(a)

On September 7, 2015, the Company entered into a working capital loan agreement with the ICBC, with a balance of $2,994,998 and $3,079,956 as of September 30, 2016 and December 31, 2015, respectively. The loan borne an interest rate of 5.06% per annum, which was 110% of the primary lending rate of the People’s Bank of China at the time of funding. The loan was due on September 6, 2016. The working capital loan was guaranteed by Hebei Tengsheng Paper Co. Ltd (“Hebei Tengsheng”), an independent third party which owns the land use rights of about 330 acres (or 1.33 million square meters) of land in the Wei County and leases about one-fourth of the premises to Orient paper HB as our production bases of tissue paper and other future facilities, with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank. The loan was repaid on September 6, 2016.

(b)

On October 15, 2015, the Company entered into a working capital loan agreement with the Commercial Bank of the City of Zhangjiakou, with a balance of $7,487,496 and $7,699,888 as of September 30, 2016 and December 31, 2015, respectively. The loan bears a fixed interest rate of 11.88% per annum. The loan was due on October 15, 2016. The working capital loan was guaranteed by the Company’s CEO and his wife, as well as secured by Hebei Tengsheng’s land use right and real property as collateral for the benefit of the bank.

(c)

On December 11, 2015, the Company entered into a working capital loan agreement with the ICBC, with a balance of $2,994,998 and $3,079,956 as of September 30, 2016 and December 31, 2015, respectively. The loan bears a fixed interest rate of 4.785% per annum. The loan is due on December 9, 2016. The working capital loan is secured by Hebei Tengsheng’s land use right and real property.

(d)

On June 1, 2016, the Company entered into a working capital loan agreement with the ICBC, with a balance of $1,197,999 as of September 30, 2016. The loan bears a fixed interest rate of 4.62% per annum. The loan is due on December 31, 2016. The working capital loan is guaranteed by Hebei Tengsheng’s land use right and real property.

(e)

On July 8, 2016, the Company entered into a working capital loan agreement with the Bank of Hebei, with a balance of $2,246,249 as of September 30, 2016. The loan bears a fixed interest rate of 5.22% per annum. The loan is due on July 8, 2017. The working capital loan was guaranteed by the Company’s CEO and his wife, as well as Hebei Tengsheng with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank.