<SEC-DOCUMENT>0001213900-15-003609.txt : 20150514
<SEC-HEADER>0001213900-15-003609.hdr.sgml : 20150514
<ACCEPTANCE-DATETIME>20150513183004
ACCESSION NUMBER:		0001213900-15-003609
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150513
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150514
DATE AS OF CHANGE:		20150513

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34577
		FILM NUMBER:		15859729

	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>8-K
<SEQUENCE>1
<FILENAME>f8k051315_orientpaper.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B><BR>
<B>Pursuant to Section 13 or 15(d) of the </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Date of report (Date of earliest event
reported): May 13, 2015</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified
in its charter)</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of incorporation)</P>

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

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    <td style="vertical-align: top; width: 50%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">001-34577</font></td>
    <td style="vertical-align: bottom; width: 1%; text-align: center; line-height: 107%">&nbsp;</td>
    <td style="vertical-align: top; width: 49%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">20-4158835</font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(Commission File Number)</font></td>
    <td style="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</td>
    <td style="vertical-align: top; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(IRS Employer Identification No.)</font></td></tr>
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    <td style="width: 50%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Science Park, Juli Road</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Xushui County, Baoding City</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Hebei Province, People&rsquo;s Republic
        of China<b> </b></P></td>
    <td style="width: 1%; text-align: center; line-height: 107%">&nbsp;</td>
    <td style="width: 49%; border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">072550</font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(Address of principal executive offices)</font></td>
    <td style="vertical-align: bottom; text-align: center; line-height: 107%">&nbsp;</td>
    <td style="vertical-align: top; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(Zip Code)</font></td></tr>
</table>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(86) 312-8698215</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Registrant&rsquo;s telephone number,
including area code)</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Former name or former address, if changed
since last report)</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see </I>General Instruction A.2. below):</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#9744; &nbsp;&nbsp;Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#9744; &nbsp;&nbsp;Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#9744; &nbsp;&nbsp;Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#9744; &nbsp;&nbsp;Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

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<tr style="vertical-align: top">
    <td style="width: 10%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Item 2.02</b></font></td>
    <td style="width: 90%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Results of Operations and Financial Condition.</b></font></td></tr>
</table>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 13, 2015, Orient Paper, Inc.
(the &ldquo;Company&rdquo;) issued a press release announcing its unaudited financial results and certain operational results for
the quarter ended March 31, 2015. A copy of the press release making the announcement is attached as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference.</P>

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

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<tr style="vertical-align: top">
    <td style="width: 10%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Item 9.01</b></font></td>
    <td style="width: 90%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial Statements and Exhibits.</b></font></td></tr>
</table>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The following exhibits are filed herewith:</P>

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

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    <td style="vertical-align: top; width: 10%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exhibit Number</font></td>
    <td style="vertical-align: top; width: 1%; line-height: 107%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 89%; border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Description</font></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td style="line-height: 107%">&nbsp;</td>
    <td style="line-height: 107%">&nbsp;</td>
    <td style="line-height: 107%">&nbsp;</td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">99.1</font></td>
    <td style="line-height: 107%">&nbsp;</td>
    <td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Press Release dated May 13, 2015, announcing unaudited financial results and certain operational results of the Company for the first quarter of 2015 </font></td></tr>
</table>



<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="line-height: 107%">&nbsp;</td>
    <td colspan="3" style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">ORIENT PAPER, INC.</font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 63%; line-height: 107%">&nbsp;</td>
    <td style="width: 2%; line-height: 107%">&nbsp;</td>
    <td style="width: 5%; line-height: 107%">&nbsp;</td>
    <td style="width: 30%; line-height: 107%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Date: May 13, 2015</font></td>
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">By:</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">/s/ Zhenyong Liu</font></td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">&nbsp;</td>
    <td style="line-height: 107%">&nbsp;</td>
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Name:</font></td>
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Zhenyong Liu</font></td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%">&nbsp;</td>
    <td style="line-height: 107%">&nbsp;</td>
