offered and exercisable
for U.S. dollars only. Warrants will be issued in registered form only.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Upon receipt of payment and the warrant
certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated
in the applicable prospectus supplement, we will, as soon as practicable, forward the purchased securities. If less than all of
the warrants represented by the warrant certificate are exercised, a new warrant certificate will be issued for the remaining
warrants.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Prior to the exercise of any securities
warrants to purchase common stock, holders of the warrants will not have any of the rights of holders of the common stock purchasable
upon exercise, including in the case of securities warrants for the purchase of common stock, the right to vote or to receive
any payments of dividends on the common stock purchasable upon exercise.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Each applicable warrant agreement will
be governed by, and construed in accordance with, the laws of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_021"></A><B>DESCRIPTION OF DEBT
SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This section describes the general terms
and provisions of the debt securities that we may offer using this prospectus and the related indenture. This section is only
a summary and does not purport to be complete. Unless otherwise specified in the applicable prospectus supplement, the debt securities
will be issued under an indenture between the trustee named in the applicable prospectus supplement (the &ldquo;indenture&rdquo;)
and us. You must look to the relevant form of debt security and the related indenture for a full understanding of all terms of
any series of debt securities. The form of debt security and the related indenture have been or will be filed or incorporated
by reference as exhibits to the registration statement of which this prospectus is a part.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">A prospectus supplement will describe
the specific terms of any particular series of debt securities offered under that prospectus supplement and any special considerations,
including tax considerations, applicable to investing in those debt securities. In some instances, certain of the precise terms
of debt securities you are offered may be described in a further prospectus supplement, known as a pricing supplement. If information
in a prospectus supplement is inconsistent with the information in this prospectus, then the information in the prospectus supplement
will apply and, where applicable, supersede the information in this prospectus.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The amount of debt securities we may
offer using this prospectus will be limited to the amount of securities described on the cover of this prospectus that we have
not already issued or reserved for issuance. We may also issue debt securities pursuant to the related indentures in transactions
that are exempt from the registration requirements of securities laws. We will not consider those debt securities in determining
the aggregate amount of securities issued under this prospectus.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">The debt securities that we may offer
by this prospectus consist of notes, debentures or other evidences of indebtedness. Any debt securities that we offer and sell
will be our direct obligations. Debt securities may be issued in one or more series. All debt securities of any one series need
not be issued at the same time, and unless otherwise provided, a series of debt securities may be reopened, with the required
consent of the holders of outstanding debt securities, for issuance of additional debt securities of that series or to establish
additional terms of that series of debt securities (with such additional terms applicable only to unissued or additional debt
securities of that series). The form of indenture has been filed as an exhibit to the registration statement of which this prospectus
is a part and is subject to any amendments or supplements that we may enter into with the trustee(s). The material terms of the
indenture are summarized below and we refer you to the indenture for a detailed description of these material terms. Additional
or different provisions that are applicable to a particular series of debt securities will, if material, be described in a prospectus
supplement relating to the offering of debt securities of that series. These provisions may include, among other things and to
the extent applicable, the following:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.1pt; text-align: justify; text-indent: -27.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the title of the debt securities, including, as applicable, whether the debt securities will be issued as senior debt securities, senior subordinated debt securities or subordinated debt securities, any subordination provisions particular to the series of debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any limit on the aggregate principal amount of the debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if other than 100% of the aggregate principal amount, the percentage of the aggregate principal amount at which we will sell the debt securities (i.e., original issuance discount);</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the date or dates, whether fixed or extendable, on which the principal of the debt securities will be payable;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the rate or rates, which may be fixed or variable, at which the debt securities will bear interest, if any, the date or dates from which any such interest will accrue, the interest payment dates on which we will pay any such interest, the basis upon which interest will be calculated if other than that of a 360-day year consisting of twelve 30-day months, and, in the case of registered securities, the record dates for the determination of holders to whom interest is payable;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the place or places where the principal of and any premium or interest on the debt securities will be payable and where the debt securities may be surrendered for conversion or exchange;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether we may, at our option, redeem the debt securities, and if so, the price or prices at which, the period or periods within which and the terms and conditions upon which, we may redeem the