Document:

AMENDMENT
      NO. 8
      TO CREDIT AGREEMENT

     

    This
      Amendment No. 8 (this “Amendment”)
      to the
      Credit Agreement, dated as of September 30, 2005 (as amended by Amendment No.
      1,
      dated as of June 14, 2006 and Amendment No. 2, dated October 31, 2006, and
      subject to a Consent and Waiver No. 3, dated as of October 31, 2006, Waiver
      No.
      4, dated as of March 30, 2007, and Amendment No. 5, dated as of August 31,
      2007,
      Waiver No. 6, dated as of September 25, 2007 and Amendment No. 7, dated as
      of
      October 4, 2007 the “Credit
      Agreement”),
      and
      entered into by and among Duff & Phelps, LLC (the “Borrower”),
      Duff
& Phelps Acquisitions, LLC, as one of the guarantors (“Holdings”),
      the
      persons designated as “Lenders” on the signature pages hereto (the “Lenders”)
      and
      General Electric Capital Corporation, in its capacity as Administrative Agent
      (the “Administrative
      Agent”)
      for
      its own benefit and the benefit of the Lenders, is dated as of January 31,
      2008
      and entered into by and among Borrower, the other Loan Parties signatory hereto,
      the Lenders signatory hereto and Administrative Agent.

     

    R E C I T A L S:

     

    WHEREAS,
      the parties hereto wish to amend the Credit Agreement on the terms and
      conditions hereof; and

     

    WHEREAS,
      Section
      11.1(a)
      of the
      Credit Agreement requires the written consent of the Required Lenders and the
      Borrowers to certain amendments to the Credit Agreement.

     

    NOW,
      THEREFORE, in consideration of the premises and the agreements, provisions
      and
      covenants herein contained, and subject to the terms and conditions hereof
      the
      Borrowers, the Loan Parties signatory hereto, the Lenders whose signatures
      appear below and the Administrative Agent agree as follows:

     

    Section
      1.

     

    DEFINITIONS

     

    1.1 Defined
      Terms.
      Unless
      otherwise provided all capitalized terms used herein shall have the meanings
      ascribed thereto in the Credit Agreement.

     

    Section
      2.

     

    AMENDMENT

     

    2.1 Amendments.
      Subject
      to the satisfaction of the conditions set forth in Section
      3,
      the
      Credit Agreement is hereby amended as follows: 

     

    (a) Section
      1.1
      is
      amended by adding the following definitions in the appropriate alphabetical
      locations:

     

    “Amendment
      No. 8”
      means
      Amendment No. 8, dated as of January 9, 2008, to this Agreement.

     

    “Amendment
      No. 8 Effective Date”
means
      the ‘Effective Date’ (as such term is defined in Amendment No. 8).

     

    “D&P”
means
      Duff & Phelps Corporation, a Delaware corporation.

     

    (b) Article
      IV
      is
      amended by adding a new Section
      4.18
      at the
      end thereof as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Section
      4.18 Duff
      & Phelps Corporation.

     

    “As
      of
      the Amendment No. 8 Effective Date, D&P has not engaged in any business,
      operations or activity, or held any property, other than (i) holding Stock
      and
      Stock Equivalents of Holdings, (ii) issuing, registering, selling and redeeming
      its own Stock (and Stock Equivalents), (iii) paying taxes, (iv) holding
      directors’ and shareholders’ meetings, preparing corporate and similar records
      and other activities required to maintain its separate corporate or other legal
      structure, (v) preparing reports to, and preparing and making notices to and
      filings with, Governmental Authorities and to its holders of Stock and Stock
      Equivalents and (vi) activities reasonably related or ancillary to any of the
      foregoing activities.”

     

    (c) Section
      5.1
      of the
      Credit Agreement is amended by replacing the word “Borrower” appearing therein
      with the phrase “Prior to December 31, 2007, Borrower, and on and after December
      31, 2007, D&P”.

     

    (d) Section
      5.2
      of the
      Credit Agreement is amended by
      replacing the word “Borrower” appearing therein with the phrase “Prior to
      December 31, 2007, Borrower, and on and after to December 31, 2007,
      D&P”.

