Document:

The
      contract No.:4100520082007021271

     

     

    Reminbi
      Fund of China
      Development Bank

     

     

    Loan
      Contract of the Year 2007 

     

     

    The
      loan
      type: Fundamental Construction

    The
      project name: The Expressway Project from Pingdingshan to Linru of Henan
      Province

    The
      borrower: The Pingdingshan Pinglin Toll Road Company Ltd.

    The
      loaner: China Development Bank

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Borrower:
      The
      Pingdingshan Pinglin Toll Road Company
      Ltd.

    Address:
      The
      Real
      Estate Mansion of Industrial and Commercial Bank of China, North Section of
      Zhongxing Road

    The
      legal
      representative: Li Xipeng

    Post
      No.:
      467000

    The
      transactor: Zhang Chunxian

    Telephone
      No.: 86-375-2985168

    Fax
      No:
      86-375-2935558

     

     

    The
      loaner:
      China
      Development Bank 

    Address:
      No. 29,
      Fuchengmenwai Str. Xicheng District, Beijing City

    The
      legal
      representative: Chen Yuan

    Post
      No.:
      100037

    The
      Handling Branch: The Henan Branch of China Development Bank

    Address
      of the Branch: 16-18 floors of the Henan Newspaper Mansion, No. 28, East
Section
      of the
      Agriculture Road, Zhengzhou City

    The
      Superintendent of the Branch: Liu Yong

    Post
      No.:
      450008

    The
      transactor: Wang Pengfei

    Telephone
      No.: 86-371-65795883

    Fax
      No.:
      86-371-65798520

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    According
      to the agreement of the general loan contract with No. of 4100520082004020187
      signed by the borrower and loaner on November 29, 2004, the both parties make
      a
      consensus on the relevant loan affairs of the year 2007 under the general loan
      contract items, and make this contract.

    

    Article
      I
      Amount of the loan

     

    The
      amount of the loan under the contract is RMB 1,000,000,000Yuan (Capitalized:
      One
      Billion Yuan)

     

    Article
      II
      Interest rate of the loan 

     

    According
      to the agreement of the contract, the first implementing interest rate of this
      contract is: annual interest rate 6.84%.

     

    The
      adjustment of the interest rate of this contract will be implemented according
      to the agreement of the general loan contract.

     

    Article
      III
      Drawing money

     

    The
      borrower should draw the loan capital under this contract items according to
      the
      following plans:

     

    RMB
      One
      Billion Yuan on September 28, 2007.

     

    Article
      IV
      Loan repayment

     

    The
      borrower should repay the loan capital to the loaner according to the following
      plans:

     

    RMB
      40
      million Yuan on May 20, 2017; RMB 60 million Yuan on November 20,
      2017;

     

    RMB
      90
      million Yuan on May 20, 2018; RMB 90 million Yuan on November 20,
      2018;

     

    RMB
      90
      million Yuan on May 20, 2019; RMB 90 million Yuan on November 20,
      2019;

     

    RMB
      90
      million Yuan on May 20, 2020; RMB 90 million Yuan on November 20,
      2020;

     

    RMB
      90
      million Yuan on May 20, 2021; RMB 90 million Yuan on November 20,
      2021;

     

    RMB
      90
      million Yuan on May 20, 2022; RMB 90 million Yuan on November 28,
      2022;

     

    Article
      V
      Other affairs 

     

    (I)
      This
      contract is the supplementary agreement to the general loan contract; the other
      affairs should be implemented according to the agreement of the general loan
      contract except the agreement content of this contract.

     

    II)
      This
      contract has the original copy in duplicate, the borrower, the loaner holds
      one
      separately; and duplicate copy in quintuplicate, the borrower holds two copies,
      the loaner holds three copies.

     

    Article
      VI
      The coming into effect of the contract

     

    The
      contract is taken effect from the day being signed and stamped by the borrower
      and the loaner. 

    

    The
      borrower:
      The
      Pingdingshan Pinglin Toll Road Company Ltd. (common seal)

    The
      legal
      representative: /s/ Li Xipeng 

    (Or
      the
      authorized agent) 

     

    Date:
      Sep. 28, 2007

    

    The
      bank
      of deposit and its account number:

    

    The
      loaner:
      Special
      seal for contract of China Development Bank 

    The
      legal
      representative: /s/ Sun Changlin

    (Or
      the
      authorized agent) 

     

    Date:
      Sep. 28, 2007

    

    The
      contract signing place: Zhengzhou City, Henan ProvinceLoan
      Contract

    

    Agricultural
      Bank of China

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Loan
      Contract

     

    (410508101)NYJZ
      (2005) No.04001

     

    The
      borrower (Full name): The Pingdingshan Pinglin Toll Road Company
      Ltd.