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Title:</font></td>
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</font></td></tr>
</table>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k051315ex99i_orientpaper.htm
<DESCRIPTION>ORIENT PAPER, INC. REPORTS FINANCIAL RESULTS FOR FIRST QUARTER 2015
<TEXT>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: right; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; text-align: center; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Orient
Paper, Inc. Reports Financial Results for First Quarter 2015</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">BAODING,&nbsp;China,&nbsp;May
13, 2015&nbsp;/PRNewswire/ -- Orient Paper, Inc. (NYSE MKT: ONP) (&quot;Orient Paper&quot; or the &quot;Company&quot;), a leading
manufacturer and distributor of diversified paper products in&nbsp;North China, today announced its unaudited financial results
for the first quarter ended&nbsp;March 31, 2015.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Financial
Highlights:</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: black; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>US$
    million</B></FONT></TD><TD STYLE="color: black; padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: black; text-align: center; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>1Q
    2015</B></FONT></TD><TD STYLE="color: black; padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>YOY
    Change</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; color: black; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Revenues</B></FONT></TD><TD STYLE="width: 1%; color: black; padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; color: black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; color: black; text-align: right"><FONT STYLE="color: Black">26.5</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; color: black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; color: black; padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; color: black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; color: black; text-align: right"><FONT STYLE="color: Black">2.9</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; color: black; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 6pt"><FONT STYLE="color: Black">-&nbsp;&nbsp;&nbsp;&nbsp;Regular
    Corrugating Medium Paper ("CMP") *</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">16.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">-3.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 6pt"><FONT STYLE="color: Black">-&nbsp;&nbsp;&nbsp;&nbsp;Light-Weight CMP**</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">3.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">N/A</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="color: Black">-&nbsp;&nbsp;&nbsp;&nbsp;Offset
    Printing Paper</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">6.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">-7.6</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Gross
    profit</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">5.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">6.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Gross
    margin</B></FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">18.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">0.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 6pt"><FONT STYLE="color: Black">-&nbsp;&nbsp;&nbsp;Regular CMP</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">17.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">1.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 6pt"><FONT STYLE="color: Black">-&nbsp;&nbsp;&nbsp;Light-Weight CMP**</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: Black">27.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">N/A</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="color: Black">-&nbsp;&nbsp;&nbsp;Offset
    Printing Paper</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">18.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">-3.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Income
    from Operations</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">3.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">-12.8</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Net
    income</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">2.1</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">-16.9</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>EBITDA</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">6.0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="color: Black">5.3</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="color: Black">%</FONT></TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"><I>Note:</I></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"><I>*Products from PM6
        production line</I></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"><I>**Products from the
        newly renovated PM1 production line</I></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"><I>Pp represents percentage
        points.</I></FONT></P></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B></B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Key
Highlights for&nbsp;First&nbsp;Quarter 2015:</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Revenue
                                         up 2.9% YoY to&nbsp;US$26.5 million</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Total
                                         CMP (corrugating medium paper) revenue and volume sold up 15.2% and 17.5%, respectively</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Mr.&nbsp;Zhenyong
Liu, Chairman and Chief Executive Officer of Orient Paper, commented, &quot;We are pleased with our first quarter financial performance
as we experienced year-over-year top line growth, which was primarily driven by the continued market acceptance of our Light-Weight
CMP products. Our revenue growth was notable because there were no sales of our digital photo paper products due to the production
line relocation and our offset printing paper products experienced a decrease in sales volume due to a temporary interruption
in production resulting from maintenance performed on one of our offset printing paper production lines inMarch 2015.&quot;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Mr.