debt securities, in whole or in part, pursuant to any sinking fund or otherwise;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if other than 100% of the aggregate principal amount thereof, the portion of the principal amount of the debt securities which will be payable upon declaration of acceleration of the maturity date thereof or provable in bankruptcy, or, if applicable, which is convertible or exchangeable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any obligation we may have to redeem, purchase or repay the debt securities pursuant to any sinking fund or analogous provisions or at the option of a holder of debt securities, and the price or prices at which, the currency in which and the period or periods within which, and the terms and conditions upon which, the debt securities will be redeemed, purchased or repaid, in whole or in part, pursuant to any such obligation, and any provision for the remarketing of the debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the issuance of debt securities as registered securities or unregistered securities or both, and the rights of the holders of the debt securities to exchange unregistered securities for registered securities, or vice versa, and the circumstances under which any such exchanges, if permitted, may be made;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the denominations, which may be in United States Dollars or in any foreign currency, in which the debt securities will be issued, if other than denominations of $1,000 and any integral multiple thereof;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether the debt securities will be issued in the form of certificated debt securities, and if so, the form of the debt securities (or forms thereof if unregistered and registered securities are issuable in that series), including the legends required by law or as we deem necessary or appropriate, the form of any coupons or temporary global security which may be issued and the forms of any other certificates which may be required under the indenture or which we may require in connection with the offering, sale, delivery or exchange of the debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if other than United States Dollars, the currency or currencies in which payments of principal, interest and other amounts payable with respect to the debt securities will be denominated, payable, redeemable or repurchasable, as the case may be;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether the debt securities may be issuable in tranches;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the obligations, if any, we may have to permit the conversion or exchange of the debt securities into common stock or other capital stock or property, or a combination thereof, and the terms and conditions upon which such conversion or exchange will be effected (including conversion price or exchange ratio), and any limitations on the ownership or transferability of the securities or property into which the debt securities may be converted or exchanged;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if other than the trustee under the indenture, any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if the debt securities do not bear interest, the applicable dates required under the indenture for furnishing information to the trustee regarding the holders of the debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any deletions from, modifications of or additions to (a) the events of default with respect to the debt securities or (b) the right of the trustee or the holders of the debt securities in connection with events of default;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any deletions from, modifications of or additions to the covenants with respect to the debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if the amount of payments of principal of, and make-whole amount, if any, and interest on the debt securities may be determined with reference to an index, the manner in which such amount will be determined;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether the debt securities will be issued in whole or in part in the global form of one or more debt securities and, if so, the depositary for such debt securities, the circumstances under which any such debt security may be exchanged for debt securities registered in the name of, and under which any transfer of debt securities may be registered in the name of, any person other than such depositary or its nominee, and any other provisions regarding such debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether, under what circumstances and the currency in which, we will pay additional amounts on the debt securities to any holder of the debt securities who is not a United States person in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem such debt securities rather than pay such additional amounts (and the terms of any such option);</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether the debt securities will be secured by any collateral and, if so, a general description of the collateral and the terms of any related security, pledge or other agreements;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the persons to whom any interest on the debt securities will be payable, if other than the registered holders thereof on the regular record date therefor; and</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any other material terms or conditions upon which the debt securities will be issued.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">Unless otherwise indicated
in the applicable prospectus supplement, we will issue debt securities in fully registered form without coupons and in denominations
of $1,000 and in integral multiples of $1,000, and interest will be computed on the basis of a 360-day year of twelve 30-day months.
If any interest payment date or the maturity date falls on a day that is not a business day, then the payment will be made on
the next business day without additional interest and with the same effect as if it were made on the originally scheduled date.
&ldquo;Business day&rdquo; means any calendar day that is not a Saturday, Sunday or legal holiday in New York, New York, and on
which the trustee and commercial banks are open for business in New York, New York.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">Unless otherwise indicated
in the applicable prospectus supplement, the trustee will act as paying agent and registrar for the debt securities under the indenture.