     

    (e) Section
      6.1
      of the
      Credit Agreement is amended by adding the following sentence at the end such
      Section:

     

    “Notwithstanding
      the foregoing, the parties hereby agree that Borrower may satisfy the reporting
      requirements set forth in this Section
      6.1
      by
      delivering to the Administrative Agent when due the reports, Financial
      Statements, balance sheets or other documents, as applicable (together with
      related Borrower and accountant certifications), that are prepared with respect
      to D&P to the extent such reports, Financial Statements, balance sheets or
      other documents, as applicable, are prepared on a consolidated and, where
      applicable, a consolidating basis and otherwise satisfy the reporting
      requirements set forth in the Section
      6.1,
      and all
      references in Sections
      6.1(a),
      6.1(b)
      and
6.1(c)
      to
      Holdings shall be deemed to be references to D&P and solely for the purposes
      of Section
      6.1,
      the
      term “Group Member” shall include D&P.”

     

    (f) Section
      8.8
      of the
      Credit Agreement is amended by replacing clause (viii) with the following:
      “(viii) executing
      such documents as are necessary to consummate any Permitted Acquisition
      including the issuance of its own Stock and Stock Equivalents and complying
      with
      the requirements thereof so long as no other Indebtedness or liabilities are
      incurred by Holdings in connection therewith”.

     

    (g) Section
      9.1
      is
      amended by (i) replacing the period ending paragraph (h) thereof with “; or” and
      inserting immediately thereafter the following paragraph (i): 

     

    “(i)
       At
      any
      time after the Amendment No. 8 Effective Date, D&P shall engage in any
      business, operations or activity, or hold any property, other than (i) holding
      Stock and Stock Equivalents of Holdings, (ii) issuing, registering, selling
      and
      redeeming its own Stock (and Stock Equivalents), (iii) paying taxes, (iv)
      holding directors’ and shareholders’ meetings, preparing corporate and similar
      records and other activities required to maintain its separate corporate or
      other legal structure, (v) preparing reports to, and preparing and making
      notices to and filings with, Governmental Authorities and to its holders of
      Stock and Stock Equivalents (vi) receiving, and holding proceeds of Restricted
      Payments of Holdings and distributing the proceeds thereof to its shareholders,
      (vii)
      executing such documents as are necessary to consummate any Permitted
      Acquisition including the issuance of its own Stock and Stock Equivalents and
      complying with the requirements thereof so long as no other Indebtedness or
      liabilities are incurred by D&P in connection therewith and
      (viii) activities reasonably related or ancillary to any of the foregoing
      activities.”

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Section
      3.

     

    CONDITIONS
      TO EFFECTIVENESS

     

    The
      amendment provided in Section
      2.1
      shall
      become effective on the date (the “Effective
      Date”)
      that
      the following conditions have been satisfied in full or waived by the Required
      Lenders:

     

    (a) Administrative
      Agent shall have received one or more counterparts of this Amendment No. 8
      executed and delivered by the Loan
      Parties,
      the Required Lenders and Administrative Agent; and

     

    (b) There
      shall be no continuing Default or Event of Default and the representations
      and
      warranties of the Loan
      Parties
      contained in the Loan Documents, shall be true and correct in all material
      respects as of the Effective Date or such other specific date as of which any
      such representation or warranty is by its terms made.

     

    Section
      4.

     

    LIMITATION
      ON SCOPE

     

    Except
      as
      expressly amended hereby, the Loan Documents shall remain in full force and
      effect in accordance with their respective terms. The amendment set forth herein
      shall be limited precisely as provided for herein and shall not be deemed to
      be
      a waiver of, amendment of, consent to or modification of any term or provision
      of the Loan Documents or any other document or instrument referred to therein
      or
      of any transaction or further or future action on the part of any Loan Party
      requiring the consent of Administrative Agent or Lenders except to the extent
      specifically provided for herein. Administrative Agent and Lenders have not
      and
      shall not be deemed to have waived any of their respective rights and remedies
      against any Loan Party for any existing or future Defaults or Events of
      Default.

     

    Section
      5.

     

    MISCELLANEOUS

     

    (a) Each
      Loan
      Party hereby represents and warrants as follows:

     

    (i) this
      Amendment No. 8 has been duly authorized and executed by such Loan Party and
      the
      Credit Agreement, as amended by this Amendment No. 8 is the legal, valid and
      binding obligation of such Loan Party, enforceable in accordance with its terms,
      except as (1) such enforceability may be limited by applicable bankruptcy,
      insolvency, reorganization, moratorium and similar laws affecting the rights
      of
      creditors in general and (2) the availability of equitable remedies may be
      limited by equitable principles of general applicability; and

     

    (ii) such
      Loan
      Party repeats and restates the representations and warranties of such Loan
      Party
      contained in the Credit Agreement as of the Effective Date, except to the extent
      such representations and warranties relate to a specific date; provided
      that
      references to the “Credit Agreement” or “this Agreement” in such representations
      and warranties shall be deemed to be references to the Credit Agreement as
      amended pursuant to this Amendment No. 8.

     

    (b) This
      Amendment No. 8 is being delivered in the State of New York.

     

    (c) Each
      Loan
      Party hereby ratifies and confirms that the Credit Agreement as amended hereby
      remains in full force and effect.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (d) Each
      Loan
      Party agrees that all Loan Documents, as amended hereby or otherwise amended
      in
      connection herewith, remain in full force and effect notwithstanding the
      execution and delivery of this Amendment No. 8 and all other Loan Documents
      and
      that nothing contained in this Amendment No. 8 shall constitute a defense to
      the
      enforcement of any Loan Document.

     

    (e) This
      Amendment No. 8 may be executed by the parties hereto in separate counterparts,
      each of which when so executed and delivered shall be deemed an original, but
      all of which counterparts together shall constitute but one and the same
      instrument.

     

    (f) All
      references in the Loan Documents to the “Credit Agreement” and in the Credit
      Agreement as amended hereby to “this Agreement,” “hereof,” “herein” or the like
      shall mean and refer to the Credit Agreement as amended by this Amendment No.
      8
      (as well as by all subsequent amendments, restatements, modifications and
      supplements thereto).

     

    (g) This
      Amendment is a “Loan Document” and each of the following provisions of the
      Credit Agreement is hereby incorporated herein by this reference with
      the
      same effect as though set forth in its entirety herein,
      mutatis
      mutandis,
      and as
      if “this Agreement” in any such provision read “this Amendment No. 8”:
Section
      12.13
      (Governing Law), Section
      12.14
      (Jurisdiction), Section
      12.15
      (Waiver
      of Jury Trial) and Section 12.16
      (Severability).

     

    

     

    [Signature
      page is next page]

     

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Witness
      the due execution hereof by the respective duly authorized officers of the
      undersigned of this Amendment No. 8 to the Credit Agreement as of the date
      first
      written above.

     

    
      	 	 	 
	 	
              DUFF
                & PHELPS, LLC

              as
                Borrower

            
	 
 	 
 	 
 
	 	By:  	/s/
              Jacob Silverman
	 	
              
Name: Jacob
              Silverman
	 	Title: CFO

    

     

    
      
        	 	 	 
	 	
                DUFF
                  & PHELPS ACQUISITIONS, LLC

                as
                  Holdings

              
	 
 	 
 	 
 
	 	By:  	/s/
                Jacob Silverman
	 	
                
Name: Jacob
                Silverman
	 	Title: CFO

      

       

    

    
      
        	 	 	 
	 	
                GENERAL
                  ELECTRIC CAPITAL CORPORATION,

                as
                  Administrative Agent, L/C Issuer, and Lender

              
	 
 	 
 	 
 
	 	By:  	/s/
                Kimberly Massa
	 	
                
Name: Kimberly
                Massa
	 	Title: Its
                duly authorized signatory

      

       

       

      
        
          
            Amendment
              No. 8 to Credit Agreement

          

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        	 	 	 
	 	LASALLE BANK ASSOCIATION,
                as
                Syndication   Agent
                and a Lender
	 
 	 
 	 
 
	 	By:  	/s/
                Emily Eigel
	 	
                
Name: Emily
                Eigel
	 	Title: Vice
                President

      

       

     

    
 