Liu continued, &quot;In the first quarter, we continued to focus on the establishment of our tissue paper production operation
and relocation of our digital photo paper production lines. As we announced in the middle of&nbsp;April 2015, the installation
of the packaging production lines have been completed and we have already launched the trial production, nearly two months ahead
of our original schedule. We continue to see good progress and are on schedule to begin commercial production of our tissue paper
products by early June. We are also making good progress on the relocation of our digital photo paper production lines, which
are on track to resume production in the second half of this year. With the pricing environment expected to remain relatively
stable in the second half of 2015, we believe these two products will be important drivers of our growth in the second half of
2015 and beyond.&quot;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Financial
Review:</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>First
Quarter 2015&nbsp;Financial Results compared with First Quarter 2014</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><I>The
table below summarizes changes in revenues, sales volumes, and average selling prices (&quot;ASPs&quot;) for 1Q 2015:</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid">Sales Volumes<BR> (Tonnes)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>YOY</B></FONT><FONT STYLE="color: Black"><BR> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Change</B></FONT></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid">Revenue<BR> (US$ millions)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>YOY&nbsp;</B></FONT><FONT STYLE="color: Black"><BR> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Change</B></FONT></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid">ASP <BR>(US$)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>YOY</B></FONT></P> <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>Change</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; color: Black; text-align: left; padding-left: 6pt">-&nbsp;&nbsp;Regular&nbsp;CMP</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: Black; text-align: right">44,770</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: Black; text-align: right">-1.3</TD><TD STYLE="width: 1%; color: Black; text-align: left">%</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: Black; text-align: right">16.5</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: Black; text-align: right">-3.5</TD><TD STYLE="width: 1%; color: Black; text-align: left">%</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: Black; text-align: right">369</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: Black; text-align: right">-2.1</TD><TD STYLE="width: 1%; color: Black; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">-&nbsp;&nbsp;Light-Weight CMP</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">8,501</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">N/A</FONT></TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3.2</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">N/A</FONT></TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">376</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">N/A</FONT></TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">-&nbsp;&nbsp;Offset Printing Paper</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">9,874</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">-9.1</TD><TD STYLE="color: Black; text-align: left">%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">6.8</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">-7.6</TD><TD STYLE="color: Black; text-align: left">%</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">689</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">+1.6%</FONT></TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Revenue</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Total
Revenue in the first quarter of 2015 was&nbsp;$26.5 million, an increase of 2.9% from&nbsp;$25.8 million&nbsp;in the prior year
period.&nbsp; The revenue increase was mainly due to revenue from our new Light-Weight CMP product, which was partially offset
by the absence of revenue from the digital photo paper due to the production line relocation.&nbsp; Total CMP sales were up year
over year.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><I>CMP</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Revenue
                                         from CMP increased 15.2% year over year to&nbsp;$19.7 million, representing 74.3% of
                                         total revenue.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Of
                                         the total CMP sales,&nbsp;$3.2 million&nbsp;was generated by Light-Weight CMP and&nbsp;$16.5
                                         million&nbsp;was generated by Regular CMP.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Total
                                         volume of CMP sold was up 17.5% year over year to 53,271 tonnes. Regular CMP volume sold
                                         was down 1.3% year over year to 44,770 tonnes, while volume sold for the new product
                                         Light-Weight CMP totaled 8,501 tonnes.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Regular
                                         CMP ASP decreased by 2.1% to&nbsp;$369/tonne.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Light-Weight
                                         CMP commands a slight premium to Regular CMP, with an ASP of&nbsp;$376/tonne.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 29.25pt; background-color: white; color: #404040"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><I>Offset
Printing Paper</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Revenue
                                         from offset printing paper decreased 7.6% year over year to&nbsp;$6.8 million, representing
                                         25.7% of total revenue, due to reduced volume.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Volume
                                         sold was down 9.1% year over year to 9,874 tonnes, mainly due to a temporary interruption
                                         in production resulting from maintenance performed on the PM3 production line in&nbsp;March
                                         2015.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">ASP
                                         increased 1.6% year over year to&nbsp;$689/tonne.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 29.25pt; background-color: white; color: #404040"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><I>Digital
Photo Paper</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 29.25pt; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Production
                                         of digital photo paper is suspended while our production facilities are being relocated
                                         pursuant to the regulatory mandates by the Xushui county government.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; color: #404040"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">No
                                         digital photo paper sales were made in the first quarter of 2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Cost
of Sales and Gross Profit</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Cost
of Sales in the first quarter of 2015 was&nbsp;$21.5 million, up 2.1% year over year.&nbsp; The increase was primarily due to
the addition of the cost of sales of Light-Weight CMP. Cost per tonne of Light-Weight CMP was&nbsp;$272, while cost per tonne
of Regular CMP was$305, a 3.8% decrease as a result of declining raw material prices. Cost per tonne for offset printing paper
