Document:

Contract No.: [3350012011AM00031900]

 

Contract of Guarantee

 

Guarantor (Party A): [Xu Ke Cheng]

 

Legal Representative (Person in-charge):            

 

Type of the Identity Credential: Personal
Identity Card        Number of the Credential: 330522196208244514

 

Domicile:             

 

Correspondence Address:             
Zip Code:             

 

Telephone:             

 

Lender (Party B): Bank of Communication (Huzhou)
Branch

 

Person in-charge:      Le
Xiaohua

 

Correspondence Address:       No.
299 Renmin Road

 

Whereas Party B, has or will consecutively
handle the credit business with Zhejiang Chisen Electric Co., Ltd. (hereinafter “Borrower”), In order to protect
the realization of Lender’s right of Lender, Party A is willing to provide maximum amount guarantee for the debts of Borrower.
Party A and Party B hereby agree as follows through negotiations for mutual compliance.

 

Article 1 Lender’s Rights

 

1.1 Guarantor provides maximum amount guarantee
to master contracts signed between Lender and Borrower for the period from November 29, 2011 to November 29, 2012. Master contract
refer to the agreement of loan and notes signed between Lender and Borrower. The Currency, Principal, Interest and Terms of Lender’s
right are subject to Master Contracts.

 

1.2 The maximum amount guaranteed by Guarantor
is RMB 69,000,000.

 

1.3 Under this contract, the guaranteed master
lender’s right is determined at the occurrence date (the Determination Date of Master Lender’s Right) of latest lender’s
right.

 

Lender’s right before the Determination
Date of Master Lender’s Right and The interest (including compound interest, overdue interest, and penalty interest) occurred
until the Guarantor fulfill the contract and the expenses of realization of lender’s right and other related expenses bound
under clause 2.2 of this contract are also under the scope of this guarantee contract.

 

The occurrence of master lender’s right
represents Lender grant loan, bank note, letter of credit, bank guarantee and standby letter of credit.

 

Article 2 Scope of Guarantee 

 

2.1 The guarantee provided by Party A hereunder
shall be a guarantee with the joint and several liabilities.

 

    	 

    	 

    

 

2.2 The scope of guarantee herein is [all
the debts under the Master Contract, including, but not limited to, all the principal, the interest (including the compound interest
and penalty interest), liquidated damage, damages, other amount that Borrower shall pay to Party B (including, but not limited
to, the related handling charge, communication fee, miscellaneous fees, etc.), the fees incurred to Party B arising from the fulfillment
of the Lender’s right and guarantee right (including, but not limited to, litigation fees, arbitration fees, fees for preservation
of properties, travelling expenses, enforcement fees, appraisal fees, auction fees, public notarization fees, service fees, public
announcement fees and attorney’s fees).

 

2.3 The period of guarantee shall be calculated
separately for each lender’s rights of the Lender against the Borrower. The period of guarantee for each lender’s right
shall be from the date of expiration of each lender’s rights till two years after the date of expiration of the lender’s
right.

 

The Guarantor shall bear guarantee liability
respectively for repayment lender’s rights in installments under each contract during period of occurrence of the lender’s
rights. The period of guarantee for each lender’s right shall be from the date of expiration of each debt till two years
after the date of expiration of the last installment.

 

In case the occurrence of events under
laws or master contract results in the acceleration of maturity of Lender’s rights under master contract by the Lender, the
period of guarantee is the date when the Lender confirms the acceleration of maturity of Lender’s rights under master contract.

 

2.4 The validity of this Contract is independent
from the Master Contract. Failure of the Master Contract to be established or effective or invalidity, partial invalidity or revocation
or rescission thereof shall not affect the effectiveness of this Contract. If the Master Contract is determined as not established
or effective, invalid or partially invalid, or revoked or rescinded, Party A shall be jointly and severally liable for the debts
arising from Borrower returning the property or compensating the losses.

 

Article 3 Statements and Guarantees

 

3.1 The Guarantor is an independent legal
entity, has all necessary legal capacities and is able to fulfill lender’s rights and undertake liabilities under this Contract
on its own.3.2 The Guarantor is entitled to execute this Contract and completes all authorization and approvals necessary for executing
this Contract and fulfilling its lender’s rights under this Contract.