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      
        	 	 	 
	 	AIB DEBT MANAGEMENT LIMITED,
                as a
                Lender
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name: Gregory
                J. Wiske 
	 	Title:

      

       

    

     

    
 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      
        	 	 	 
	 	APIDOS
                CDO
                I, as a Lender
	 
 	 
 	 
 
	 	By:  	/s/
                Ann
                McCarthy
	 	
                
Name: Ann
                McCarthy 
	 	Title: Authorized
                Signatory

      

    

     

    
      
        	 	 	 
	 	APIDOS CDO II, as a
                Lender
	 
 	 
 	 
 
	 	By:  	Name: Ann
                McCarthy
	 	
                
Title: Authorized
                Signatory
	 	Title 

      

       

    

    
      
        	 	 	 
	 	APIDOS CDO III, as a
                Lender
	 
 	 
 	 
 
	 	By:  	/s/
                Ann
                McCarthy
	 	
                
Name: Ann
                McCarthy
	 	Title: Authorized
                Signatory

      

       

    

    
      
        	 	 	 
	 	APIDOS CDO IV, as a
                Lender
	 
 	 
 	 
 
	 	By:  	/s/
                Ann
                McCarthy
	 	
                
Name: Ann
                McCarthy 
	 	Title: Authorized
                Signatory

      

       

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      
        	 	 	 
	 	SOVEREIGN BANK, as a
                Lender
	 
 	 
 	 
 
	 	By:  	/s/
                Christine Gerula
	 	
                
Name: Christine
                Gerula
	 	Title: Senior
                Vice President 

      

       

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

     

    
      
        	 	 	 
	 	ING CAPITAL
                LLC, as a Lender
	 
 	 
 	 
 
	 	By:  	/s/
                Lawrence P. Eyink
	 	
                
Name: Lawrence
                P. Eyink
	 	Title: Director
                

      

       

    

    

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    CONSENT
      AND REAFFIRMATION

    

    The
      undersigned (“Guarantor”)
      hereby
      (i) acknowledges receipt of a copy of the foregoing Amendment No. 8; (ii)
      consents to Borrower’s execution and delivery thereof and approves and consents
      to the transactions contemplated thereby; (iii) agrees to be bound thereby;
      and
      (iv) affirms that nothing contained therein shall modify or diminish in any
      respect whatsoever its obligations under the Guaranty and the other Loan
      Documents to which it is a party and reaffirms that such Guaranty is and shall
      continue to remain in full force and effect. This acknowledgement by the
      Guarantor is made and delivered to induce Agent and Lenders to enter into
      Amendment No. 8, and the Guarantor acknowledges that Agent and Lenders would
      not
      enter into Amendment No. 8 in the absence of the acknowledgements contained
      herein. Although Guarantor has been informed of the matters set forth herein
      and
      has acknowledged and agreed to same, Guarantor understands that Agent and
      Lenders have no obligation to inform Guarantor of such matters in the future
      or
      to seek Guarantor’s acknowledgment or agreement to future amendments or waivers,
      and nothing herein shall create such a duty. Capitalized terms used herein
      without definition shall have the meanings given to such terms in the Amendment
      No. 8 to which this Consent is attached or in the Credit Agreement referred
      to
      therein, as applicable.

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Consent and Reaffirmation
      on
      and as of the date of Amendment No. 8.

     

    
      
        	 	 	 
	 	
                DUFF
                  & PHELPS ACQUISITIONS, LLC

                as
                  Holdings

              
	 
 	 
 	 
 
	 	By:  	/s/
                Jacob Silverman
	 	
                
Name: Jacob
                Silverman
	 	Title: CFO

      

       

    

     

    
      
        
          Consent
            and ReaffirmationEXHIBIT
      10.1

     

    CHINA
      SHOE HOLDINGS, INC.

    REGULATION
      S SUBSCRIPTION AGREEMENT

    

    Subscription
      agreement, dated as of January 30, 2008, by and between the person whose name(s)
      appear(s) at the signature page of this agreement (the “Investor” or the
“undersigned”) and China Shoe Holdings, Inc., a Nevada corporation (the
“Company”), with an address of 488 Wai
      Qingsong Road,
      Waigang, Jiading District, Shanghai, People’s Republic of China
      201800;

    

    WHEREAS,
      the Company is desirous of raising capital through the sale 4,230,769 shares
      (the “Shares” or the “Securities”) of its authorized but un-issued common stock,
      par value $0.0001 per share (the “Common Stock”) for $0.13 per share and upon
      the other terms and conditions set forth herein; and

    

    WHEREAS,
      the Investor is desires to purchase the Shares upon the terms and conditions
      set
      forth herein;

    

    NOW
      THEREFORE, IT IS AGREED AS FOLLOWS:

    

    SECTION
      1

    

    1.1 Subscription.
      

    

    The
      Investor, intending to be legally bound, hereby irrevocably subscribes for
      and
      agrees to purchase the Shares in a transaction exempt from the registration
      requirements of the Securities Act of 1933, as amended (the “Securities Act”)
      for a price of US$550,000 (the “Purchase Price”). The Company agrees to sell the
      Shares for the Purchase Price to the Investor in a private placement transaction
      exempt from U.S. registration pursuant to Regulation S promulgated by the
      Securities and Exchange Commission under the Securities Act of 1933, as amended
      (the “Securities Act”).

    

    1.2 Purchase
      of Shares.

    

    The
      undersigned understands and acknowledges that the purchase price to be remitted
      to the Company in exchange for the Shares shall be Five Hundred Fifty Thousand
      ($550,000) Dollars ($.013 per Shares). Simultaneous with the execution and
      delivery of this Agreement, the undersigned shall deliver to the Company the
      aforementioned purchase price by wire transfer or cashiers or tellers check
      drawn on an institution located in the Peoples Republic of China (“PRC”)
      reasonably acceptable to the Company.  

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    1.3 Acceptance
      or Rejection.

    

    (a) The
      undersigned understands and agrees that its subscription for the Shares is
      irrevocable.

    

    (b) In
      the
      event the sale of the Shares subscribed for by the undersigned is not
      consummated by the Company for any reason (in which event this Subscription
      Agreement shall be deemed to be rejected), this Subscription Agreement and
      any
      other agreement entered into between the undersigned and the Company relating
      to
      this subscription shall thereafter have no force or effect and the Company
      shall
      promptly return or cause to be returned to the undersigned the Purchase Price
      remitted to the Company by the undersigned, without interest thereon or
      deduction therefrom. If the Company has not consummated the sale of the Shares
      within ten business days of the delivery of this agreement executed by the
      Investor then this agreement shall be deemed to have been terminated by the
      Company.

    

    SECTION
      2

    

    2.1 Closing.

    

    The
      closing (the "Closing") of the purchase and sale of the Shares shall occur
      simultaneously with the acceptance by the Company of the undersigned's
      subscription, as evidenced by the Company's execution of this Subscription
      Agreement. Upon Closing, the Company shall deliver the certificate(s) for the
      Shares to the Investor. 

    

    SECTION
      3

    

    3.1 Investor
      Representations and Warranties.
      

    

    The
      undersigned hereby acknowledges, represents and warrants to, and agrees with,
      the Company and its affiliates as follows:

    

    (a) The
      undersigned has full power and authority to enter into this Agreement, the
      execution and delivery of this Agreement has been duly authorized, if
      applicable, and this Agreement constitutes a valid and legally binding
      obligation of the undersigned.

     

    (b) The
      undersigned understands that the Company is under no obligation to register
      the
      Shares under the Securities Act, or to assist the undersigned in complying
      with
      the Securities Act or the securities laws of any state of the United States
      or
      of any foreign jurisdiction.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (c) The
      undersigned understands that an investment in the Shares is a speculative
      investment that involves a high degree of risk and the potential loss of his
      entire investment.

    

    (d) The
      undersigned's overall commitment to investments that are not readily marketable
      is not disproportionate to the undersigned's net worth, and an investment in
      the
      Shares will not cause such overall commitment to become excessive.