increased by 6.0% to$564.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Gross
profit in the first quarter of 2015 was&nbsp;$5.0 million, up 6.8% year over year.&nbsp; Gross margin was 18.8%, up from 18.1%
in the same quarter a year ago. Gross profit margins for Regular CMP, Light-Weight CMP, and offset printing paper were 17.4%,
27.7% and 18.1%, respectively.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Selling,
General and Administrative Expenses</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Selling,
general and administrative expenses (&quot;SG&amp;A&quot;) were&nbsp;$1.7 million&nbsp;for the first quarter of 2015, up 87.7%
from&nbsp;$0.9 million&nbsp;for the first quarter of 2014.&nbsp; The increase was primarily due to the increase in the depreciation
costs associated with disassembling the digital photo production lines for relocation that was charged to SG&amp;A and the property,
plant and equipment in our Wei County Industrial Park.&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Income
from Operations</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Income
from operations was&nbsp;$3.3 million&nbsp;for the first quarter of 2015, down 12.8% from$3.8 million in the same quarter a year
ago.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Net
Income</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Net
income was&nbsp;$2.1 million, down 16.9% from&nbsp;$2.5 million&nbsp;in the same quarter a year ago.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Basic
and diluted earnings per share for the first quarter of 2015 were&nbsp;$0.10, compared to&nbsp;$0.14&nbsp;for the corresponding
period of 2014.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>EBITDA</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Earnings
before interest, taxes, depreciation and amortization (&quot;EBITDA&quot;) were&nbsp;$6.0 million, up from&nbsp;$5.7 million&nbsp;in
the first quarter of 2014.&nbsp; EBITDA is a non-GAAP financial measure. Please see Note 2 for the reconciliation of Net Income
to EBITDA.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Cash,
Liquidity and Financial Position</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">As
of&nbsp;March 31, 2015, cash and cash equivalents were&nbsp;$2.5 million, compared to&nbsp;$3.9 million&nbsp;at the end of 2014.
Net cash used in operating activities was&nbsp;$2.0 million&nbsp;for the first quarter of 2015, compared with&nbsp;$7.8 million&nbsp;of
net cash provided by operating activities in the first quarter of 2014.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">The
net working capital deficit was&nbsp;$17.6 million&nbsp;at March31, 2015, resulting from&nbsp;$23.3 million&nbsp;of current assets
and&nbsp;$40.9 million&nbsp;of current liabilities. &nbsp;The Company believes that it can successfully secure financing to meet
all working capital and capital expenditure needs for the next twelve months.&nbsp; However, there can be no guarantee that the
Company will succeed in raising additional capital. Therefore, the working capital deficit raises a substantial doubt about the
ability of the Company to continue as going concern.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">As
of&nbsp;March 31, 2015, short-term debt was&nbsp;$22.4 million, including notes payable of&nbsp;$10.1 million, and current capital
lease obligations were&nbsp;$11.9 million.&nbsp; Long-term debt was&nbsp;$15.5 million, and non-current capital lease obligations
were&nbsp;$4.1 million.&nbsp; Debt (including capital leases) represents 23% of total capitalization, which the Company believes,
is within a normal range for the paper industry in&nbsp;China.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Operations
and Business Updates</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Expansion
into Tissue Paper Market</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">The
Company is building production facilities in the Wei County Industrial Park in&nbsp;Hebei Province&nbsp;for tissue paper production.
The Company completed the installation of the tissue paper packaging equipment and commenced trial production in&nbsp;mid-April
2015. Construction of the factory and associated infrastructure is progressing, and the production of tissue paper is scheduled
to begin by early&nbsp;June 2015.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Relocation
of Digital Photo Paper Production</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">The
Company is relocating its digital photo paper production lines from its Headquarters Compound to a new location across the street
from the Company's Xushui Paper Mill (&quot;Xushui Mill Annex&quot;).&nbsp; Currently, the two production lines have been disassembled,
equipment has been moved to the Xushui Mill Annex, and almost all of the equipment has been installed.&nbsp; The Company anticipates
completing the installation of electrical and steam infrastructure over the next couple of months. Paper production is expected
to resume in the second half of 2015. The Company estimates the cost of relocation to be approximately&nbsp;$1.6 million. Building
construction cost at the Xushui Mill Annex is estimated to be an additional&nbsp;$7.5 million&nbsp;for 2015 and 2016.&nbsp; As
of&nbsp;March 31, 2015, the Company has entered into contracts related to the relocation of the digital photo paper production
lines for approximately&nbsp;$4.7 million.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Conference
Call</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">The
Company will host a conference call at&nbsp;8:00 am&nbsp;US Eastern Time (5:00 am&nbsp;US Pacific Time/8:00 pm&nbsp;Beijing Time)
on&nbsp;Thursday, May 14, 2015, to discuss its financial results and recent business, operational and corporate activities.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040"><FONT STYLE="color: Black">To
participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call
time:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Mainland
    China: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">400-120-0654</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Hong
    Kong: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">800-906-606</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">United
    States:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">1-855-500-8701</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">International:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">+65-6723-9385</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Passcode:
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">3407
    0256</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040"><FONT STYLE="color: Black">A
replay of this conference call will be available by dialing:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Mainland
    China: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">400-632-2162
    / 800-870-0205</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Hong
    Kong: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">800-963-117</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">United
    States:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">1-855-452-5696</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">International:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">+61-2-9003-4211</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Passcode:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">3407
    0256</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">The
replay will be archived for fourteen days following the earnings announcement until&nbsp;May 28, 2015.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="color: Black">This
conference call will be broadcast live over the Internet and can be accessed by clicking&nbsp;http://www.orientpaperinc.com/&nbsp;.
