Document:

</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt">Reference
number: 2013shenyinhengzongzi No.006</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Comprehensive Credit Line Contract</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">China CITIC Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Shenzhen Branch</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filling Instruction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Fill with blue or black ink</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">Be careful of the completeness, clearness, tidiness</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left">Block capital was required in currency mark</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: left">Elide the redundancy space, or put the words as &ldquo;The following was intentionally leave blank&rdquo;
for payment and repayment schedule, state&rdquo;/&rdquo; for empty space in any other section</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">&nbsp;&#9;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 12pt">Comprehensive
Credit Line Contract</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Borrower: Shenzhen
Highpower Technology Co, Ltd. (&ldquo;Party A&rdquo; )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Address: Building
A2, Luoshan Industrial Zone, Longgang District, Shenzhen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Postal Code:
518000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Phone number:
0755 8968 6802</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Facsimile: 0755
8968 6819</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Legal representative:
Dangyu Pan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Deposit A/C
and financial institutions: China CITIC Bank, Shenzhen Henggang Branch,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Party B: China
CITIC Bank, Shenzhen Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Address: Phase
II North Times Square Excellence, Zhongxinsan Road, Futian Shenzhen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Postal Code:
518031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Office number:
0755 2594 1266</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Fax:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Person in charge:
Li Songyu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Spot: <U>Shenzhen</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Date: 29<SUP>th</SUP>
Mar 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">The parties
agree as follow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Clause 1 Definition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Unless otherwise
stated, the terminologies below are defined as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&ldquo;Comprehensive
Credit Line&rdquo; &ndash; Provided by Party B to Party A with regard to a series of credit products, including but not limited
to working capital loans, bank acceptance, bills discount, Letter of Credit, packed loans, inward bills, outward bills, bank guarantee
as well as other products agreed by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&ldquo;Comprehensive
Credit Limit&rdquo; - The upper credit limit provided by Party B to Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&ldquo;Utilized
credit line&rdquo; - The sum of the total fund applied, utilized and not yet repaid under the comprehensive credit line contract.
Specifically, in terms of bank acceptance, represents the total bank acceptances issued but not yet paid by Party B; in terms of
letter of credit, represents the total letter of credit issued but not yet paid by Party B; in terms of bank guarantee, represents
all the guarantor issued but not yet paid by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Clause 2 Limits
and Categories of the Comprehensive credit line</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.1. The total
credit line can be applied by Party A within the period is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: #FBFCFE; text-indent: 0.025in">Currency:
<U>Renminbi</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: #FBFCFE; text-indent: 0.025in">Amount
(in Capital): <U>Forty-five million</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: #FBFCFE; text-indent: 0.025in">Amount:<U>
45,000,000</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.2. The credit
line can be applied within the following categories: working capital loans, bank acceptance, bills discount, Letter of Credit,
packed loans, inward bills, outward bills, bank guarantee as well as other products agreed by Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.3. The detailed
terms and conditions, such as: amount, category, period and purpose will be specified in the specific credit line agreement. Party
B will only perform for specific credit line agreements signed under this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Clause 3 Utilization
of the comprehensive credit line</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.1 The period
of the comprehensive credit line is <U>one</U> year, starting from<U> 29<SUP>th</SUP> March 2013 until 29<SUP>th</SUP> March 2014.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.2 Within the
period and credit limit, Party A is capable to apply the credit line in one or in several times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE; text-indent: 0.5in">Party
A is required to submit the drawdown application specified with the amount, category, and period of the funds borrowed. Party B
will review the qualification, and process the signature of a specific credit line agreement if eligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.3 The sum
of the utilized credit line should not exceed the comprehensive credit limit at any time during the period. Credit line can be
used recurring after repayment within the period. Unused credit line will be abolished automatically upon end of the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.4 The handling
charge rate for bank acceptance, guarantor and international trade finance, the discount rate for bills discount, the interest
rate and exchange rate for loans and bills will be defined in each specific credit line agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.5 If there
is discrepancy in terms and conditions between specific credit line agreements and this contract, the specific credit line agreements
prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.6 Party A
applies for the specific credit line; Party B will review the application and make sure it is consistent with the bank&rsquo;s
regulation and terms agreed in this contract. Both parties will sign specific credit line agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Clause 4 Party
A&rsquo;s statement and commitment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">4.1</TD><TD STYLE="text-align: justify">Party A is a well established company legally set up and operates in its jurisdiction, Party A
has full authorization of the company and operating the business within the scope legally registries in the government authorities.
Party A has obtained any necessary permissions and authorization before signing this contract.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">4.2</TD><TD STYLE="text-align: justify">Party A commits to follow the purpose of fund stimulated in this contract and affiliated specific
credit line agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">4.3</TD><TD STYLE="text-align: justify">Party A should guarantee the true, completeness, legitimate and valid for all the documents provided,
no fake record, misleading statement and significant omission in the documents provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 5 Party A's rights and obligations</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.1</TD><TD STYLE="text-align: justify">Within the effective period, Party A should notify Party B at least 30 day in advance for any significant
changes in Party A&rsquo;s operation. This includes but not limit to: share transfer, merge, split, restructuring, transform, joint
venture, cooperation, change of operation scale, change of registry capital. It is Party A&rsquo;s responsibility to obtain Party
B&rsquo;s consents on Party A&rsquo;s repayment capability under new circumstances, repayment before expiration or providing additional
guarantee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.2</TD><TD STYLE="text-align: justify">Notify and obtain Party B&rsquo;s consents at least 30 days before on handle Party A&rsquo;s significant
assets or sales in form of transfer, on lend, collateral or pledge.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.3</TD><TD STYLE="text-align: justify">Notify Party B at least 3 days in advance, if any adverse issue occurred and such issues might
affect Party A&rsquo;s capability to perform the contract. Those adverse issues include but to limit to: litigation, administrative
penalty, cease of operation, dismiss, bankrupt, deteriorated financials, etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.4</TD><TD STYLE="text-align: justify">Party A should provide additional guarantor, if the existing guarantor is under adverse issue such
as litigation, administrative penalty, cease of operation, dismiss, bankrupt, deteriorated financials, etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.5</TD><TD STYLE="text-align: justify">Party A should not transfer the liability under this contract without Party B&rsquo;s written approval.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.6</TD><TD STYLE="text-align: justify">Party A commits to repay the due debt( including but not limited to the loan principle, the interest,