     

    (e) The
      undersigned has received all documents, records, books and other information
      pertaining to the undersigned’s investment in the Company that has been
      requested by the undersigned. The understand has been advised that the Company
      is subject to the reporting requirements of the Securities Exchange Act of
      1934,
      as amended (the “Exchange Act”), and pursuant thereto has filed reports and
      other documents with the Securities and Exchange Commission which are available
      to the Company for review at www.sec.gov (the “Filed Documents”). The
      undersigned has made such review of the Filed Documents as the undersigned
      has
      deemed necessary, including, but not limited to the section entitled “RISK
      FACTORS” in the Company’s Form 8-K, dated July 3, 2007 and filed on July 6,
      2007.

    

    (f) The
      undersigned understands that the price of the Shares has been determined
      arbitrarily by the Company and may exceed the market price of the Shares as
      quoted on the over the counter bulletin board. The undersigned further
      understands that there is a substantial risk of further dilution on his
      investment in the Company.

    

    (g) Other
      than as set forth herein, the undersigned is not relying upon any other
      information, representation or warranty by the Company or any officer, director,
      stockholder, agent or representative of the Company in determining to invest
      in
      the Shares. The undersigned has consulted, to the extent deemed appropriate
      by
      the undersigned, with the undersigned’s own advisers as to the financial, tax,
      legal and related matters concerning an investment in the Shares and on that
      basis believes that his or its investment in the Shares is suitable and
      appropriate for the undersigned.

    

    (h) Compliance
      with Local Laws.
      Any
      resale of the Securities during the ‘distribution compliance period’ as defined
      in Rule 902(f) to Regulation S shall only be made in compliance with exemptions
      from registration afforded by Regulation S. Further, any such sale of the
      Securities in any jurisdiction outside of the United States will be made in
      compliance with the securities laws of such jurisdiction. The Investor will
      not
      offer to sell or sell the Securities in any jurisdiction unless the Investor
      obtains all required consents, if any.

    

    (j) Regulation
      S Exemption.
      The
      undersigned understands that the Securities are being offered and sold in
      reliance on an exemption from the registration requirements of United States
      federal and state securities laws under Regulation S promulgated under the
      Securities Act and that the Company is relying upon the truth and accuracy
      of
      the representations, warranties, agreements, acknowledgments and understandings
      of the Investor set forth herein in order to determine the applicability of
      such
      exemptions and the suitability of the undersigned to acquire the Securities.
      In
      this regard, the undersigned represents, warrants and agrees
      that:

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    
      	 	
              1.

            	
              The
                undersigned is not a U.S. Person (as defined below) and is an affiliate
                (as defined in Rule 501(b) under the Securities Act) of the Company
                and is
                not acquiring the Securities for the account or benefit of a U.S.
                Person.
                A U.S. Person means any one of the
                following:

            

    

     

    
      	 	
              ·

            	
              any
                natural person resident in the United States of
                America;

            

    

     

    
      	 	
              ·

            	
              any
                partnership or corporation organized or incorporated under the laws
                of the
                United States of America;

            

    

     

    
      	 	
              ·

            	
              any
                estate of which any executor or administrator is a U.S.
                person;

            

    

     

    
      	 	
              ·

            	
              any
                trust of which any trustee is a U.S.
                person;

            

    

     

    
      	 	
              ·

            	
              any
                agency or branch of a foreign entity located in the United States
                of
                America;

            

    

     

    
      	 	
              ·

            	
              any
                non-discretionary account or similar account (other than an estate
                or
                trust) held by a dealer or other fiduciary for the benefit or account
                of a
                U.S. person;

            

    

     

    
      	 	
              ·

            	
              any
                discretionary account or similar account (other than an estate or
                trust)
                held by a dealer or other fiduciary organized, incorporated or (if
                an
                individual) resident in the United States of America;
                and

            

    

     

    
      	 	
              ·

            	
              any
                partnership or corporation if:

            

    

     

    (A)
      organized or incorporated under the laws of any foreign jurisdiction;
      and

     

    (B)
      formed by a U.S. person principally for the purpose of investing in securities
      not registered under the Securities Act, unless it is organized or incorporated,
      and owned, by accredited investors (as
      defined in Rule 501(a) under the Securities Act) who are not natural persons,
      estates or trusts.

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    From
      the
      time of the origination of contact concerning this Agreement and the date of
      the
      execution and delivery of this Agreement, the undersigned was outside of the
      United States.

     

    (k)
       The
      undersigned will not, during the period commencing on the date of issuance
      of
      the Shares and ending on the six month anniversary of such date, or such shorter
      period as may be permitted by Regulation S or other applicable securities law
      (the “Restricted Period”), offer, sell, pledge or otherwise transfer the Shares
      in the United States, or to a U.S. Person for the account or for the benefit
      of
      a U.S. Person, or otherwise in a manner that is not in compliance with
      Regulation S.

     

    (l)
       The
      undersigned will, after expiration of the Restricted Period, offer, sell, pledge
      or otherwise transfer the Shares only pursuant to registration under the
      Securities Act or an available exemption therefrom and, in accordance with
      all
      applicable state and foreign securities laws.

     

    

    (m)
       The
      undersigned was not in the United States, engaged in, and prior to the
      expiration of the Restricted Period will not engage in, any short selling of
      or
      any hedging transaction with respect to the Shares, including without
      limitation, any put, call or other option transaction, option writing or equity
      swap.

    

    (n)
        Neither
      the undersigned nor or any person acting on his behalf has engaged, nor will
      engage, in any directed selling efforts to a U.S. Person with respect to the
      Shares and the undersigned and any person acting on his behalf have complied
      and
      will comply with the “offering restrictions” requirements of Regulation S under
      the Securities Act.

    

    (o)
       The
      transactions contemplated by this Agreement have not been pre-arranged with
      a
      buyer located in the United States or with a U.S. Person, and are not part
      of a
      plan or scheme to evade the registration requirements of the Securities Act.
      

    

    (p)
      Neither the undersigned nor any person acting on his behalf has undertaken
      or
      carried out any activity for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United States,
      its territories or possessions, for any of the Shares. The undersigned agrees
      not to cause any advertisement of the Shares to be published in any newspaper
      or
      periodical or posted in any public place and not to issue any circular relating
      to the Shares, except such advertisements that include the statements required
      by Regulation S under the Securities Act, and only offshore and not in the
      U.S.
      or its territories, and only in compliance with any local applicable securities
      laws.

    

    (q)
      Each
      certificate representing the Shares shall be endorsed with the following
      legends, in addition to any other legend required to be placed thereon by
      applicable federal or state securities laws:

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    “THE
      SECURITIES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED
      IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES
      ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE
      COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED
      UNDER THE SECURITIES ACT.”

     

    “TRANSFER
      OF THESE SECURITIES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
      OF
      REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT
      TO
      AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED
      UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

    

    The
      undersigned consents to the Company making a notation on its records or giving
      instructions to any transfer agent of the Company in order to implement the
      restrictions on transfer of the Securities set forth in this Section 3(q).
      The
      undersigned further understands that Rule 144 under the securities Act is not
      available for resale of the Shares until six months after the Closing and then
      only on meeting all of the other conditions of Rule 144.

    

    (r)
      The
      undersigned is an “accredited investor” as that term is defined in Rule 501 of
      the General Rules and Regulations under the Securities Act by reason of Rule
      501(a)(3).

    

    SECTION
      4

    

    The
      Company represents and warrants to the undersigned as follows:

    

    4.1  Organization
      of the Company.
      The
      Company is a corporation duly organized and validly existing and in good
      standing under the laws of the State of Nevada, and has all requisite power
      and
      authority to own, lease and operate its properties and to carry on its business
      as now being conducted. 

    

    4.2 Authority.
      (a) The
      Company has the requisite corporate power and authority to enter into and
      perform its obligations under this Agreement and to issue the Shares; (b) the
      execution and delivery of this Agreement by the Company and the consummation
      by
      it of the transactions contemplated hereby and thereby have been duly authorized
      by all necessary corporate action and no further consent or authorization of
      the
      Company or its Board of Directors is required; and (c) this Agreement has been
      duly executed and delivered by the Company and constitutes a valid and binding
      obligation of the Company enforceable against the Company in accordance with
      its
      terms, except as such enforceability may be limited by applicable bankruptcy,
      insolvency, or similar laws relating to, or affecting generally the enforcement
      of, creditors' rights and remedies or by other equitable principles of general
      application.