 

3.3 All documents, information, data, provided
by guarantor during the execution and fulfillment of this contract is true, accurate, complete and effective.

 

3.4 At the time of signature of this contract,
the Borrower is not the shareholder or control person under company law.

 

Article 4 Responsibility of Guarantor

 

4.1 If the debts under the Master Contract
matures or Party B announces the debts to be mature in advance pursuant to the provisions of the Master Contract or the law, where
Borrower fails to fully repay the debts on time or Borrower violates other provisions of the Master Contract, Party A shall immediately
undertake the guarantee liability within the Scope of Guarantee.

 

In the event that the master contract is
guaranteed by the pledged assets of Borrower or third party, the Lender has right to determine the sequence of exercise of right,
Lender has right to require Guarantor to settle all unpaid debt at the due date before exercise the pledged assets. In the event
that Lender waive the right of pledged assets or the sequence of right or amend the right of pledged assets, the guarantee liability
of Party A hereunder shall not be mitigated or exempted,

 

4.2 Guarantor should cooperate with Lender
on the inspection and supervision of guarantor’s income and credit conditions (Guarantor is nature person) or operation and
financial conditions (Guarantor is non-nature person). Guarantor should provide all financial statement, data and information immediately
after obtain the requisition from Lender and guarantee that all documents, information, and data provided are accurate, true and
complete.

 

4.3 Any of following items occurred, Guarantor
should provide Lender with written notice at least 30 days before action, and before all lenders right under the master contract
are settled, unless obtain the written consent from Lender, no action should be taken on the following items:

 

1. Sell, gift, lease, lend,
transfer, pledge, mortgage, or any other methods to disposal the assets

 

    	 

    	 

    

 

2. change
its capital structure or management system, including, but not limited to, contract, lease, shareholding reform, joint-operation,
merger, division, joint venture, reduction of capital, transfer of assets, etc.

 

4.4 In the event of following items occurred
or to be occurred, Guarantor should provide written notice to Lender within 7 days from the date of occurrence.

 

		1.	Amendment of memorandum and article, change the name of entity, the legal representative, address,
communication, or scope of operation of business registration, making decision that will have material effect on financial and
personnel;

 

		2.	Preparing to file bankruptcy or has been filed claimed for bankruptcy

 

		3.	Involved in significant litigation, arbitration or administrative measures,
or principal assets were taken property preservation or other coercive measures

 

		4.	Provide guarantee to third party which caused adverse effect on Guarantor’s economic condition,
financial condition of fulfillment the obligation of this contract

 

		5.	Execute any contract which has material effect on operation and financial conditions.

 

		6.	production suspension, shut-down, dissolution,, revoke of business certificate

 

		7.	Involve in offence and non-comply with listing rule of Guarantor or its legal representative or
core management.

 

		8.	Significant difficulty on operation, adverse financial conditions, or other issues occurred that
will have adverse effect on Guarantor’s operation, financial condition and repayment capacity.

 

		9.	Significant changes on Guarantor’s employment and income or change of residence address.
(Guarantor is Nature Person)

 

4.5. Before Borrower settled all debts
under the master contract, Party A agrees not to claim for the right to seek compensation against other Borrower or guarantor

 

4.6 Before Borrower settled all debts under
the master contract, Borrower become the shareholder or substantial controller of Guarantor, Guarantor should inform Lender immediately
and provide the board resolution regarding to provide guarantee.

 

Clause 5. Agreement on deduction

 

		5.1	Where the Guarantor fails to pay any debts due or shall supplement the guarantee money fully, the
Lender may directly deduct from any accounts of the Guarantor in Communication Bank of China.

 

		5.2	After deduction, Lender should notice Guarantor the account number, contract number, deduction
amount and outstanding balance of debt.

 

		5.3	When deduction is not sufficient to settle all debts, due expenses payable should be paid first.
Then according to the following order of deduction:

 

    	 

    	 

    

 

1. under loan (apart from personal
loan) or trading finance services(export insurance), principal and interest overdue less than 90 days, the remaining balance of
deduction will be used to repay the due payable interest or penalty interest, compound interest, then the due payable principal;
principal and interest are overdue more than 90 days, the remaining balance of deduction will be used to repay overdue principal,
then repay the overdue interest or penalty interest, compound interest.

