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Junan Hongrun Foodstuff Co., Ltd.

Small and Medium Size Enterprise Private Placement Notes

Subscription Agreement of 2013

Party A : Junan Hongrun Foodstuff Co., Ltd.

Party B : Harfor Fund Management Co., Ltd.

WHEREAS:

1. Junan Hongrun Foodstuff Co., Ltd., upon receipt of
Acceptance Notice No.95 issued by Shanghai Stock Exchange on September 30, 2013,
was approved to issue maximum RMB 100 million private offering "Junan Hongrun
Foodstuff Co., Ltd. Small and Medium Size Enterprise 2013 Private Placement
Notes" (hereinafter referred to "Indenture"), with a face value RMB 100 each.

2. The note bears an interest rate of 9.5% per annum with a
two-year term. Junan City State-Owned Assets Management Co., Ltd. provides full
amount, unconditional and irrevocable joint liability guarantee for the notes.
The Indenture subscription period is from September 30, 2013 to March 30, 2014.

3. Party A, as the issuer, should be entitled to use the funds
raised from Indenture pursuant to Junan Hongrun Foodstuff Co., Ltd. Small and
Medium Size Enterprise Private Placement Notes Prospectus of 2013(hereinafter
referred as "Prospectus") and repayment of Indenture principal and interest,
etc.

4. Party B, as the subscriber of Indenture, is the qualified
investor that meets the requirement of Interim Rules for Small and Medium Size
Enterprise Private Indenture of Shanghai Stock Exchange (hereinafter referred as
the "Rule").

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5. Party A has engaged Guangzhou Securities Limited
(hereinafter referred as "Guangzhou Securities") as leading underwriter to use
its best effort to sell the Indenture and parities have entered into "Junan
Hongrun Foodstuff Co., Ltd. Small and Medium Size Enterprise Private Placement
Underwrite Agreement of 2013" (hereinafter referred as "Underwrite Agreement").

To efficiently undertake the issuance of Indenture and based
upon equality, honesty, trust, mutual benefits of the parties hereto, and other
good and valuable consideration, the parties hereby agree as follows:

1. Subscription Amount

Both parties agree that Party B subscribes Indenture with a
face value of RMB 100 each note for 500,000 notes for a total amount of RMB
50,000,000.

2. Payment

During the subscription period before 15:00 of __, __2013,
Party B should pay RMB 50,000,000 to the following bank account designated by
Party A:

Company name: Guangzhou Securities

Bank name: Guangzhou No. 1 Branch, Industrial and Commercial
Bank of China,

Account No: xxxxxxxxxxx

Payment No: xxxxxxxxxx

Purpose: Subscription of Indenture

3. Registration

After receiving the full subscription amount described above,
Party A shall, in accordance with rules of Shanghai Stock Exchange and China
Securities Depository & Clearing Corporation Limited, apply for registration
of all subscription amount of Party B to its account that is opened with
Shanghai Branch of China Securities Depository & Clearing Corporation Limited (A Share
Account).

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Party B's regestration account is as follows:

Company name: Harfor Fund Management  China CITIC Bank  Bank
of Ningxia

Account No: xxxxxxxxx

Account Registration No:

4. Party B's Rights and Obligations

i. Party B should make the subscription payment in accordance
with Clause 2, and should be entitled to register the subscribed Indenture in A
share account in accordance with Clause 3;

ii. Parry B should be entitled to receive the repayment of
Indenture principal and interests; and the interest should be counted starting
from __, __ 2013;

iii. Unless otherwise stipulated by the laws, regulations and
Prospectus, Party B should not request Party A to make early repayment of
Indenture principal and interests;

iv. Party B should sign the Risk Acknowledgement Letter and
assist Guangzhou Securities or other underwriters by providing necessary
information for application of establishment of private note purchase or
transfer restriction, except for the qualified investors that hold trading units
at Shanghai Stock Exchange;

v. After Party A applies for transferring services, Party B
enjoys the right to transfer the notes during the Indenture period;

vi. Party B shall have the right to attend or have its proxy to
attend the Indenture subscribers meeting and vote in accordance with laws,
regulations and Prospectus;

vii. Party B shall have the right to supervise the activities
of Indenture trustee relating to the note holders legal rights under the laws,
regulations and Prospectus;

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viii. Party B shall have the right to supervise the activities
of Indenture issuer related to the interest of the investors in accordance with
laws, regulations and Prospectus. If there is anything might damage the interest
of the investors, it could exercise its holder's rights in accordance with laws
and regulations;

ix. Other rights and obligations that stipulated in this
Agreement and Shanghai Stock Exchange rules.

5. Representation and Warranties

i. Both Party A and Party B have obtained all necessary
authorization and approval to enter into this Agreement;

ii. Both parties warrant that the execution of this Agreement
and subscription of notes do not and will not violate any laws or regulations of
China, nor will they damage interest of any third party or conflict with any
laws or any obligations under any contract entered by either party;

iii. Both parties warrant that the documents they provide to
the other party are true, authentic and comply with laws and regulations;

iv. Party A promises that it will implement its obligations as
an issuer in accordance with laws, regulations and Prospectus;

v. Party B warrants to be a qualified investor under Rule and
the subscription funds are from legal sources, and is in compliance with its
obligations as subscriber as stipulated in Clause 4;

vi. The execution of this agreement by Party B is deemed as it
has carefully read the Prospectus and agrees all the items related to the note
and note holder in the Prospectus.