the penalty interest and related expenses under this contract and the related specific credit line contracts) on time. Party B
reserves the right to hold custody Party A&rsquo;s account for any unpaid due debt without prior notice to Party A. Once the currency
in the custody account is different from the debt, the exchange rate on the date of the hold will be applied.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">5.7</TD><TD STYLE="text-align: justify">Party A should notify Party B in writing about any changes of its domicile, address, phone of contact
as well as scope of business and legal representative, The written notification should be sent within 7 days after the registry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 6 Party B's rights and obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">6.1</TD><TD STYLE="text-align: justify">Party B will follow the administration rules and working manual of China CITIC Bank. Party B reserves
the right to approve or reject Party A&rsquo;s application in accordance to the above rules and regulations. Party B reserve the
rights to conduct inspection from on and on with regard to Party A&rsquo;s performing capabilities.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">6.2</TD><TD STYLE="text-align: justify">Party A applies for the specific credit line; Party B will review the application and make sure
it is consistent with the bank&rsquo;s regulation and terms agreed in this contract. Both parties will sign specific credit line
agreement and perform accordingly.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">6.3</TD><TD STYLE="text-align: justify">Party B might sometimes tolerant, extend or delay the execution of certain rights, this does not
deem as the party is surrendered or remitted the rights.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">6.4</TD><TD STYLE="text-align: justify">Party B will commit to obey the confidentiality rules on all information provided by Party A, unless
otherwise required by laws and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 7 Guaranty</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">7.1</TD><TD STYLE="text-align: justify">The liability under this contract will be guaranteed by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39pt; text-align: justify"><U>Springpower Technology (Shenzhen)
Co., Ltd</U>, <U>Dangyu Pan</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.27in; text-align: justify; text-indent: 0.27in">The guaranty
contract reference numbers are: <U>2013shenyinhengzuibaozi No.002</U>, <U>2013shenyinhengzuibaozi No.009.</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt">7.2</TD><TD STYLE="text-align: justify">Party B reserves the right to request additional guaranty on specific credit line agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 8 Breach of covenants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"> 8.1 Both parties should follow the terms and conditions agreed in this contract, non-performing will be assumed liability and compensate for the other party&rsquo;s loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">8.2 The following circumstance
will be treated as a breach of covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 21pt">8.2.1 Party
A violates or intends to violate the terms herein or in any supplementary contracts or agreements signed by Party A and Party B
regarding the application of specific credit line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 21pt">8.2.2 Party
A failed to perform any obligations agreed under this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 21pt">8.2.3 The statements,
documents or information provided by Party A under Clause 4 were proved to be untrue, incomplete, inaccurate and misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 21pt">8.2.4 Party
A failed to or indicated not able to repay the debt in due course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.5 Party A
has undergone significant organizational changes, e.g. business splitting, merger and termination, disposal of major assets, capital
reduction, liquidation, reorganization, withdrawal, bankruptcy, and dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.6 Party A
changed the address, scope of operation, legal representative or conduct significant investments to third party which might severely
affect Party B&rsquo;s position on loan collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.7 Party A
has experienced severely financial downturn, loss of assets or loss of assets due to 3<SUP>rd</SUP> party guarantee or other financial
crisis which might affect Party B&rsquo;s position on loan collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.8 Party A
changed the purpose of the loan without prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.9 There is
financial crisis on Party A&rsquo;s controlling shareholders and the related parties of which Party A has strong business connection
with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.10 Severely
industrial downturn in the business Party A was engaged with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.11 Party A&rsquo;s
senior management was got involved in significant corruption case which Party B believes might affect Party B&rsquo;s position
on loan collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.12 there is
breach of covenants behaviors of Party A when engaged into other contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.13 Guarantor
has breach the covenants and Party A failed to provide additional guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.14 the collateral
under this contract was seized, sealed, foreclosed, lost or in the dispute of ownership and Party A failed to provide additional
guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.2.15 Other circumstance
in Party A which might affect Party B&rsquo;s position in collecting the debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">8.3 If any of the above circumstances
exists, Party B will execute the following actions and Party A should not have any objections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.1 adjust,
cancel or pause the comprehensive contract or adjust the effective period for the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.2 Cease
the unused credit line and announce the immediate expiration of the debt under this contract. Party A is required to repay the
outstanding debt immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.3 Require
for additional guarantee to ensure Party B&rsquo;s rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.4 Execute
the guarantee contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left; text-indent: 21pt">8.3.5 Party
A&rsquo;s deposit account in Party B will be hold in custody for debt pay off for the comprehensive credit line and specific credit
line under this contract without Party A&rsquo;s prior agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">8.4 Party B&rsquo;s expense
incurred to protect the rights should be covered by Party A. These expenses including but not limited to litigation, travelling,
lawyer&rsquo;s consulting fee, etc)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 9 Effective, change and release
of the contract</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">9.1 This contract is established
and enters into effect upon signing or sealing by the legal representatives (or person-in-charge) of Party A and Party B or their
duly authorized agents, together with sealing by the company chop</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">9.2 The contract can not be
change or early release arbitrarily. Both parties should negotiate and record in written to modify the contract terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 10 Resolution for dispute</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.2pt; text-align: justify; text-indent: 0.25in">The resolution
of dispute should be appealed in People&rsquo;s court located in Party B&rsquo;s registry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 11 Appendix</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.1 The notification from both
parties to each other should sent through telegram or facsimile, once sent will assumed received. Postal mail will be deemed received
3 days after the date of sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.2 If other agreements were
made in the specific credit line contracts, the specific credit line contracts prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.3 Unaccomplished matters
will be made in separate agreements, the separate agreements will form an inseparable part of this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.4 This contract will be print
for two copies, one for each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.5 Party B has already notified
and fully explained to Party A with regard to the exemption clause in this contract. Both parties do not have disagreements with
regards to this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ [COMPANY SEAL]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp of Party A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of director or<B> </B>authorized
representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ [COMPANY SEAL]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp of Party B (if Party B is a corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of legal representative or authorized
representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt">Reference
number: 2013shenyinhengebaozi No.009</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Guaranty Contract of Maximum Amount</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Applicable to guaranty provided by natural
person)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">China CITIC Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Shenzhen Branch</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filling Instruction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: left">Fill in with blue or black ink</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: left">Be careful of the completeness, clearness, tidiness</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: left">Block capital was required in currency mark</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: left">Elide the redundancy space, or put the words as &ldquo;The following was intentionally leave blank&rdquo;
for payment and repayment schedule, state&rdquo;/&rdquo; for empty space in any other section</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: #FBFCFE"><FONT STYLE="font-size: 12pt">Guarantee
Contract of Maximum Guarantee Amount</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: #FBFCFE">Contract NO&#65306;Shenfa
Shenxinzhou ebao zi di 20121207004-02</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Guarantor: Dangyu
Pan (Guarantor)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Type of certification: identification card</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Certification number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Creditor: China
CITIC Bank, Shenzhen Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Address: Phase
II North Times Square Excellence, Zhongxinsan Road, Futian Shenzhen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Postal Code:
518031</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Office number:
0755 2594 1266</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Fax:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Person in charge:
Li Songyu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Spot: <U>Shenzhen</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Date: 29<SUP>th</SUP>
Mar 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">To ensure the
perform of creditor&rsquo;s rights of Party B with regard to a series of credit contract signed by Party B with Shenzhen Highpower
Technology Co. Ltd. (hereinafter referred to as &ldquo;Debtor&rdquo;), Party A agrees to provide maximum amount guarantee. As such,
in accordance to the Guarantee Law of the People&rsquo;s Republic of China and the Contract Law of People&rsquo;s Republic of China
both parties agreed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>Clause 1
Definition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Maximum Amount
Guarantee: represents the maximum amount of creditor&rsquo;s rights between Party A an Party B with regards to a series of liabilities
of debtor in certain period of time. Party A commit to assume guarantee responsibility to Party B on the maximum amount of the
creditor&rsquo;s right. The maximum amount is the sum of total liabilities (or contingent liabilities) between debtor and Party
B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>Clause 2
The principle creditor&rsquo;s rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.1 The principle
creditor&rsquo;s rights represents the liabilities (including contingent liabilities) provided by Party B to Debtor during the
period starting from<U> 29<SUP>th</SUP> March 2013 until 29<SUP>th</SUP> March 2014</U>, including but not limited to loans, bills,
guaranty, and letter of credit, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.2 The principle
creditor&rsquo;s rights assumed responsible is equivalent to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Renminbi Forty-five
Million</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">Once the guarantor&rsquo;s
obligation has been performed by Party A, the proportion performed will be deducted from the total amount assumed responsible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">2.3 During the
responsible period and within the maximum amount, all contracts signed by Party B and Debtor are assumed the principle contract
for this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>Clause 3
Pattern of guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">3.1 Party A
provides joint guarantee. Under the circumstance that the single creditor&rsquo;s rights under main contract did not perform in
part or in full when due, Party B entitles the right to request assume the guarantee responsibility of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"><B>Clause 4
Scope of guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">The scope of
guarantee includes but not limited to loan principle, interest, compound interest, punitive interest, liquidated damage, as well
as the cost for realization of the creditor&rsquo;s right (includes but not limited to the announcement fee, delivery fees, appraisal
fees, legal fees, travel expenses, assessment fees, auction fees, the property preservation fee, compulsory execution fee and etc).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">No matter there
is or is not real security on the creditor&rsquo;s right provided by Debtor or third parties, Party B reserves the right to request
Party A assume guarantee responsibility before any disposal of real security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 5 Period of Guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">5.1 The period
of guarantee starts from the effective day of the Principal Contract and ends two years after the expiration date of each specific
credit line contract under the Principal Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">5.2 Under the
circumstance that the creditor&rsquo;s right early terminated due to either the requirements of laws and regulations or the separate
agreement between Party B and debtors, the guarantee responsibility assumed early terminated on the date the principle contract
terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">5.3 For the
creditor&rsquo;s right on bank acceptance and letter of credit, the period of guarantee is two years after the withholding payment
was made. For contracts with more than 1 withholding payments, the period will be two years after the last payment was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 6 Party A&rsquo;s statement and
commitment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">6.1 Party A is a natural person
who possesses the capacity for civil rights and civil conducts in People&rsquo;s Republic of China to perform this contract. Party
A can perform the civil conduct independently, no bad credit records such as debt overdue, overdue interest, malicious overdraft
on credit card, no criminal records, qualified to be a legal guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">6.2&#9;Party A has full understanding
about the terms and conditions set forth in the contract. It is Party A&rsquo;s true will to provide guarantee to debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">6.3&#9;The establishment of this
contract is lawful and will not be restricted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">6.4&#9;All information and documentation
provided by Party A is lawful, true, accurate and complete. There are no significant liabilities (or contingent liabilities), breach
of covenants, litigation and resolution of Party A unless otherwise already disclosed to Party B in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 7 Party A&rsquo;s rights and
obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.1
Party A should provide legal certification to Party B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.2
Party A should disclose the following information to Party B upon request to testify to its performing capability, occupation,
income, expense, liability, guarantee and economic dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.3
Within the effective period, Party A should notify Party B of any change in name, address, and contact details within 3 days of
the change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.4
Party B entitles the rights to directly assume the guarantee once the obligation of the principle contracts could not be fulfilled
when due. Party A should not reject payment for any compensation requested by Party B. Party A willing to surrender the rights
stated in Article 20 of the Guarantee Law of People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.5
Party A will obtain Party B&rsquo;s written consent before entering into new guarantee agreements, and Party B&rsquo;s creditor
rights prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.6
Notify Party B at least 3 days in advance, if any of the following issues might affect Party A&rsquo;s capability to perform the
contracts occurred. Those issues include but are not limited to: change of nationality, change of address, change of marital status,
unemployment, disability, critical illness, legal or administrative punishment, litigation, deteriorated financials, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.7
Within the effective period, Party A should notify Party B at least 3 days in advance, if any adverse issue occurred on entities
which Party A is the shareholder or holds the de facto control of and such issues might affect Party A&rsquo;s capability to perform
the contract. Those adverse issues include but to limit to: litigation, administrative penalty, cease of operation, dismiss, bankrupt,
deteriorated financials, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.8
Party A should notify Party B at least 3 days in advance, if the entities which Party A is the shareholder or holds the de facto
control of, are going to experience, share transfer, restructuring, merge, split, change in registry capital, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.9
Under the circumstances in 7.6, 7.7 and 7.8 exists, Party A assures to make proper arrangement on the guarantee&rsquo;s responsibility,
the specific the plan of the arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.10
Under the circumstance that debtor failed to fulfill the creditor&rsquo;s rights when due, Party B entitles the rights to assume
guarantee responsibility from Party A. Party A should arrange delinquent payment in accordance with the amount and timing immediate
upon Party B&rsquo;s payment request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.11
Party A grants the authorization to Party B to custody Party A&rsquo;s deposit account. If Party A failed to fulfill the obligation
in 7.10, Party B entitled the rights to hold custody Party A&rsquo;s deposit account opened in Party B for pay back the creditor&rsquo;s
rights. Once the currency in the custody account is different from the debt, the exchange rate on the date of the hold will be
applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">7.12
Party A&rsquo;s guarantee responsibility remains unchanged even though 3<SUP>rd</SUP> party was appointed to provide guarantee
responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 8 Party B&rsquo;s rights and
obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">8.1
Under the circumstance that Party B transfer the creditor&rsquo;s rights to 3<SUP>rd</SUP> party, Party B should notify Party A
immediately after the engagement to the debt transfer contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">8.2
Party A will not receive any further notification on the engagement of affiliated specific contract under the principle contract
between Party B and debtor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">8.3
Under the circumstance that debtor did not perform in accordance with the principle contract, Party B entitles the rights to assume
guarantee&rsquo;s responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">8.4
Party B should keep information confidentiality on all information provided by Party A unless otherwise disclosure required by
law or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 9 Breach of Covenants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">9.1 Both parties should follow
the terms and conditions agreed in this contract, non-performing will be assumed liability and compensate for the other party&rsquo;s
loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">9.2 The statements, documents
or information provided by Party A under Clause 6 were proved to be untrue, incomplete, inaccurate and misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">9.3 Party A should assume full
responsibility for any losses from Party B caused by defaults of Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">9.4 Under any of the following
circumstances, Party B entitled the rights to require Party A to assume guarantee responsibility or execute enforcement actions
towards Party A&rsquo;s asset or rights of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.1 Upon
the expiration of the principle contract, Party B has not been paid off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.2 Upon
early termination of the principle contract, Party B has not been paid off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.3 Party
A has experienced severely financial downturn, loss of assets or loss of assets due to 3<SUP>rd</SUP> party guarantee or other
financial crisis which might affect Party B&rsquo;s position on loan collection. Party A could not provide additional guarantee,
or Party B are not satisfied on the additional guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.4 Party
A has undergone legal or administrative penalty or significant litigation which might affect Party B&rsquo;s position on loan collection.
Party A could not provide additional guarantee, or Party B are not satisfied on the additional guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.5 There
is breach of covenants between Party A and other creditors other than Party B. Party A could not provide additional guarantee,
or Party B are not satisfied on the additional guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.6 Party
A defaulted on the clause 7.9 under this contract, and no additional guarantee or execution plan can be provide to satisfy Party
B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: 0.5in">9.4.7 There
are events of Party A affect or might affect Party B&rsquo;s rights and interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 10 Summative of rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 Party B&rsquo;s rights under this
contract is summative, and will be exclude from Party&rsquo;s B&rsquo;s rights and interests from Party A in accordance with law
or other contracts. Unless, clearly stated by Party B, Party B&rsquo;s delay, tolerance, non execution of its rights can not be
interpreted as the surrender or partial surrender of its rights under this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 11 Consecutive of rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 The obligation and joint responsibility
under this contract is consecutive, and has equal legal restriction to its inherit, bequeath, legal representatives. These obligations
and joint responsibilities will not be affected by either other contracts or other guarantees of the principle contracts, the bankruptcy,
disability of performing, loss of entity qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 12 Other agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FBFCFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 13 Applicable laws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The law of People&rsquo;s Republic of China
is applicable in this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 14 Resolution for dispute</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The resolution of dispute should be appealed
in People&rsquo;s court located in Party B&rsquo;s registry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 15 Effectiveness of this contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">15.1 This contract is
independent from the principle contract. The invalidity of the principle contracts will not affect the performance of this contract.
The legal responsibility of joint responsibility will extend after the expiration of the debtor&rsquo;s responsibility under the
principle contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">15.2 There might be
the circumstance that, certain clauses or parts of the contents in certain clauses is void, These will not affect the performance
of these contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clause 16 Effectiveness, change and
release of the contract</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">16.1 This contract is
established and entered into effect upon signing or sealing by the legal representatives (or person-in-charge) of Party A and Party
B or their duly authorized agents, together with sealing by the company chop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt">16.2 The contract can
not be changed or early released arbitrarily. Both parties should negotiate and record in writing to modify the contract terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clause 17 Appendix</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">17.1 Unaccomplished matters
will be made in separate agreements, the separate agreements will form an inseparable part of this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">17.2 The notification
from both parties to each other should sent through telegram or facsimile, once sent will assumed received. Postal mail will be
deemed received 3 days after the date of sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.4 This contract will be printed
for two copies, one for each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">11.5 Party B has already notified
and fully explained to Party A with regard to the exemption clause in this contract. Both parties do not have disagreements with
regards to this contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Dangyu Pan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp of Party A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of director or<B> </B>authorized
representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ [COMPANY SEAL]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp of Party B (if Party B is a corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of legal representative or authorized
representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature of Party B (if Party B is a individual)
or authorized representative&#65306;Dangyu Pan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Confirmation of Part A&rsquo;s spouse</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Null.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0">Comprehensive Credit Line Contract 

 

Reference No. : 2013zhenzhongyinbuexiezi
No.0000099

 

Party A: Shenzhen Highpower Technology
(Shenzhen) Co., Ltd

Business License: 440307503274740

Legal Representative: Dangyu Pan

Address: Building A2, Luoshan Industrial Zone,
Longgang District, Shenzhen

Postal code: 518111

Deposit A/C and financial institutions: Bank
of China, Pinghu Sub-branch, Shenzhen,

Telephone: 8968 6236 ; Facsimile: 8968 6298

 

Party B: Bank of China, Buji Sub-branch.

Legal Representative: Yang Yong

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518112

Telephone: 2827 4825 ; Facsimile: 2827 0847

 

The parties agree as follow.

 

Clause 1 Scope of Business

 

Satisfied by condition precedent defined in
this contract, Party A is allowed to apply for recurring, temporary or one-off credit line from Party B in the form of a short-term
loan, deposit account overdraft, bank acceptance, trade finance, bank guarantee, or other monetary financing or credit authorization
business (“Specific credit line business”).

The trade finance business under this contract
is included and limited to: international letter of credit, domestic letter of credit, import bill advance, shipping guarantee,
packing credit, export bill purchase, export bill discount, import bill advance under LC, negotiation credit and other international
and domestic trade finance business.

The bank guarantee business under this contract
is including bank guarantee, standby letter of credit and all sorts of bank guarantee business.

 

Clause 2 Types and amount of credit line

 

Party B agrees to offer the following:

Currency in: Renminbi

	Amount:	Renmibi Seventy millions
	 	RMB  70,000,000.00
	Types:	1. Loans : RMB40,000,000.00
	 	2. Bank Acceptances: RMB30,000,000.00

 

    	 

    	 

    

 

Clause 3 Usage of credit lines

 

		1.	Within the credit line period, under the agreed upper limits on each type of credit line, Party A
can use the credit line recurrently. If Party A needs to apply for the one-off credit line, a written application is required.
And both parties should agree that Party B has the final say on whether and how the one-off credit line will be granted. Party
B will notify Party A in written once the decision is made.