Please access the link at least fifteen minutes prior to the call to register, download, and install any necessary audio software.
A replay will be available by accessing the same link for one year shortly after the call.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>About
Orient Paper, Inc.</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">Orient
Paper, Inc. (&quot;Orient Paper&quot;) is a leading paper manufacturer in&nbsp;North China. Using recycled paper as its primary
raw material, Orient Paper produces and distributes three categories of paper products: corrugating medium paper, offset printing
paper, and other paper products, including digital photo paper and tissue paper that the company is currently expanding into.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">With
production based in Baoding in&nbsp;North China's&nbsp;Hebei Province, Orient Paper is located strategically close to the&nbsp;Beijing&nbsp;and&nbsp;Tianjinregion,
home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption
in the country.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040"><FONT STYLE="color: Black">Orient
Paper's production facilities are controlled and operated by its wholly owned subsidiary Shengde Holdings Inc., which in turn
controls and operates Baoding Shengde Paper Co., Ltd., and Hebei Baoding Orient Paper Milling Co., Ltd.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="color: Black">Founded
in 1996, Orient Paper has been listed on the NYSE MKT under the ticker symbol &quot;ONP&quot; since&nbsp;December 2009. (For more
information, please visit&nbsp;http://www.orientpaperinc.com)</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Note
1: Production Facilities of Orient Paper</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Production
    Line#</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Paper
    Product</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Designed
    Capacity (tonnes/year)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Location</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Corrugating&nbsp;medium&nbsp;paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">60,000</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Xushui
    County, Baoding city, Hebei province</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Offset
    printing paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">50,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Offset
    printing paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">40,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM4*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Digital
    photo paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">**</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Xushui
    County, Baoding city, Hebei province</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM5*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Digital
    photo paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Corrugating
    medium paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">360,000</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Xushui
    County, Baoding city, Hebei province</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM7*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Specialty
    paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM8*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Tissue
    paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">15,000</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Economic
    Development Zone in Wei County, Hebei Province</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">PM9*</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Tissue
    paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 6pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">15,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">*: Being relocated, under
        renovation or construction, or in the planning stage.</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">**: PM4 and PM5 have
        a total coating capacity of 2,500 tonnes per year.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B></B></FONT></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Note
2: Non-GAAP Financial Measures</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040"><FONT STYLE="color: Black">In
addition to our U.S. GAAP results, this press release also includes a discussion of EBITDA, a non-GAAP financial measure as defined
by the SEC. The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a
key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful
to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the
Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed
as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Reconciliation
of Net Income to EBITDA</B><BR>
<B>(Amounts expressed in US$)</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-bottom: Black 1.5pt solid">(in millions)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>For the Three Months Ended</B></FONT></P> <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>March 31</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>2015</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; color: Black; text-align: left; padding-left: 6pt">Net income</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 9%; color: Black; text-align: right">2.1</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 9%; color: Black; text-align: right">2.5</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Add: Income tax</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">0.8</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1.0</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Add: Net interest expense</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">0.6</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">0.3</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 9.95pt">Add: Depreciation and amortization</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">2.5</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">1.9</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>EBITDA</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">6.0</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">5.7</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black"><B>Safe
Harbor Statement</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040"><FONT STYLE="color: Black">This
announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements,
including but not limited to, the plan to resume digital photo paper production and sales; anticipated launch of the tissue paper
production and sales, &nbsp;the actions and initiatives of current and potential competitors; the Company's ability to introduce
new products; the Company's ability to implement the planned capacity expansion of corrugate medium paper; market acceptance of
new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel
and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions,
estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required
by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot
assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially
from the anticipated results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"><B>For investor and media inquiries,
please contact:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"><B>Orient Paper, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Email: ir@orientpaperinc.com</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Bill Zima</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Tel: +1 (203) 682-8200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">Email: bill.zima@icrinc.com</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>ORIENT
        PAPER, INC.</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>CONDENSED
        CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>FOR
        THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>(Unaudited)</B></FONT></P></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: Black; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Three Months&nbsp;Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>March&nbsp;31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>2015</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; color: Black; padding-left: 6pt">Revenues</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 9%; color: Black; text-align: right">26,504,344</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 9%; color: Black; text-align: right">25,753,864</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-bottom: 1.5pt; padding-left: 6pt">Cost of Sales</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(21,517,611</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(21,083,028</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Gross Profit</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">4,986,733</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">4,670,836</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Selling, general and administrative expenses</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(1,706,392</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(908,916</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Income from Operations</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,280,341</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,761,920</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Other Income (Expense):</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Interest