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6. Breach of Agreement

If any party doesn't perform its obligations under this
Agreement, it shall be considered as breach of contract and the breaching party
shall take the responsibilities as follows:

i. if Party B breaches Clause 2 and fails to pay full
subscription amount to Party A's designate account, or Party A breaches Clause 3
and fails to issue notes subscribed by the Party B to its designated trust
account, they should all be considered as breaches of this Agreement. Breaching
Party shall continue to perform its obligations under this Agreement and shall
pay a delay penalty of 0.05% per day for the breaching amount, starting from the
date of breaching;

ii. If the breaching activity lasts for more than three working
days, the non-breaching Party may choose to request the breaching Party to
continue to perform this Agreement or choose to terminate this Agreement. If
non-breaching Party chooses to terminate this Agreement, non-breaching Party
shall send a written notice to the default party, and the Agreement terminates
when the breaching Party receives the written notice; the breaching Party should
also pay the non-breaching Party the delay penalty according to the section
above as well as a breaching penalty at 0.05% of total amount of this Agreement;

iii. The issuance and subscription of the Indenture shall
strictly comply with national laws and regulations. If one Party violates the
laws and regulations during the process of the note subscription and causes the
regulator or law enforcement to pursue legal liabilities of the other party,
then the breaching party shall be responsible for the actual losses of the other
party.

7. Confidentiality

Each party shall keep in confidence for the information
received by such party from the other party due to the execution and/or
performance of this Agreement. The information shall not be disclosed to any
third party without the prior written consent of the other party, other than disclosing to the lead
underwriter or required by applicable laws, regulations or consent by the other
party and its lead underwriter.

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8. Force Majeure

i. If one Party cannot preform part or all of its obligations
under this Agreement or has to delay its performance due to Force Majeure, such
Party shall promptly inform it to the other party in writing within three
working days of the Force Majeure, and shall submit valid proofs of the Force
Majeure that caused its unable to fully or partially perform its obligations or
delay of its performance of the Agreement within fifteen working days of the
Force Majeure;

ii. If an event of Force Majeure occurs and effects a Party's
performance of its obligation under this Agreement, the suspension of its
performance during the delay caused by such event shall not be considered as a
breach;

iii. In the event of Force Majeure, the Party that is affected
by the Force Majeure shall take all necessary measures to reduce the damages. If
such Party can continue to perform its obligations of the Agreement, it shall
immediately return to its performance after the Force Majeure event ends. If
such Party cannot perform its obligations, this Agreement may be terminated upon
the consultation and agreement by both parties;

iv. The "Force Majeure Event" in this section is an event that
is not predictable, cannot be overcome or inevitable, including but not limited
to material changes of national policy, flood, earthquake, fire, storm, plague,
war, riot, strike or banking wire system failure, etc.

9. Dispute Resolution

In the event of any dispute, Parties shall solve it through
friendly consultation. In case no settlement can be reached, the dispute shall
be submitted to China International Economic and Trade Arbitration Commission for arbitration in
accordance with the effective Rules and Procedure of the said Arbitration
Commission at the time of the application for arbitration. The Arbitration
decision shall be final and binding upon both parties.

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10. Waiver

i. Either Party's failure to exercise or delay in exercising
its right or take action for the breaching of this Agreement by the other party
shall not be considered as a waiver of rights. Any waiver of rights for one
matter shall not be considered as a waiver for any other matters. Any waiver of
rights should be made in writing;

ii. If one or more of the provisions hereof is confirmed to
illegal, invalid or unenforceable under the applicable laws, it should not
affect the legality, validity or enforceability of the remaining provisions
hereof. In such circumstance, parties shall replace the invalid provisions with
a valid one and the new provisions should be as close to the original provision
and principle and purpose of this Agreement as possible.

11. Subsequent Legislation

Unless otherwise stipulated by the laws, the subsequent
legislation (the law goes into effect after the effectiveness of this Agreement)
or change of laws shall not effect on this Agreement. After the consultation and
reaching an agreement, the parties should supplement or amend this Agreement in
writing in accordance with subsequent legislations or changed laws.

12. Effective

This Agreement shall take effect when it is duly signed and
sealed by the legal representatives or authorized representatives of the
parties. Before the original copies are sent to each party, the faxed copies shall have the same
legal effect of the original copies.

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13. Supplement and Amendment

This Agreement should not be amended unless it is agreed by
both parties in writing. The amendment or supplements that are mutually agreed
by the parties in writing is the supplement agreement and shall have the same
legal effect of this Agreement.

14. Counterparts

This Agreement is executed in eight original copies. Each Party
will have two copies and the lead underwriter will have two copies and the rest
copies will be submitted to the regulator or used for other purposes of the
issuance, if necessary. Each copy shall have same legal effect.

Party A : Junan Hongrun Foodstuff Co., Ltd.

Legal Representative or Authorized Representative:

Date:

Contact:

Tel:

Fax

Address:

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Party B : Harfor Fund Management Co., Ltd.

Legal Representative or Authorized Representative:

Date:

Contact:

Tel:

Fax

Address:

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