 

2. under the issuance of bank
note, letter of credit, bank guarantee, export insurance services, remaining balance after deduction will be used to repay the
due payable principal, then repay the due payable interest penalty interest, compound interest.

 

3. Under Personal loan service,
order of repayment should comply with agreement.

 

		5.4	When currency of deduction is not consistent with the currency of debt, the deduction should be
converted under the exchange rate provided by Communication Bank of China.

 

		5.5	Where the currency of money deducted is not the currency of repayment, the Lender is entitled to
settle/purchase exchange according to the exchange rate determined by itself. The risks in connection with exchange rate shall
be undertaken by the Guarantor.

 

Clause 6 Settlement of dispute

 

The terms of business under this contract
was handled by Bank of Communication (Huzhou) Branch. The contract is carried out at the Bank of Communication (Huzhou) Branch
location. Any dispute of the contract is regulated by the people’s court which placed at the Bank of Communication (Huzhou)
Branch location.

 

Either of the Parties may bring a lawsuit
before the People’s court at Lender’s location. During the period of dispute, both parties shall continue to perform
terms not in dispute.

 

Clause 7, Others

 

7.1 Lender is not obligate to
issue debt to Borrower pursuant to this agreement

 

7.2 With respect to the defaults
of Party A, Party B shall be entitled to notify the related department or entity and to make public announcements for collection
through the news media.

 

7.3 the contract is effective
after all following conditions are satisfied:

 

1. Legal representative or authorized
agent of Garantor signed and sealed the contract; if Guarantor is natural person, contract signed by Guarantor;

 

2. Person in charge or authorized
agent of Lender Signed and Sealed the Contract.

 

7.4 There are                    
original copies, guarantor, lender and borrower got one each.

 

Article 8: Miscellaneous

 

Remained Blank

 

	Guarantor has already read all the clauses of this Contract. Upon Guarantee’s request, Lender has already explained the clauses of this Contract. Guarantee has no disagreement on all the clauses of this Contract.	 

 

    	 

    	 

    

 

	Guarantor (Company’s seal/Signature):	 	Lender (Company’s seal/Signature):
	 	 	 
	Xu Ke Cheng	 	/s/ Bank of Communication
	 	 	 
	 	 	(Huzhou) Branch
	 	 	 
	Legal Representative (Person in Charge) or	 	Person in Charge or Authorized Agent
	Authorized Agent (Signature or Stamped):	 	(Signature or Stamped):
	 	 	 
	/s/ Xu Ke Cheng	 	/s/ Wang Xiaochun
	 	 	 
	Date of signatory:  November 29, 2011	 	Date of signatory:  November 29, 2011

 

Owner Statement

 

I (Name: Zhou Fangqin,
Personal identity number 33052219640125452X am the spouse of Guarantor. I have read and confirm all article within this agreement,
understand and agree Guarantor provide guarantee to Borrower. Guaranteed debt is the common responsibility of married couples,
will settled the debt by common property.

 

Signed by Zhou Fangqin2010
Edition

 

Maximum
Amount Guarantee Contract

(Applicable
to guarantee provided by individual)

 

	 		上海银行	 
	 	Bank of shanghai	 

 

    	 

    	 

    

 

Maximum
Amount Guarantee Contract

 

(Applicable to guarantee provided by individual)

 

Contract No.: 2DBSX1781202002102

 

Guarantor: Xu Kecheng, Zhou Fangqin        ID
number: 330522196208244514

 

                                                               33052219640125452X

 

Registered residence: Changxing County        Post
code: 

 

Actual residence:                                
Post code: 

 

Home tel:                                
Mobile phone: 

 

Employer:                                
Position: 

 

Address of employer:                                
Post code: 

 

Tel of employer:                               
E-mail: 

  

Creditor: Bank of Shanghai Co., Ltd. Songshan
Branch

 

Principal business location:                             Post
code: 

 

Tel:_________________              Fax:

 

Legal representative

(or person in charge):
Ye Jixiong                             Position:

 

Authorized person:______________                   
Tel: 

 

Contact person:____________                     
Tel: 

 

E-mail:_______________                    
Website: 

 

    	 

    	 

    

 

In order to clarify rights and obligations
of both parties, Creditor and Guarantor conclude this contract in accordance with Property Law of the People’s Republic
of China, Security Law of the People’s Republic of China and other laws, regulations and financial regulatory
provisions.