We may act as paying agent under the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">The prospectus supplement
will contain a description of material United States federal income tax consequences relating to the debt securities, to the extent
pplicable.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">The applicable prospectus
supplement will describe any covenants, such as restrictive covenants restricting us or any of our subsidiaries from incurring,
issuing, assuming or guarantying any indebtedness or restricting us or any of our subsidiaries from paying dividends or acquiring
any of our or its capital stock.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Consolidation, Merger and Transfer of Assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">The indenture permits
a consolidation or merger between us and another entity and/or the sale, conveyance or lease by us of all or substantially all
of our property and assets, provided that:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the resulting or acquiring entity, if other than us, is organized and existing under the laws of a United States jurisdiction and assumes all of our responsibilities and liabilities under the indenture, including the payment of all amounts due on the debt securities and performance of the covenants in the indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">immediately after the transaction, and giving effect to the transaction, no event of default under the indenture exists; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">we have delivered to the trustee an officers&rsquo; certificate stating that the transaction and, if a supplemental indenture is required in connection with the transaction, the supplemental indenture comply with the indenture and that all conditions precedent to the transaction contained in the indenture have been satisfied.</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">If we consolidate
or merge with or into any other entity, or sell or lease all or substantially all of our assets in compliance with the terms and
conditions of the indenture, the resulting or acquiring entity will be substituted for us in the indenture and the debt securities
with the same effect as if it had been an original party to the indenture and the debt securities. As a result, such successor
entity may exercise our rights and powers under the indenture and the debt securities, in our name and, except in the case of
a lease, we will be released from all our liabilities and obligations under the indenture and under the debt securities.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">Notwithstanding the
foregoing, we may transfer all of our property and assets to another entity if, immediately after giving effect to the transfer,
such entity is our wholly owned subsidiary. The term &ldquo;wholly owned subsidiary&rdquo; means any subsidiary in which we and/or
our other wholly owned subsidiaries own all of the outstanding capital stock.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: left">Under the indenture,
some of our rights and obligations and some of the rights of the holders of the debt securities may be modified or amended with
the consent of the holders of not less than a majority in aggregate principal amount of the outstanding debt securities affected
by the modification or amendment. However, the following modifications and amendments will not be effective against any holder
without its consent:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a change in the stated maturity date of any payment of principal or interest;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a reduction in the principal amount of or interest on any debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an alteration or impairment of any right to convert at the rate or upon the terms provided in the indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a change in the currency in which any payment on the debt securities is payable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an impairment of a holder&rsquo;s right to sue us for the enforcement of payments due on the debt securities; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a reduction in the percentage of outstanding debt securities required to consent to a modification or amendment of the indenture or required to consent to a waiver of compliance with certain provisions of the indenture or certain defaults under the indenture.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Under the indenture, the holders of
not less than a majority in aggregate principal amount of the outstanding debt securities may, on behalf of all holders of the
debt securities</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">waive compliance by us with certain restrictive provisions of the indenture; and</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">waive any past default under the indenture in accordance with the applicable provisions of the indenture, except a default in the payment of the principal of or interest on any series of debt securities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Unless we indicate otherwise in the
applicable prospectus supplement, &ldquo;event of default&rdquo; under the indenture will mean, with respect to any series of
debt securities, any of the following:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">failure to pay interest on any debt security for 30 days after the payment is due;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">failure to pay the principal of any debt security when due, either at maturity, upon redemption, by declaration or otherwise;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">failure on our part to observe or perform any other covenant or agreement in the indenture that applies to the debt securities for 90 days after we have received written notice of the failure to perform in the manner specified in the indenture; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">certain events of bankruptcy, insolvency or reorganization.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">If an event of default occurs and continues,
the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding debt securities of such series
may declare the entire principal of all the debt securities to be due and payable immediately, except that, if the event of default
is caused by certain events in bankruptcy, insolvency or reorganization, the entire principal of all of the debt securities of
such series will become due and payable immediately without any act on the part of the trustee or holders of the debt securities.
If such a declaration occurs, the holders of a majority of the aggregate principal amount of the outstanding debt securities of
such series can, subject to conditions, rescind the declaration. In addition, if there is an &ldquo;event of default&rdquo; under
the indenture, it may trigger an event of default under our credit agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The indenture requires us to furnish
to the trustee not less often than annually a certificate from our principal executive officer, principal financial officer or
principal accounting officer, as the case may be, as to such officer&rsquo;s knowledge of our compliance with all conditions and
covenants under the indenture. The trustee may withhold notice to the holders of debt securities of any default, except defaults
in the payment of principal of or interest on any debt securities if the trustee in good faith determines that the withholding
of notice is in the best interests of the holders. For purposes of this paragraph, &ldquo;default&rdquo; means any event which
is, or after notice or lapse of time or both would become, an event of default under the indenture.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The trustee is not obligated to exercise
any of its rights or powers under the indenture at the request, order or direction of any holders of debt securities, unless the
holders offer the trustee satisfactory security or indemnity. If satisfactory security or indemnity is provided, then, subject
to other rights of the trustee, the holders of a majority in aggregate principal amount of the outstanding debt securities may
direct the time, method and place of&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">conducting any proceeding for any remedy available to the trustee; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">exercising any trust or power conferred upon the trustee.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The holder of a debt security will have the right to begin any proceeding with respect to the indenture or for any remedy only if:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the holder has previously given the trustee written notice of a continuing event of default;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the holders of not less than a majority in aggregate principal amount of the outstanding debt securities have made a written request of, and offered reasonable indemnity to, the trustee to begin such proceeding;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.1pt; text-align: justify; text-indent: -27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.1pt; text-align: justify; text-indent: -27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.1pt; text-align: justify; text-indent: -27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.1pt; text-align: justify; text-indent: -27.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the trustee has not started such proceeding within 60 days after receiving the request; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">no direction inconsistent with such written request has been given to the trustee under the indenture.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">However, the holder of any debt security
will have an absolute right to receive payment of principal of and interest on the debt security when due and to institute suit
to enforce this payment.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>Satisfaction and Discharge of Indenture</I>.
Unless otherwise indicated in the applicable prospectus supplement, if at any time,&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">we have paid the principal of and interest on all the debt securities of any series, except for debt securities which have been destroyed, lost or stolen and which have been replaced or paid in accordance with the indenture, as and when the same shall have become due and payable, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">we have delivered to the trustee for cancellation all debt securities of any series theretofore authenticated, except for debt securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in the indenture, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all the debt securities of such series not theretofore delivered to the trustee for cancellation have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year, and we have deposited with the trustee, in trust, sufficient money or government obligations, or a combination thereof, to pay the principal, any interest and any other sums due on the debt securities, on the dates the payments are due or become due under the indenture and the terms of the debt securities,</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">then the indenture shall cease to be
of further effect with respect to the debt securities of such series, except for (a) rights of registration of transfer and exchange,
and our right of optional redemption, (b) substitution of mutilated, defaced, destroyed, lost or stolen debt securities, (c) rights
of holders to receive payments of principal thereof and interest thereon upon the original stated due dates therefor (but not
upon acceleration) and remaining rights of the holders to receive mandatory sinking fund payments, if any, (d) the rights, obligations
and immunities of the trustee under the indenture and (e) the rights of the holders of such series of debt securities as beneficiaries
thereof with respect to the property so deposited with the trustee payable to all or any of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>Defeasance and Covenant Defeasance</I>.