income</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">48,808</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">5,397</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Subsidy income</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">230,043</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Interest expense</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(648,218</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(275,292</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Income before Income Taxes</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,910,974</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,492,025</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Provision for Income Taxes</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(805,485</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(958,731</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Net Income</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,105,489</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,533,294</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Other Comprehensive Income:</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Foreign currency translation adjustment</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(667,546</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(1,375,490</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 4pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Total Comprehensive Income</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">1,437,943</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">1,157,804</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Earnings Per Share:</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 4pt; padding-left: 9.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Basic and Fully Diluted Earnings per Share</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">0.10</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">0.14</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Weighted Average Number of Shares</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 4pt; padding-left: 9.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Outstanding&nbsp;- Basic and Fully Diluted</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">20,316,400</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">18,753,900</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>ORIENT
        PAPER, INC.</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>CONDENSED
        CONSOLIDATED BALANCE SHEETS</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>AS
        OF MARCH 31, 2015 AND DECEMBER 31, 2014</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>(Unaudited)</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>March&nbsp;31,</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>December&nbsp;31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>2015</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: center; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>ASSETS</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Current Assets</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; color: Black; text-align: left; padding-left: 9.95pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 9%; color: Black; text-align: right">2,544,567</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 9%; color: Black; text-align: right">3,891,473</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Restricted cash</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">5,047,052</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">8,873,999</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 20.05pt">Accounts receivable (net of allowance for doubtful accounts of $77,970 and $76,125 as of March 31, 2015 and December 31, 2014, respectively)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,820,506</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,730,123</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 9.95pt">Inventories</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">10,931,611</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">7,139,599</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Prepayments and other current assets</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">941,251</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,919,668</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 9.95pt">Deferred tax assets - current</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">6,018</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Total current assets</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">23,291,005</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">26,554,862</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Prepayment on property, plant and equipment</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1,484,810</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1,490,440</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Property, plant, and equipment, net</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">209,095,769</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">208,213,198</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Recoverable VAT</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,089,938</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,228,075</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Deferred tax asset &ndash; non-current</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">424,900</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">281,010</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 4pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Total Assets</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">237,386,422</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">239,767,585</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: center; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>LIABILITIES AND STOCKHOLDERS' EQUITY</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Current Liabilities</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Short-term bank loans</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">9,768,487</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">$</TD><TD STYLE="color: Black; text-align: right">9,805,524</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Current portion of long-term loans from credit union</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">146,527</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">147,083</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Current portion of long-term loan from a related party</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,377,962</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,386,978</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Current obligations under capital lease</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">11,898,798</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">12,258,488</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Accounts payable</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">839,255</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Notes payable</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">10,094,103</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">16,113,744</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Due to a related party</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">267,741</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">227,900</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Accrued payroll and employee benefits</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">354,644</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">492,765</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Other payables and accrued liabilities</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">3,506,683</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,400,523</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 9.95pt">Income taxes payable</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">1,591,192</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">637,143</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Total current liabilities</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">40,845,392</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">44,470,148</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Loans from credit union</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">5,738,986</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">5,760,745</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Loan from a related party</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">9,768,487</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">9,805,524</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Deferred gain on sale-leaseback</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">577,302</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">695,389</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Long-term obligations under capital lease</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">4,072,946</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">4,090,413</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 9.95pt">Total liabilities</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">61,003,113</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">64,822,219</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Commitments and