 

(Note:
please make selection from options where there is “o”.
Marking “ü”
in the “o”
indicates the according option is applicable, and marking “X” indicates not applicable.)

  

Article
1.    Main Credit

 

The Main Credit secured under this Contract
is the principal of credit (including principal of borrowing, discount amount, disbursement, etc.) occurred under a series of contracts
(hereinafter referred to as “Main Contract”) concluded by Creditor and the Debtor, Zhejiang Changsheng Electric
Co., Ltd. during credit occurrence period provided in the Article 2 of this Contract, for business such as comprehensive credit
granting, loan, project financing, trade financing, discount, overdraft, factoring, inter-bank lending and repurchase, loan commitment,
guarantee, L/C, acceptance of bill, etc. (or a combination of several categories of business).

  

Article
2.     Occurrence Period of Credit

 

The occurrence period of credit commences
on February 16, 2012 and ends on February 16, 2013. Any credit granting business occurring during the above period, whether its
maturity date is after the end of such period or not, will bring out the credit secured under this Contract.

  

Article
3.     Maximum Amount of Secured Main Credit

 

The maximum amount of the balance of the
Main Credit secured under this Contract does not exceed:

 

þ
Sixty million (in capitalized words) in RMB (currency);

 

x
       /       (in capitalized words) in       /      
(currency);

 

x
       /       (in capitalized words) in       /      
(currency).

 

Balance of the Main Credit = accumulative
outstanding amount of Main Credit – accumulative liquidated amount of Main Credit, and the Guarantor agrees that the above
balance is that beyond the equal credit amount which is secured by Debtor or third party’s pledge with deposit, certificate
of deposit or national government debt.

 

If the Main Credit is granted with mixture
of RMB and foreign currency, the maximum balance of the Main Credit means RMB balance.

 

    	 

    	 

    

 

Article
4.    Liquidation Term of Debt

 

Liquidation term of the debt by Debtor
is the repayment term provided in the Main Contract mentioned in the Article 1 of this Contract.

 

Article
5.     Guarantee Method

 

Guarantor provides the joint and several
guarantees to Creditor for the secured credit.

 

Article
6.     Scope of Guarantee

 

		6.1.	The scope of guarantee covers: the Main Credit’s principal, interest, penalty interest, liquidated
damages, compensations as provided in the Article 1 of this Contract, and bank expenses in connection with the Main Credit (including
but not limited to (charges for opening L/C, L/C amendment, endorsement of B/L, acceptance, collection, risk undertaking, and notarization
fee, registration fee and insurance fee, etc.), and expenses for realization of the credit (including but not limited to payment
demanding expense, litigation fee, property preservation fee, enforcement fee, lawyer’s fee, expenses on disposal of collaterals,
announcement fee, auction fee, transfer fee, business trip cost, etc.) and other damages caused by Debtor to the Creditor (all
of the above can be referred to hereinafter as “the secured credit”).

		6.2.	If the scope of guarantee exceeds maximum main credit limit as provided in the Article 3 of this
Contract, Guarantor shall still undertake the security liability.

		6.3.	If it is provided in the Main Contract that Debtor shall but fails to pay or fully pay the deposit,
Guarantor is liable to make such payment instead of Debtor.

 

Article
7.Duration of Guarantee

 

		7.1.	Duration of guarantee is two years, commencing from the date on which each debt under the Main
Contract become mature. In case that the debt under the Main Contract is divided into several parts (such as drawings by installments)
and their maturity dates are different from each other, the duration of guarantee shall be two years commencing upon the last Main
Credit become mature. If Creditor collects the credit ahead of schedule due to default of Debtor, Guarantor shall also undertake
the guarantee liability ahead of schedule.

		7.1.1.	Main Credits arising out of loan, project financing, discount, overdraft and inter-bank lending
shall become mature on the repayment date agreed in the Main Contracts respectively.