Unless otherwise indicated in the applicable prospectus supplement, we may elect with respect to any debt securities of any series
either:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to defease and be discharged from all of our obligations with respect to such debt securities (&ldquo;defeasance&rdquo;), with certain exceptions described below; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to be released from our obligations with respect to such debt securities under such covenants as may be specified in the applicable prospectus supplement, and any omission to comply with those obligations will not constitute a default or an event of default with respect to such debt securities (&ldquo;covenant defeasance&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We must comply with the following conditions
before the defeasance or covenant defeasance can be effected:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">we must irrevocably deposit with the indenture trustee or other qualifying trustee, under the terms of an irrevocable trust agreement in form and substance satisfactory to the trustee, trust funds in trust solely for the benefit of the holders of such debt securities, sufficient money or government obligations or a combination thereof, to pay the principal, any interest and any other sums on the due dates for those payments; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">we must deliver to the trustee an opinion of counsel to the effect that the holders of such debt securities will not recognize income, gain or loss for federal income tax purposes as a result of defeasance or covenant defeasance, as the case may be, to be effected with respect to such debt securities and will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such defeasance or covenant defeasance, as the case may be, had not occurred.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">In connection with defeasance, any irrevocable
trust agreement contemplated by the indenture must include, among other things, provision for (a) payment of the principal of
and interest on such debt securities, if any, appertaining thereto when due (by redemption, sinking fund payments or otherwise),
(b) the payment of the expenses of the trustee incurred or to be incurred in connection with carrying out such trust provisions,
(c) rights of registration, transfer, substitution and exchange of such debt securities in accordance with the terms stated in
the indenture and (d) continuation of the rights, obligations and immunities of the trustee as against the holders of such debt
securities as stated in the indenture.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The accompanying prospectus supplement
may further describe any provisions permitting or restricting defeasance or covenant defeasance with respect to the debt securities
of a particular series.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Unless otherwise indicated in the applicable
prospectus supplement, each debt security offered by this prospectus will be issued in the form of one or more global debt securities
representing all or part of that series of debt securities. This means that we will not issue certificates for that series of
debt securities to the holders. Instead, a global debt security representing that series will be deposited with, or on behalf
of, a securities depositary and registered in the name of the depositary or a nominee of the depositary. Any such depositary must
be a clearing agency registered under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). We will
describe the specific terms of the depositary arrangement with respect to a series of debt securities to be represented by a global
security in the applicable prospectus supplement.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We will give notices to holders of the
debt securities by mail at the addresses listed in the security register. In the case of notice in respect of unregistered securities
or coupon securities, we may give notice by publication in a newspaper of general circulation in New York, New York.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The indenture and the debt securities
will be governed by, and construed in accordance with, the laws of the State of New York, except to the extent the Trust Indenture
Act of 1939, as amended, is applicable.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">From time to time, we may maintain deposit
accounts and conduct other banking transactions with the trustee to be appointed under the indenture or its affiliates in the
ordinary course of business.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_022"></A><B>DESCRIPTION OF UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">As specified in the applicable prospectus
supplement, we may issue units consisting of shares of common stock and warrants or any combination of such securities.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The applicable prospectus supplement
will specify the following terms of any units in respect of which this prospectus is being delivered:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The terms of the units and of any of the common stock and warrants comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a description of the terms of any unit agreement governing the units; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a description of the provisions for the payment, settlement, transfer or exchange of the units.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Each applicable unit agreement will
be governed by, and construed in accordance with, the laws of State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_023"></A><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may sell the securities described
in this prospectus from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination
of these methods. We may sell the securities separately or together:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly to investors, including through a specific bidding, auction, or other process;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to investors through agents;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly to agents;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to or through brokers or dealers;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to the public through underwriting syndicates led by one or more managing underwriters;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in privately negotiated transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to one or more underwriters acting alone for resale to investors or to the public;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in a registered direct offering; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through a combination of any such methods of sale.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Our common stock may be issued upon
conversion of debt securities. Securities may also be issued upon exercise of warrants or rights and division of units and we
reserve the right to sell securities directly to investors on their own behalf in those jurisdictions where they are authorized
to do so.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">If we sell securities to a dealer acting
as principal, the dealer may resell such securities at varying prices to be determined by such dealer in its discretion at the
time of resale without consulting with us and such resale prices may not be disclosed in the applicable prospectus supplement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Any underwritten offering may be on