     

    The
      loaner (Full name): Agricultural Bank of China, Xinhua District Branch,
      Pingdingshan City

    

    In
      accordance with relevant Chinese laws and regulations, Party A and Party B
      have
      entered into this contract upon consensus through consultation.

     

    Article
      1 Loan

     

    1.
      The
      loan type: long term fixed asset loans

     

    2.
      The
      loan usage: Construction project of Pingdingshan-Linru Expressway

     

    3.
      The
      currency and amount of loan (Capitalized): RMB 200,000,000Yuan (TWO HUNDRED
      MILLION YUAN)

     

    4.
      Life
      of the loan

     

    (1)
      The
      life of the loan is shown in the following table.

     

    
      	
              Issuing

            	 	
              Expiration

            	 
	
              Year

            	 	
              Month

            	 	
              Day

            	 	
              Amount

            	 	
              Year

            	 	
              Month

            	 	
              Day

            	 	
              Amount

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              10,000,000

            	 	
              2010

            	 	
              11

            	 	
              20

            	 	
              10,000,000

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              10,000,000

            	 	
              2011

            	 	
              11

            	 	
              20

            	 	
              10,000,000

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              10,000,000

            	 	
              2012

            	 	
              11

            	 	
              20

            	 	
              10,000,000

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              20,000,000

            	 	
              2013

            	 	
              11

            	 	
              20

            	 	
              20,000,000

            	 

    

     

    (The
      additional attached list, due to the table columns are not enough to fill out,
      is the component element of this contract)

     

    (2)
      If
      the loan amount, issuing date and expiration date recorded in this contract
      are
      not consistent with the record of loan note, the record of loan note shall
      prevail. The loan note is the component element of this contract and has the
      equal lawful force with this contract.

     

    (3)
      If
      the foreign exchange is used for this loan contract, the borrower should return
      its interest of loan by original currency on time.

     

    5.
      Lending rate 

     

    The
      lending rate of RMB can be decided by type (1)
      as
      follows:

     

    (1)
      Floating interest rate

     

    The
      lending rate floats upward
      2.9412%
      based on
      the setting rate, implements the annual interest rate of 6.30%,
      the
      lending setting rate of less than 5 (including 5 years) years is calculated by
      RMB benchmark lending rate of corresponding period published by the People’s
      Bank of China; the lending setting rate of more than 5 years is calculated
      by
      lending ruling rate of interest of RMB plus
      zero
(Capitalized)
      percentage point published by the People’s Bank of China.

     

    Six
      (Capitalized)
      months is one period of interest rate adjustment. If the People’s Bank of China
      adjusts its RMB benchmark lending rate, from the lending corresponding day
      of
      the first month in the next period of interest rate adjustment, the loaner
      should decide new lending rate with implementation according to benchmark
      interest rate of corresponding time and level after adjusting and the above
      formula mode, the borrower will not be informed further.

     

    The
      adjustment day of lending rate and lending issuing date, or the lending
      corresponding day of the first month of the period are the same day, the new
      implemented lending rate should be decided since the adjusting day of the
      setting rate. If have no lending corresponding day, the last day of the month
      is
      regarded as lending corresponding day.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (2)
      Fixed
      interest rate

     

    The
      lending rate______
      floats
      (upward/downward) ______
      %
      based
      on the setting rate, implements the annual interest rate______%
      until
      the lending due date. The lending setting rate of less than 5 (including 5
      years) years is calculated by RMB benchmark lending rate of corresponding period
      published by the People’s Bank of China; the lending setting rate of more than 5
      years is calculated by RMB benchmark lending rate plus______(Capitalized)
      percentage point published by the People’s Bank of China.

     

    The
      lending rate of foreign exchange can be decided by type___
      as
      follows:

     

    (1)______
      month/months (Capitalized)______
      (LIBOR/HIBOR)
      +______
      % of
      margin consists of the floating lending rate by ______
      months
      (Capitalized). LIBOR/HIBOR is an inter-bank offered rate of London or Hong
      Kong
      during the corresponding time limit of the first two working days published
      by
      Reuters. 

     

    (2)
      Implement the annual interest rate______%
      until
      the lending due date.

     

    (3)
      Other
      modes ______________________________.

     

    6.
      Interest settlement

     

    The
      interest of loan under this contract can be settled by quarter
      (month
      or quarter); the interest settlement date is the 20th of the last
      month of
      each
      quarter. The borrower shall pay the interest on each settlement day. If the
      repayment date for the last time of lending principal is not the interest
      settlement day, the unpaid interest should be settled with the principal
      repayment (day interest rate = monthly interest rate/30).

     

    Article
      2
      If the
      borrower fails to meet the requirements of the following conditions, the loaner
      has the right to not provide the loan.

     

    1.
      The
      borrower opens a
      general deposit account at
      the
      loaner’s office.

     

    2.
      The
      borrower provides related documents, materials and handles the relevant
      procedures according to requirements of the loaner.

     

    3.
      If the
      foreign exchange is used for loan under this contract, the borrower has already
      handled the authorization, registration and other prescribed procedures in
      term
      of pertinent regulations.

     

    4.
      If the
      loan has mortgage and guarantee of pledge under this contract, relevant legal
      procedures for registration and/or insurance etc. have already been handled
      by
      the requirements of the loaner, and this guarantee and insurance are constantly
      valid. If the loan has guarantee under this contract, it can ensure that the
      contract has already been signed and coming into force.

     

    Article
      3
      The
      Rights and Obligations of the Loaner

     

    1.
      The
      loaner has the right to know the production operation, financing activities,
      goods storage and loan usage of the borrower, and require the borrower to
      present the documents such as financial reports, materials and information
      on
      schedule.

     

    2.
      The
      loaner has the unfavorable actions or situations which includes but not limit
      to
      the seventh, eighth and tenth items of Article 4 in this contract, the loaner
      may withhold funding and withdraw the loan in advance.

     

    3.
      If the
      principal, interest, default interest, compound interest and other expenses
      payable of the borrower are withdrew or withdrew in advance stipulated in this
      contract, the loaner can directly transfer fund from any account of the
      borrower. 

     

    4.
      The
      repaid funds of the loaner is not enough to pay off funds payable under this
      contract, the loaner can use the fund to return principal, interest, default
      interest, compound interest or other expenses.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    5.
      If the
      loaner hasn’t fulfilled its repayment, the loaner can disclose the default
      actions of borrower to the public.

     

    6.
      The
      loaner must timely pay the loan in full to the borrower stipulated in this
      contract.

     

    Article
      4 The
      rights and obligations of the borrower

     

    1.
      The
      borrower has the right to obtain and use the loan according to provisions of
      this contract.

     

    2.
      Handle
      the current settlements and deposit related to the loan under this contract
      through the account agreed in article 2. 

     

    3.
      If the
      foreign exchange is used for loan under this contract, the borrower shall handle
      the authorization, registration and other prescribed procedures related to
      this
      loan according to relevant regulations.

     

    4.
      The
      principal and interest of the loan shall be repaid on time. If the borrower
      needs to extend the period of repayment, the borrower shall present an
      application in written form to the loaner within the 15 days before the due
      date
      of the loan and sign the extending contract of the loan through the agreement
      of
      the loan.

     

    5.
      The
      borrower shall use the loan as agreed in the contract, shall not unwarrantedly
      use or divert the loan.

     

    6.
      The
      loaner should provide authentic, integrate and valid financial reports or other
      related materials and information to the loaner by month, and positively
      cooperate with the loaner, checking the production operation, financing
      activities and usage of loan. 

     

    7.
      If the
      borrower implements a series of actions such as contract, lease, transformation
      in line with stock system, affiliation, combination, merger, split, joint
      investment, assets assignment, application for stop doing business for internal
      rectification, application for dissolution and bankruptcy, and other actions
      which will cause the changes to the relationship between the obligatory right
      and debt or affect the realization of the creditor's rights of loaner, it should
      present a written notice to the loaner and gain the agreement of the loaner,
      and
      also implement the responsibility of settlement or paying off debts in advance,
      otherwise it cannot implement the above actions.

     

    8.
      Except
      the above stated actions, if the borrower has a series of other serious
      unfavorable situations on repayment under this contract such as suspend
      production, go out of business, cancel the registration, its business license
      is
      revoked, whose legal representative or chief executive officer engage illegal
      activities, has actions of big lawsuits or arbitration, its production operation
      faces the serious difficulties and financial position deteriorates etc., the
      borrower shall present a written notice to the loaner, and implement the
      preservation measures of creditor’s rights recognized by the
      loaner.

     

    9.
      The
      borrower shall announce in written form in advance and get approval of the
      loaner if the borrower guarantees loans to other debt or provides mortgage
      and
      pledge to the third person by his main property which may affect his borrowing
      ability under the contract. 

     

    10.
      The
      borrower and its investor can not withdraw fund, transfer assets or transfer
      stock randomly to avoid the debt to the loaner.

     

    11.
      The
      borrower shall inform the loaner timely in written form if there are any changes
      of the name, legal representative, residence, business scope, etc.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    12.
      If
      there are situations of the guarantor such as: suspending production, going
      out
      of business, canceling the registration, business license is revoked, going
      bankrupt and appearing loss of business etc, or losing corresponding ability
      of
      warrantee of this loan partly or completely, or the value of the object of
      pledge, pledge and the pledge right as loan guarantee under the contract are
      lost or reduced. The borrower shall provide other guarantee measures timely
      approved by the loaner.

     

    13.
      The
      borrower shall undertake the series fees related to the contract or the
      guarantee under the contract such as: the service of the lawyer, insurance,
      transportation, evaluation, registration, conservation, identification,
      notarization and so on.

     

    Article
      5
      Advance Repayment 

     

    If
      the
      borrower wants to repay the loan in advance, he shall be approved by the loaner;
      if the loaner agrees, the interest of the part of the prepayment is calculated
      and charged by the following two ways: 

     

    1. Calculate
      and charge by the life of the loan and implement interest rate agreed in the
      contract.

     

    2. Calculate
      and charge by the rate floating upward by zero percent (capitalized) on the
      base
      of the agreed implement interest rate agreed in the contract according to the
      actual loan life.

     

    Article
      6
      Liability for Breach of Contract 

     

    1. If
      the
      loaner didn't offer loans to the borrower on schedule according to the agreement
      of the contract and cause loss to the borrower, the loaner shall pay breach
      of
      contract to the borrower according to amount of the breaches and the days
      delayed. The calculating mode of the interest of the breach of contract is
      same
      as the mode of interest calculation of overdue loan in the same
      period.

     

    2. The
      loaner shall charge the penalty interest floating upward 30% (in capital) on
      the
      base of the loan implement interest rate agreed in this contract to the overdue
      loan from the beginning of the overdue days until the principal and interest
      are
      liquidated. During the overdue period, for the loan with Reminbi, if the
      Renminbi-denominated loan rate of the People's Bank of China rises during the
      same period, the fine rate will be raised correspondingly from the date when
      the
      ruling rate of interest adjusts. 

     

    3. If
      the
      borrower didn't follow the prescribed purpose to use the loan stipulated by
      the
      contract, the loaner can charge penalty interest of 50% (in capital)exceeding
      to
      the exercise interest rate prescribed in the contract to the partial breach
      from
      date of expiration till the principal and interest are liquidated. During the
      delaying, Renminbi-denominated loan penalty interest will rise corresponding
      to
      the base rate rise of the People's Bank of China of the same period from the
      date of base interest adjustment.

     

    4. The
      loaner shall charge compound interest to the unpaid interest payable according
      to the regulations of the People's Bank of China. 

     

    5. The
      loaner has right to demand the borrower to correct breach, stop to issue loans,
      reclaim issued loan in advance, announce that the loan of other loan agreements
      signed between the loaner and the borrower are expired instantly or take other
      capital security measures if the borrower breaches obligations of the
      contract.

     

    6. The
      loaner has right to stop the issue of loan, reclaim loan issued in advance
      or
      take other capital security measures to the borrower if any guarantor breaches
      the prescribed obligations of the contract.

     

    7. If
      the
      borrower breaches the contract, which rise financial claim fees from legal
      action and arbitration, the borrower shall pay the corresponding attorney fees,
      travel charge and other fees for financial claim. 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Article
      7 Loan Guarantee 

     

    The
      guarantee way of the loan under the contract is Pledge
      of Toll Collection Right,
      the
      guaranty contract shall be signed separately. If adopting the guarantee way
      of
      maximum amount, the guaranty contract NO. is __________________. 

     

    Article
      8 Dispute Resolution

     

    The
      disputes during the performance of this contract can be settled by the two
      parties through consultation, and may also be solved by the first way as
      follows:

     

    
      	
              1.

            	
              Lawsuit.
                Under the jurisdiction of the people’s court in the location of the
                loaner.

            

      	 	 

    

    
      	
              2.

            	
              Arbitration.
                Submit to______________________ (full name of arbitral authority)
                for
                arbitration according to its arbitration
                rules.

            

    

     

    During
      the lawsuit or arbitration, the terms unrelated to the dispute shall still
      be
      executed. 

     

    Article
      9 Other issues 

     

    1.
      During the operation of the project, the proportion of the loaner in the toll
      revenue shall not be less than its loan proportion in the project, and it shall
      be deposited to the account of the borrower opened at the loaner.

     

    2.
      After finishing the construction of the project, the borrower shall manage
      the
      pledge guaranty procedures of toll collection right division approved by the
      loaner according to loan share of the loaner as for the loan under the
      contract. 

     

    Article
      10 Effectiveness of Contract

     

    The
      contract shall become effective since being signed or sealed by both parties.
      

     

    Article
      11 Number of Contract Copies 

     

    There
      are
      four original copies of the contract, one for each party, one for the guarantor
      and one for the pledge registration authority, with the same
      effect.

     

    Article
      12 Notice 

     

    The
      loaner has asked the borrower to get a complete and accurate understanding
      about
      all pre-printed articles and made corresponding explanation to the articles
      according to the demand of the borrower. Both parties have the consistent
      understanding of the contract.

    

    The
      borrower: The Pingdingshan Pinglin Toll Road Company Ltd. (seal) 

    

    Legal
      representative or authorized agent: /s/ Li Xipeng  

     

     

    The
      loaner: Agricultural Bank of China, Xinhua District Branch of Pingdingshan
      City
      (seal) 

    Principal
      or authorized agent: /s/ Authorized Person

    

    Date
      of
      contract: March
      19, 2005 

    

    Signed
      at: Agricultural
      Bank of China, Pingdingshan
      branch      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Supplementary
      Agreement

    

    The
      borrower and the loaner reach an agreement for Article 5 “Advance Repayment”
item of the loan contract signed on Feb. 28, 2005, whose number is (410508101)
      NYJZ (2005) No.02002. 

     

    1.
      If
      needing to repay in advance, the borrower shall inform the loaner in written
      form 30 days before the scheduled repayment date; when getting repayment, the
      loaner shall collect the interest to the part of advance repayment as agreed
      in
      the contract. 

     

    2.
      This
      agreement is a supplement for loan contract; other matters shall be executed
      as
      agreed in the loan contract except the contents specified in the agreement.
      

     

    3.
      This
      agreement shall be valid from the date when the two parties sign and
      seal.

     

    4.
      This
      agreement shall have four originals and each party will have two of them with
      equal legal force. 

    

    

    The
      borrower: The Pingdingshan Pinglin Toll Road Company Ltd. (seal)

    /s/ Li
      Xipeng  

    

    

    The
      loaner: Agricultural Bank of China, Xinhua District Branch of Pingdingshan
      City
      (seal)

    /s/
      Authorized Person
 

    June
      7,
      2005

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Attached
      List

    

    
      	
              Issuing

            	 	
              Expiration

            	 
	
              Year

            	 	
              Month

            	 	
              Day

            	 	
              Amount

            	 	
              Year

            	 	
              Month

            	 	
              Day

            	 	
              Amount

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              20,000,000

            	 	
              2014

            	 	
              11

            	 	
              20

            	 	
              20,000,000

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              20,000,000

            	 	
              2015

            	 	
              11

            	 	
              20

            	 	
              20,000,000

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              20,000,000

            	 	
              2016

            	 	
              11

            	 	
              20

            	 	
              20,000,000

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              20,000,000

            	 	
              2017

            	 	
              11

            	 	
              20

            	 	
              20,000,000

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              30,000,000

            	 	
              2018

            	 	
              11

            	 	
              20

            	 	
              30,000,000

            	 
	
              2005

            	 	
              4

            	 	
              19

            	 	
              40,000,000

            	 	
              2019

            	 	
              3

            	 	
              20

            	 	
              40,000,000

            	 

    

     

    Notice
      : This
      attached list is a supplement for life of loan in the first item of Article
      4 in
      the loan contract, whose number is (410508101) NYJZ (2005) No.02002, and it
      is
      the component part of the loan contract.

    

    The
      borrower: The Pingdingshan Pinglin Toll Road Company Ltd. (seal) 

    

    Legal
      representative or authorized agent: /s/ Li Xipeng  

    

    The
      loaner: Agricultural Bank of China, Xinhua District Branch of Pingdingshan
      City

     

    Principal
      or authorized agent: /s/ Authorized Person

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