		7.1.2.	Main Credits arising out of L/C, Letter of Guarantee (LOG) shall become mature on the repayment
date indicated in the Payment Notice issued by Creditor.

		7.1.3.	Main Credits arising out of documentary credit for import and export, advance against documentary
collection, export invoice discounting and loan package shall become mature on the expiration date of financing provided in the
contract.

		7.1.4.	If Creditor and Debtor agree on extension of the debt, maturity date of the Main Credit shall be
the expiration date of the extended period; and if Creditor announces the debt becomes mature ahead of schedule, the maturity date
shall be the announced early expiration date.

		7.2.	The period within which Guarantor shall be liable for the deposit which shall be paid or increased
by Debtor is two years upon Creditor demanding such payment or increase; if Creditor demands such payment or increase by installments,
the period shall be two years upon each installment.

		7.3.	In case Debtor fails to liquidate the entire or part of the debt upon expiration of the term, Creditor
is entitled to claim liquidation of such debt to the Guarantor.

 

    	 

    	 

    

 

Article
8.Sequence of Liquidation

 

Except for otherwise agreed on by both
parties, any payment to Creditor by the Guarantor for undertaking the guarantee liability shall disburse items in the following
sequence: (1) expenses and tax due to Debtor under the Main Contract; (2) compensation; (3) liquidated damages; (4) overdue payment
interest and penalty interest arising under the Main Contract; (5) interest arising under the Main Contract; (6) principal and
other payables under the Main Contract.

 

Article
9.Representation and Undertaking

 

		9.1.	Guarantor represents hereby that:

 

		9.1.1.	Guarantor is a natural person with full civil capacity, and also has the civil capacity to execute
and perform this Contract;

 

		9.1.2.	Guarantor has obtained necessary authorization to execute and perform obligations under this Contract,
and such act does not violate any laws and regulations; execution of this Contract is the real intention of Guarantor himself/herself;

 

		9.1.3.	Performance and enforcement of this Contract will neither conflict with laws and regulations Guarantor
is subject to, nor violate any document signed by Guarantor;

 

		9.1.4.	Guarantor does not conceal any mediation, arbitration, litigation, enforcement, claim and other
events which may threaten Creditor’s benefit and none of Guarantor’s assets are subject to attachment, lien, freezing
and other enforcement measures;

 

		9.1.5.	All the materials and certificates provided by Guarantor to Creditor are of authenticity, legality
and validity.

 

		9.2.	Guarantor undertakes hereby that:

 

		9.2.1.	Guarantor will accept and assist Creditor to verify his/her security qualification, authorization,
credit status, authenticity of his/her consent to provide guarantee;

 

		9.2.2.	Guarantor has acknowledged that his/her security liability may be exceed the maximum amount of
Main Credit;

 

		9.2.3.	If there are any other property security for the Main Credit, Creditor may choose to exercise other
property security rights or claim to Guarantor for guarantee liability, and Guarantor abandons the right of defense on other property
security, security sequence, change of security property and performance sequence of the guarantee under this Contract;

 

		9.2.4.	Guarantor will provide credit reference materials including but not limited to his/her individual
income tax return, deposit certificate, personal credit report;

 

		9.2.5.	The guarantee liability of Guarantor will not change along with changes on his/her position, income
status and other similar circumstances;

 

		9.2.6.	This Contract will not be terminated along with or affected by death of Guarantor, and Guarantor
is willing to undertake liquidation liability with all of his/her heritage or property; Guarantor’s heritage administers
and inheritors are bound by the Guarantee Contract;

 

    	 

    	 

    

  

		9.2.7.	During the valid term of this Contract, Guarantor (including common proprietors to his/her properties
on the basis of marriage or family relationship) is prohibited to transfer or destroy his/her personal property;

 

		9.2.8.	During the valid term of this Contract, in case Guarantor’s registered residence, actual
residence, contact ways, employer, employer’s address, position and other personal basic information change, he/she shall
notice in written to the Creditor within three days upon such changes.

 

		9.2.9.	Guarantor shall notice in written to Creditor immediately upon occurrence of the following events:

 

		9.2.9.1.	Guarantor involves or is likely to involve in significant litigation, arbitration, administrative
proceeding or other judicial proceeding with adverse impact;

 

		9.2.9.2.	Guarantor suffers serious sickness or significant accidents;

 

		9.2.9.3.	Other events which, to the knowledge of Guarantor, may adversely affect his/her performance of
obligations herein.

  

Article
10.Realization of Security Rights

 

		10.1.	Upon occurrence of the following circumstances, Creditor is entitled to require Debtor liquidate
the secured credit within ten working days upon receipt of the notice, which specifies total amount of the secured credit, detail
of each credits within the scope of secured credits (including amount, term, category, etc.). The notice shall bind both parties,
except that calculation and content in the notice has clear errors:

 

		10.1.1.	Debtor fails to liquidate any debt under the Main Contract mentioned in the Article 1 of this Contract
when it is mature;

 

		10.1.2.	Debtor breaches the Main Contract or due to the default of Guarantor, Creditor requires Guarantor
undertake guarantee liability;

 

		10.1.3.	Debtor or Guarantor suffers bankruptcy, dissolution, liquidation, or Business License revoked,
serious disease, accident, or gets involved in significant civil litigation, criminal litigation, or arbitration which affects
the realization of the credit;

 

		10.1.4.	Debtor fails to pay the deposit as required in the Main Contract, and Guarantor refuses to pay
instead of the Debtor;

 

		10.1.5.	Guarantor breaches his/her representations and undertakings herein or fails to perform other obligations
herein;

 

		10.1.6.	Other circumstances which affects realization of the credit.

  

    	 

    	 

    

  

Article
11.Rights and Obligations of both Parties

 

		11.1.	Rights and obligations of Guarantor

 

		11.1.1.	Guarantor is obliged to, within ten days upon receipt of Creditor’s notice as provided in
the Article 10.1 of this Contract, pay the secured credit amount demanded in the notice and determined as per this Contract.

 

		11.1.2.	The guarantee provided by Guarantor under this Contract is of severalty, and if there is any other
security provided by third party, Guarantor shall still undertake the entire guarantee liability except as otherwise agreed by
Creditor.

 

		11.1.3.	Duties and liabilities of Guarantor under this Contract will not be released or affected by any
of the following matters:

 

		11.1.3.1.	Creditor grants a grace period for Debtor to pay off the debt or reconciliates with Debtor on liquidation
of the debt;

 

		11.1.3.2.	Any right in connection with Debtor is established, modified or terminated;

 

		11.1.3.3.	Any other security for the secured credit is modified, delayed, becoming mature ahead of schedule,
released, or cancelled partly or entirely;

 

		11.1.3.4.	Obligations of Debtor under the Main Contract are affected due to Debtor’s bankruptcy, liquidation,
dissolution or being subject to laws, regulations or administrative decrees.

 

		11.1.4.	The Main Contract’s change bilaterally agreed Creditor and Debtor without increasing Guarantor’s
guarantee liability, is not necessary to obtain Guarantor’s consent, and Guarantor is not released from the joint and several
liability due to that.

 

		11.1.5.	During the valid term of this Contract, without Creditor’s consent, Guarantor is prohibited
to provide security for any other third party.

 

		11.2.	Rights and obligations of Creditor

 

		11.2.1.	Creditor is entitled to, at any time, require Guarantor provide references of credit such as individual
income tax return, certificate of deposit, personal credit report which may reflect his/her economic status.

 

		11.2.2.	If Guarantor fails to perform obligations herein, Creditor may directly deduct amount from his/her
account in Bank of Shanghai Co., Ltd. (including any branches and sub-branches), which is equal to the secured credit.

 

		11.2.3.	The guarantee under this Contract is independent from any other security which Creditor currently
holds or may obtain in the future. Creditor may directly exercise security rights as provided in this Contract without exercising
other security rights firstly.

 

		11.2.4.	Creditor failing or delaying to exercise any part or all the rights hereunder, or allowing Debtor
to delay the repayment shall not be considered as waiver of such rights, except that the Creditor abandons rights hereunder in
written.

 

    	 

    	 

    

  

Article
12.Validity, Amendment and Termination of Contract

 

		12.1.	This Contract will enter into force upon signature of Guarantor, and execution of legal representative
(person in charge) or authorized person of Creditor as well as its company seal affixed herein.