a best efforts or a firm commitment basis. We may also offer securities through subscription rights distributed to our stockholders
on a pro rata basis, which may or may not be transferable. In any distribution of subscription rights to stockholders, if all
of the underlying securities are not subscribed for, we may then sell the unsubscribed securities directly to third parties or
may engage the services of one or more underwriters, dealers or agents, including standby underwriters, to sell the unsubscribed
securities to third parties.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may distribute the securities from
time to time in one or more transactions:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at a fixed price or prices, which may be changed;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at market prices prevailing at the time of sale;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at prices related to such prevailing market prices;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at varying prices determined at the time of sale; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at negotiated prices.</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Any of the prices may represent a discount
from the then prevailing market prices.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may determine the price or other
terms of the securities offered under this prospectus by use of an electronic auction. We will describe in the applicable prospectus
supplement how any auction will be conducted to determine the price or any other terms of the securities, how potential investors
may participate in the auction and, where applicable, the nature of the underwriters&rsquo; obligations with respect to the auction.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may solicit directly offers to purchase
the securities being offered by this prospectus. We may also designate agents to solicit offers to purchase the securities from
time to time. We will name in a prospectus supplement any agent involved in the offer or sale of the securities.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">If we utilize an underwriter in the
sale of the securities being offered by this prospectus, we will execute an underwriting agreement with the underwriter at the
time of sale and we will provide the name of any underwriter in the prospectus supplement that the underwriter will use to make
resales of the securities to the public. Any underwritten offering may be on a best efforts or firm commitment basis. In connection
with the sale of the securities, we or the purchasers of the securities for whom the underwriter may act as agent may compensate
the underwriter in the form of underwriting discounts or commissions. The underwriter may sell the securities to or through dealers,
and the underwriter may compensate those dealers in the form of discounts, concessions or commissions.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We, our underwriters, dealers or agents
may facilitate the marketing of an offering online directly or through one of their affiliates. In those cases, prospective investors
may view offering terms and a prospectus online and, depending upon the particular underwriter, dealer or agent, place orders
online or through their financial advisors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We will provide in the applicable prospectus
supplement (i) the identity of any underwriter, dealer or agent, (ii) any compensation we will pay to underwriters, dealers or
agents in connection with the offering of the securities, (iii) any discounts, concessions or commissions allowed by underwriters
to participating dealers, (iv) the amounts underwritten; and (v) the nature of the underwriter&rsquo;s or underwriters&rsquo;
obligation to take the securities. Underwriters, dealers and agents participating in the distribution of the securities may be
deemed to be underwriters within the meaning of the Securities Act, and any discounts and commissions received by them and any
profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions. We may enter into
agreements to indemnify underwriters, dealers and agents against civil liabilities, including liabilities under the Securities
Act, or to contribute to payments they may be required to make in respect thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Unless otherwise specified in the related
prospectus supplement, each series of securities will be a new issue with no established trading market, other than shares of
common stock, which are listed on the NYSE MTK. Any common stock sold pursuant to a prospectus supplement will be eligible for
listing and trading on the NYSE MTK, subject to applicable notices. We may elect to list any series of warrants, rights, debt
securities, units or depositary shares on an exchange, but we are not obligated to do so. It is possible that one or more underwriters
may make a market in the securities, but such underwriters will not be obligated to do so and may discontinue any market making
at any time without notice. No assurance can be given as to the liquidity of, or the trading market for, any offered securities.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">To facilitate the offering of securities,
certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price
of the securities. This may include over-allotments or short sales of the securities, which involve the sale by persons participating
in the offering of more securities than we sold to them. In these circumstances, these persons would cover such over-allotments
or short positions by making purchases in the open market or by exercising their over-allotment option. In addition, these persons
may stabilize or maintain the price of the securities by bidding for or purchasing the securities in the open market or by imposing
penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if the securities
sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize
or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These transactions
may be discontinued at any time.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We do not make any representation or
prediction as to the direction or magnitude of any effect that the transactions described above might have on the price of the
securities. In addition, we do not make any representation that underwriters will engage in such transactions or that such transactions,
once commenced, will not be discontinued without notice.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may authorize underwriters, dealers
or agents to solicit offers by certain purchasers to purchase the securities at the public offering price set forth in the prospectus
supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts
will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth
any commissions we pay for solicitation of these contracts.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We may enter into derivative transactions
with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If
the applicable prospectus supplement indicates, in connection with those derivatives, the parties may sell securities covered
by this prospectus and the applicable prospectus supplement, including short sale transactions. If so, the third party may use
securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock,
and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock.
If the third party is or may be deemed to be an underwriter under the Securities Act, it will be identified in the applicable
prospectus supplement. In addition, we may otherwise loan or securities to a financial institution or other third party that in
turn may sell the securities short using this prospectus. Such financial institution or other third party may transfer its economic
short position to investors in our securities or in connection with a concurrent offering of other securities.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">To comply with applicable state securities
laws, the securities offered by this prospectus will be sold, if necessary, in such jurisdictions only through registered or licensed
brokers or dealers. In addition, securities may not be sold in some states unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The underwriters, dealers and agents
may engage in transactions with us, or perform services for us, in the ordinary course of business.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_024"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Certain legal matters with respect to
United States and New York law relating to the validity of certain of the offered securities will be passed upon for us by DLA
Piper LLP (US), New York, New York. Certain legal matters with respect to Nevada law relating to the validity of certain of the
offered securities will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP, Las Vegas, Nevada.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_025"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The consolidated financial statements
as of December 31, 2012, and 2013 and for each of the two years in the period ended December 31, 2013 incorporated by reference
in this prospectus have been so incorporated in reliance on the reports of BDO China Shu Lun Pan Certified Public Accountants
LLP, an independent registered public accounting firm, also incorporated herein by reference, and given on the authority of said
firm as experts in accounting and auditing.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_026"></A><B>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We file annual, quarterly and special
reports, along with other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC&rsquo;s
website at http://www.sec.gov. You may also read and copy any document we file at the SEC&rsquo;s Public Reference Room at 100
F Street, NE, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Room.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This prospectus is part of a registration
statement on Form S-3 that we filed with the SEC to register the securities offered hereby under the Securities Act of 1933, as
amended. This prospectus does not contain all of the information included in the registration statement, including certain exhibits
and schedules. You may obtain the registration statement and exhibits to the registration statement from the SEC at the address
listed above or from the SEC&rsquo;s internet site.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_027"></A><B>INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; into this prospectus the information that we file with them, which means that we can disclose important information
to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus.
The following documents were filed with the SEC pursuant to the Exchange Act and are incorporated by reference and made a part
of this prospectus:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 25, 2014;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Quarterly Report on Form 10-Q for the three months ended March 31, 2014, filed with the SEC on May 15, 2014;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Current Reports on Form 8-K filed with the SEC on May 28, 2014, March 6, 2014 and March 5, 2014; and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The description of our Common Stock contained in our Registration Statement on Form 8-A filed May 10, 2007 (File No. 000-52639), including any amendment or report filed for the purpose of updating such description.</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">All documents that we file with the
SEC pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act after the date of the initial filing of the registration
statement that contains this prospectus and prior to the effectiveness of such registration statement and after the date of this
prospectus until the sale of all of the securities covered by this prospectus shall also be deemed to be incorporated herein by
reference (other than any portions of any such documents that are not deemed &ldquo;filed&rdquo; under the Exchange Act in accordance
with the Exchange Act and applicable SEC rules) and will automatically update information in this prospectus.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Any statement contained herein or made
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained herein, or in any other subsequently filed document which also is
incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We will provide without charge to each
person to whom this prospectus is delivered, upon oral or written request, a copy of any or all of the foregoing documents incorporated
herein by reference (other than exhibits to such documents unless such exhibits are specifically incorporated by reference into
the information that this prospectus incorporates). Written or telephone requests should be directed to: Orient Paper, Inc., Science
Park, Juli Road, Xushui County, Baoding City, Hebei Province, People&rsquo;s Republic of China 072550. Our telephone number is
011- (86) 312-8698215.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">17</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