Contingencies</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Stockholders' Equity</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 20.05pt">Common stock, 500,000,000 shares authorized, $0.001 par value per share, 20,316,400 shares issued and outstanding as of March 31, 2015 and December 31, 2014</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">20,316</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">20,316</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Additional paid-in capital</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">49,218,982</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">49,218,982</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Statutory earnings reserve</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">6,080,574</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">6,080,574</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Accumulated other comprehensive income</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">16,353,619</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">17,021,165</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 9.95pt">Retained earnings</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">104,709,818</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">102,604,329</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 9.95pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 9.95pt">Total stockholders' equity</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">176,383,309</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">174,945,366</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 4pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Total Liabilities and Stockholders' Equity</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">237,386,422</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">239,767,585</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white; color: #404040; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-right: 6pt; padding-left: 6pt"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>ORIENT
        PAPER, INC.</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>CONDENSED
        CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>FOR
        THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>(Unaudited)</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: Black; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Three Months&nbsp;Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>March 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>2015</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Cash Flows from Operating Activities:</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; color: Black; text-align: left; padding-left: 6pt">Net income</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 9%; color: Black; text-align: right">2,105,489</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: Black; text-align: left">$</TD><TD STYLE="width: 9%; color: Black; text-align: right">2,533,294</TD><TD STYLE="width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Depreciation and amortization</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,514,884</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">1,938,794</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Allowance for/(Recovery from) bad debts</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,132</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(7,654</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Deferred tax</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(150,970</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">163,509</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Changes in operating assets and liabilities:</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Accounts receivable</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(106,604</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">398,185</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Prepayments and other current assets</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,093,569</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">305,382</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 9.95pt">Inventories</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(3,818,979</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(1,572,609</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Accounts payable</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">839,255</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">45,697</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Notes payable</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(5,958,777</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">4,249,964</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Accrued payroll and employee benefits</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(136,260</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(61,855</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 9.95pt">Other payables and accrued liabilities</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(315,737</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(866,457</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 9.95pt">Income taxes payable</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">956,456</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">699,672</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Net Cash (Used in)/Provided by Operating Activities</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(1,975,542</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">7,825,922</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Cash Flows from Investing Activities:</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Purchases of property, plant and equipment</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(15,972</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(4,703</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Payment for construction in progress</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(2,655,675</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(2,960,341</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Net Cash Used in Investing Activities</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(2,671,647</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(2,965,044</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Cash Flows from Financing Activities:</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Proceeds from related party loans</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">80,000</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">123,500</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Repayment of related party loans</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(80,000</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(123,500</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt">Payment of capital lease obligation</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(471,459</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(6,039</TD><TD STYLE="color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Decrease/(Increase) in restricted cash</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">3,793,429</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(2,075,943</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Net Cash Provided by/(Used in) Financing Activities</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">3,321,970</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(2,081,982</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Effect of Exchange Rate Changes on Cash and Cash Equivalents</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(21,687</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">(69,833</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Net (Decrease)/Increase in Cash and Cash Equivalents</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">(1,346,906</TD><TD STYLE="color: Black; text-align: left">)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">2,709,063</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 1.5pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Cash and Cash Equivalents - Beginning of Period</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">3,891,473</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: Black; text-align: right">3,131,163</TD><TD STYLE="padding-bottom: 1.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 4pt; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Cash and Cash Equivalents - End of Period</B></FONT></TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">2,544,567</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">5,840,226</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; padding-left: 6pt">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-left: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Supplemental Disclosure of Cash Flow Information:</B></FONT></TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 4pt; padding-left: 6pt">Cash paid for interest, net of capitalized cost</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">302,281</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">111,290</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; text-align: left; padding-bottom: 4pt; padding-left: 6pt">Cash paid for income taxes</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; color: Black; text-align: right">95,550</TD><TD STYLE="padding-bottom: 4pt; color: Black; text-align: left">&nbsp;</TD></TR>
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