 

		12.2.	Upon effectiveness of this Contract, any party herein shall not amend or terminate ahead of schedule,
this Contract without the other party’s consent. And any amendment or termination of this Contract shall be valid upon contract
concluded by both parties in written on the basis of negotiation.

  

Article
13.Severalty of Contract

 

		13.1.	This Contract is valid in severalty from the Main Contract, and the invalidity of the Main Contract
will not affect this Contract’s validity. Guarantor shall undertake the civil liabilities for Debtor, arising out of the
Main Contract becoming invalid entirely or in part.

 

		13.2.	Any provision in this Contract being decided invalid will affect neither the remaining provisions’
validity nor Creditor’s rights hereunder.

  

Article
14.Liability of Default

 

After this Contract enters into force,
both parties shall perform obligations herein, any party’s failure to perform all or part of which will result in according
liability of default, and the violating party shall indemnify the other party all the loss arising therefrom.

  

Article
15.Governing Law and Resolution of Dispute

 

		15.1.	This Contract is governed by and shall be construed in accordance with Chinese laws.

 

		15.2.	Any dispute arising in connection with performance of this Contract may be resolved by negotiation,
or directly filed to the people’s court at Creditor’s location.

 

		15.3.	In the event that this Contract is notarized for enforcement, and Debtor fails to liquidate the
entire or part of the debt when it becomes mature, or Creditor demands liquidation of the debt ahead of schedule due to the Debtor’s
default, Creditor may directly apply for enforcement.

  

Article
16.Force Majeure

 

Any party, who is not able to perform this
Contract due to force majeure, shall notice the other party in written within ten days upon occurrence of the force majeure event
as well as provide written evidence issued by the competent authority.

  

Article
17.Notice and Delivery

 

		17.1.	Notice on relevant matters required in this Contract by one party shall be in written and delivered
to actual residence or principal business address of the other party.

 

    	 

    	 

    

  

		17.2.	When being sent to address mentioned in the above paragraph, the notice is deemed to be delivered
upon receipt with signature by the receiver in case of sent by personal service, or upon receipt of the telegram or fax by the
receiver in case of sent by telegram or fax, or on the date of postmark affixed in the registered mail in case of sent by mail.

  

Article
18.Unmentioned Matters

 

Any matter not mentioned herein shall be
subject to relevant laws, regulations and financial regulatory provisions of China.

  

Article
19.Note

 

		19.1.	Before execution of this Contract, Creditor has made detailed introduction and explanation to provisions
herein. Both parties have no doubt on all the provisions and understand the exact legal meaning to provisions on rights and obligations
hereunder, and which release or restrict party’s liability.

 

		19.2.	Rights and obligations of Creditor under this Contract may be exercised and performed by Creditor
itself or by superior organs which control it.

  

Article
20.Supplementary Articles

 

		1.	Guarantor agrees that, during the valid term of security hereunder, when the holder of commercial
acceptance bill honored by Debtor applies discount business to Creditor, the Agreement on Assurance of Discount of Commercial
Acceptance Bill and specific Contract on Discount of Commercial Bills shall be considered as the Main Contract referred
in this Contract, and the discount amount is included in the guarantee limit and covered in the scope of security hereunder. Guarantor
agrees to undertake joint and several liabilities for that as provided in this Contract.

 

		2.	Guarantor agrees that, in case of opening L/C, LOG or Standby L/C (SLC) by Creditor upon request
of Debtor, amendment to such L/C, LOG or SLC agreed by Creditor and Debtor will not be subject to consent of or additional notice
to Guarantor, and such amendment shall be deemed permitted in advance by Guarantor and Guarantor’s security liability will
not decrease accordingly due to this.

  

    	 

    	 

    

 

Article
21.Counterpart of Contract

 

Original of
this Contract is prepared and executed in duplicate, one for Creditor, one for Guarantor, and         /       for
public notary office. Number of counterparts shall be decided depending on necessity and the counterparts have the same legal effect
with the original.

  

	Creditor:		Guarantor:	

 

Legal representative (person in charge)    (personal stamp)

 

	or authorized person:	

  

Date of execution:
February 16, 2012

 

Location of
execution: Songshan Branch of Bank of Shanghai

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