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    4.3  Election
      of a Director.
      The
      Company agrees and undertakes that upon the Closing under this Agreement and
      so
      long as the Investor owns at least 50% of the Shares, the Company will use
      its
      best efforts to nominate and cause to be elected to its Board of Directors
      one
      person nominated by the Investor reasonably acceptable to the present Board
      of
      Directors of the Company.

    

    SECTION
      5

    

    5.1  Indemnity.
      The
      undersigned agrees to indemnify and hold harmless the Company, its officers
      and
      directors, employees and its affiliates and their respective successors and
      assigns and each other person, if any, who controls any thereof, against any
      loss, liability, claim, damage and expense whatsoever (including, but not
      limited to, any and all expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any litigation commenced or
      threatened or any claim whatsoever) arising out of or based upon any false
      representation or warranty or breach or failure by the undersigned to comply
      with any covenant or agreement made by the undersigned herein or in any other
      document furnished by the undersigned to any of the foregoing in connection
      with
      this transaction.

    

    5.2 Modification.
      Neither
      this Agreement nor any provisions hereof shall be modified, discharged or
      terminated except by an instrument in writing signed by the party against whom
      any waiver, change, discharge or termination is sought.

    

    5.3 Notices.
      Any
      notice, demand or other communication which any party hereto may be required,
      or
      may elect, to give to anyone interested hereunder shall be sufficiently given
      if
      (a) deposited, postage prepaid, registered or certified mail, return receipt
      requested, addressed to such address as may be given herein, or (b) delivered
      personally at such address.

    

    5.4 Counterparts.
      This
      Agreement may be executed through the use of separate signature pages or in
      any
      number of counterparts and by facsimile, and each of such counterparts shall,
      for all purposes, constitute one agreement binding on all parties,
      notwithstanding that all parties are not signatories to the same counterpart.
      Signatures may be facsimiles.

    

    5.5 Binding
      Effect.
      Except
      as otherwise provided herein, this Agreement shall be binding upon and inure
      to
      the benefit of the parties and their heirs, executors, administrators,
      successors, legal representatives and assigns. If the undersigned is more than
      one person, the obligation of the undersigned shall be joint and several and
      the
      agreements, representations, warranties and acknowledgments herein contained
      shall be deemed to be made by and be binding upon each such person and his
      heirs, executors, administrators and successors.

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    5.6 Entire
      Agreement.
      This
      Agreement and the documents referenced herein contain the entire agreement
      of
      the parties and there are no representations, covenants or other agreements
      except as stated or referred to herein and therein.

    

    5.7 Assignability.
      This
      Agreement is not transferable or assignable by the undersigned.

    

    5.8 Applicable
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Nevada as they are applied to contracts executed, delivered and to
      be
      performed entirely within such state, without giving effect to conflicts of
      law
      principles.

    

    5.9 Pronouns.
      The use
      herein of the masculine pronouns "him" or "his" or similar terms shall be deemed
      to include the feminine and neuter genders as well and the use herein of the
      singular pronoun shall be deemed to include the plural as well.

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Agreement on the 30 day
      of
      January 2008.

    

    
      	
              Amount
                of Investment:

            	
              US$550,000

            
	
              Shares
                Purchased:

            	
              4,230,769
                shares

            

    

    

    
      	
              /s/
                YU GUORUI

            	 	
              YU
                GUORUI

            
	
              Investor

            	 	
              Print
                Name

            

    

    

    Address:
          
      No. 53, Block 8, 5 Hua Yuan Road, Haidian District, Beijing, PR
      China      

     

    ACCEPTANCE
      OF SUBSCRIPTION

    

    The
      Company hereby accepts the above application for subscription for 4,230,769
      Shares for US$550,000 on behalf of the Company.

    

    
      	
              CHINA
                SHOE HOLDINGS, INC.

            	
              Dated:
                January 30, 2008

            
	 	 	 
	
              By:

            	
              /s/
                Gu Xianzhong

            	 
	 	
              Gu
                Xianzhong, President

            	 

    

    
      
        
        

      

      
        -8-

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