		2.	This contract will override all the credit line contracts previously signed by Party A and Party B.
Upon the effective date of this contract, all the used and unused credit lines prior to this contract will be considered as used
and unused credit lines under this contract

		3.	Unless otherwise agreed, the following business will not occupy the credit line under this contract.

		1)	Export bill purchase business with precisely matched bills, documents and certificates

		2)	Outwards letters of credit, bank guarantee and trade finance business which Party B agreed to act
as confirming bank.

		3)	Any credit line business which guaranteed by Party A by deposits, government bonds, deposit certificates
issued by Party B, bank acceptance, guarantee or standby letters of credit accepted by Party B

		4)	Any other business agreed by both parties.

The above defined businesses, although
they will not occupy the credit limits under this contract, they will still be considered as inseparable part of the contract.

 

Clause 4 Application of specific credit
line business

 

Written applications or separate contracts
are required from Party A to apply for a specific credit line.

 

Clause 5 Period

 

The credit line defined in clause 2 under
this contract will be started from the effective date and end on (Not specify here, normal practice is one year).

Upon negotiation, both parties can extend
the contract period by signing supplementary contracts. Party B will continue to provide credit lines under supplementary contracts.
All terms and conditions under this contract have the equivalent legal effects and restrictions on the supplementary contracts.

The termination of a specific credit line
will only occur when all the rights and obligations are fulfilled. The above period has no limitation on specific credit line under
this contract.

 

    	 

    	 

    

 

Clause 6 Condition Precedents of specific
credit line business

 

Party A should fulfill the following conditions
precedent before applying for a specific credit line business

		1)	File the necessary documents, stamps and signatures in Party B in relating to this contract and all
the specific credit line contract under this contracts

		2)	Open the necessary bank account

		3)	Make sure the required guarantee contracts are properly in place

		4)	Other conditions precedent required for specific credit line contracts

		5)	Other conditions precedent required by Party B

 

Clause 7 Guaranty

 

For all the liabilities occurred under this
contract and the specific credit line contract affiliated to this contract should be guaranteed by the following:

Maximum Amount Guarantee provided by:

		1)	Springpower Technology Co. Ltd, a guarantee contract is signed separately;

		2)	Dangyu Pan, a guarantee contract is signed separately;

Collateral on the Maximum Amount

		1)	The collateral is provided by Party A, a collateral contract is signed separately;

 

Under certain circumstances that Party A or
the Guarantor might be unable to fulfill or make Party B believe they are unable to fulfill the contractual capacity, e.g: Guarantee
Contracts are invalid, Party A is or will be under significant business difficulties or risks: deteriorated financials, litigation
issues which might affect its repayment ability, Guarantors were found default in other contracts with Party B, devaluation, dismissal
or damage of collaterals which might cause the value of the collaterals slaked or losses. Party B reserves the right to and Party
A has the obligation to additional or replace the guarantor.

 

Clause 8 Statement and Commitment

 

		1.	Party A’s statement:

		1)	Party A is legally registered and operating, and owning the full civil rights required by this contract.

		2)	Signing and performing the contract is the true will of Party A, Party A has been granted all necessary
authorizations in effect before signing the contract. The contract does not form a default for other contracts signed and performed
by Party A. It is Party A’s responsibility to complete all required approvals, registrations, permits and filings.

		3)	All documents and information provided by Party A to Party B are true, complete, accurate and effective.

 

    	 

    	 

    

 

		4)	All the transactions mentioned by Party A for apply specific credit line should be real and not for
illegal purposes such as: money laundry.

		5)	No hidden events regarding Party A and guarantor’s financial and repayment abilities

 

		2.	Party A’s commitment:

		1)	Timely delivery of the financial statements and other relevant information, (including but not limited
to annual, quarterly and monthly financial reports.

		2)	Cooperate in Party B’s exam and inspection on the utilization of the loan as well as Party A’s
financials and operations

		3)	Any counter-guarantee agreement between the guarantors and Party A will not affect the Party B’s
underlying rights under this contract

		4)	Under circumstances Party A or Guarantor’s capability of performing the contract might be affected,
Party A should notify Party B in time. Those circumstances include but are not limited to significant organizational changes, e.g.
business splitting, merger and termination, disposal of major assets, restructuring, reorganization, joint venture arrangement
with foreign capitals, changing of controlling shareholders or de facto control of Party A, capital reduction, liquidation, re-pledge
of the encumbered assets, withdrawal, bankruptcy, dissolution and involvement in significant lawsuits.

		5)	As for undefined business practice, Party A is committed to follow Party B’s regulation and
normal practice in daily operation.

		6)	Party A committed not to distribute bonus during the credit period

		7)	Agreed by both parties, for the purpose to ensure the Party B’s claims on credit funds and Party
B’s convenience to monitoring the repayment progress, Party A should guarantee the proportion of sales fund received in Party
A’s account opened with Party B over Party A’s total sales should be matching to the proportion of Party A’s
credit line received from Party B over Party A’s total credit line received from financial institution.

 

Clause 9 Related party and related party
transaction of Party A

 

Party A is not defined as Group Credit Customer
by Party B in accordance with “Guidance of Risk Management by Commercial Banks for Granting Credit to Customer Groups”

 

Clause 10 Breach of Covenants

 

Any of the following situations would be considered
as breach of contract covenant:

		1.	Party A did not perform the repayment obligation under this contract or the affiliated specific credit
line contracts

		2.	Party A has not used the credit funds according to agreed purposes.

		3.	Party A’s statement in this contract or the affiliated specific contracts are untrue or in violation
with Party A’s commitment in this or the affiliated specific contracts.

 

    	 

    	 

    

 

		4.	Under the circumstance defined in 2.4) in Clause 8, Party A refused to provide additional guarantee
or replacement of new guarantor

		5.	Party B is or will be under significant business difficulties or risks: deteriorated financials, significant
financial losses and loss of assets (including but not limited asset losses for fulfill guarantee obligations) or other financial
crisis.

		6.	Party A is in violation with other rights and obligations agreed in this contract.

		7.	Party A breaches the covenants on other credit line contracts with Party B or other affiliated institutions
of Bank of China.

		8.	Guarantors breach the covenants on other credit line contracts with Party B or other affiliated institutions
of Bank of China.

When any of the
above mentioned situation noticed, Party B will perform the following in separate or all at the same time:

		1)	Request Party A or Guarantor to rectify within a definite time.

		2)	Reduce, temporarily pause or permanently terminate Party A’s Credit limit in part or in all

		3)	Temporarily pause or permanently terminate in part or in all of Party A’s application on specific
credit line under this contract.

		4)	Announce the immediate expiration on all the credit lines granted under this contract and affiliated
specific credit line contracts.

		5)	Terminate or release this contract, terminate or release in part or in all of the affiliated specific
credit line contracts as well as the other contracts signed between Party A and Party B.

		6)	Request compensation from Party A on the losses thereafter caused.

		7)	Party A’s deposit account in Party B will be hold in custody for debt pay off for the comprehensive
credit line and specific credit line under this contract. All the undue liabilities were deeming due and entitled the immediate
payoff from Party A’s restricted accounts. If the currency in deposit account is different from the currency of the liabilities,
the exchange rate on the date of the hold in custody will be applied.

		8)	Real rights granted by way of security will be executed.

		9)	Assume the guarantee responsibility on Guarantors.

		10)	Other necessary procedures on Party B’s concern

 

Clause 11 Rights reserved

 

Either party might reserve part of or all
of the rights under this contract and the affiliated specific credit line contracts, this does not imply the party has surrendered
or remitted the unperformed rights and obligations.

 

Either party might sometimes tolerate, extend
or delay the execution of certain rights, this does not deem as the party has surrendered or remitted the rights.

 

    	 

    	 

    

 

Clause 12 Change, Modification, Termination
and Partial invalidity

 

Upon negotiation and agreement by both parties,
this contract can be changed and modified, the written record of the changes and modifications should form the inseparable part
of this contract.

 

Unless ruled by law or both parties formed
a separate agreement, the contract would not be terminated prior to all the rights and obligations defined are fulfilled.

 

Unless ruled by law or both parties formed
a separate agreement, the void of single terms under this contract should no invalid other contract under this contract.

 

Clause 13 Applicable Law and Resolution
for Dispute 

 

		1.	This contract is entered into according with the People’s Republic of China, and applicable
to the law of the People’s Republic of China.

		2.	The resolution of dispute should be appealed in Party B or other Bank of China subsidiaries defined
in this contract or other affiliated contracts

 

Clause 14 Attachments 

 

Below attachments are agreed by both parties,
formed an inseparable part of this contract, thereafter in the same legal position as this contract.

Attachment 1: Appendix terms.

 

Clause 15 Other terms and conditions

 

		1.	Without Party B’s prior written approval, Party A is not allowed to transfer the rights and
obligations under this contract to 3rd Parties.

		2.	Party A should give the consent that, Party B might somehow authorize other affiliated institutions
of Bank of China to perform the obligation. The performing party is entitled to all the rights and obligations under this contract
and the affiliated credit line contracts, the performing party reserves the rights to appeal a resolution of dispute if necessary.

		3.	The contract has equivalent restrictions to the successors or inherits of both parties.

		4.	Unless otherwise agreed, the domicile addresses stated in this contract are for corresponding use;
both parties should notify each other in writing about any changes of its domicile addresses.

		5.	The title and name of business product is for business purposes, will not used for interpretation
of the contract terms and the rights and obligations.

		6.	If required by the governing institutions, Party B might not be able to perform the obligations agreed
in this contract. Party is exempted from punishment under this circumstance.

 

    	 

    	 

    

 

Clause 16 Effectiveness of the contract

 

This contract is established and entered into
effective upon signing or sealing by the legal representatives (or person-in-charge) of Party A and Party B or their duly authorized
agents, together with sealing by the company chop.

 

This contract will be print and signed in
seven copies, Party A and the guarantors hold one copy each, Party B holds three copies, collateral registry authority holds one
copy, each copy has the same legal effect.

 

/s/ Dangyu Pan

Stamp of Party A

Signature of director or authorized
representative

January 10, 2013

 

/s/ [COMPANY SEAL]

Stamp of Party B

Signature of legal representative or authorized
representative

January 10, 2013

 

Attachment 1:

If there are discrepancies in contents
in the attachment with this contract, this contract should prevail.

Specific to the
2nd paragraph of Clause 3:” This contract will override all the credit line contracts previously signed
by Party A and Party B. Upon the effective date of this contract, all the used and unused credit lines prior to this contract will
be considered as used and unused credit lines under this contract”.

“all the
credit line contracts previously signed” here means the contract signed with reference no of “2012zhenzhongyinbuexiezi
No. 000127.

 

    	 

    	 

    

 

Collateral Contract 

 

Reference No. : 2013zhenzhongyinbudiezi No.0011

 

Pledgor: Shenzhen Highpower Technology
(Shenzhen) Co., Ltd

Business License: 440307503274740

Legal Representative: Dangyu Pan

Address: Building A2, Luoshan Industrial Zone,
Longgang District, Shenzhen

Postal code: 518111

Deposit A/C and financial institutions: Bank
of China, Pinghu Sub-branch, Shenzhen,

Telephone: 8968 6236 ; Facsimile: 8968 6298

 

Pledgee: Bank of China, Buji Sub-branch.

Legal Representative: Yang Yong

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518112

Telephone: 2827 4825 ; Facsimile: 2827 0847

 

To guarantee the performing of the principle
contract stated in Clause 1, both party agrees the following:

 

Clause 1 Principle Contract

 

		1.	The principle contract is “Comprehensive credit contract (2013 zhenzhongyinbuexiezi No 0000099)”
and its supplements signed between Creditor and Debtor, Shenzhen Highpower Technology (Shenzhen) Co., Ltd

		2.	The principle contract is “Fixed asset loan contract (2013zhenzhongyinbujiezi No 00002)”
and its supplements signed between Creditor and Debtor, Shenzhen Highpower Technology (Shenzhen) Co., Ltd

 

Clause 2 Principle Creditor’s rights
and the period

 

Unless otherwise agreed, the creditor’s
rights under the following contracts and the creditor’s rights occurred before the engagement of this contract constitute
the principle creditor’s rights of this contract.

		1.	The creditor’s right occurred under comprehensive contract starting from the date of effectiveness,
and end upon the expiration of all the specific creditor’s rights.

		2.	The creditor’s right occurred under fixed assets loan contract starting from the date of effectiveness,
and end upon the repayment date defined on the contract.

 

    	 

    	 

    

 

Clause 3 The maximum amount guaranteed

 

		1.	The maximum amount assumed guaranteed is:

Currency: Renminbi

Amount (Capital
letter): Fifty-nine two hundred and seventy-seven seven hundred and forty

Amount (in numbers):
59,277,740

 

		2.	The principle creditor’s rights under the principle contract constitute the principle creditor’s
rights under this contract, which includes: loan principle, interest, compound interest, punitive interest, liquidated damage,
the cost for realization of the creditor’s right (includes but not limited to the announcement fee, delivery fees, appraisal
fees, legal fees, travel expenses, assessment fees, auction fees, the property preservation fee, compulsory execution fee and etc),
as well as the Pledgee’s loss due to the breach of covenants.

 

The sum of the
above terms constitutes the maximum amount of guaranteed for this contract.

 

Clause 4 The Collateral

 

For details of the collateral please refer
to the appendix” Details of the underlying assets”.

During the period of collateral, if the Collateral
is broken or damaged, Pledgee is entitled to the primary rights for compensation from insurance, compensation or subsidy, Pledgee
can withdraw the compensation amount even thought the collateral period is undue

If the Collateral is buildings, Pledgor should
notify the Pledgee immediately after the Pledgor acknowledged the removal of the building. If the compensation of the removal is
through change of property, Pledgor should coordinate the paid off of the principle of creditor’s rights with debtor and
Pledgee per Pledgee’s request, or replace the Collateral with the new building or new collateral per Pledgee’s request.
After the original Collateral is lost and the new Collateral is not yet registered, Pledgor should provide additional guarantee
by qualified guarantor. For the compensation that is in the form of cash, Pledgee is entitled to the primary rights from compensation,
and entitled to the right to request the Pledgor to deposit the cash into the appointed custody accounts, and subsequent security
by deposit contract should be signed and effected.

 

Clause 5 The registration

 

With 30 days after the sign-off of this contract,
Pledgor and Pledgee should finish the registry in the authorities.

Pledgor and Pledgee should file a change in
registry with the authorities within 30 days after the change.

 

    	 

    	 

    

 

 

Clause 6 The possession and management
of the Collateral

 

The possession and management of the Collateral
will be on the Pledgor, however, the certifications of rights should be under the custody of the Pledgee. Pledgor should accept
the inspection and check from time to time.

Pledgor should properly maintain the Collateral
to ensure the safety and well-being of the Collaterals, Pledgor should take responsibility on daily maintenance and repairs.

Without the written consent of the Pledgee,
Pledgor is not allowed to transfer, lend, invest, or restructure the Collateral. With Pledgee’s written consent, the proceedings
of disposal should be deposited in the appointed accounts.

 

Clause 7 The circumstances that the value
of the Collaterals is diminished

 

Before the creditor’s rights has been
fully paid off, Pledgee is entitled to the right to stop Pledgor’s behavior, if such behavior is diminishing the value of
the underlying assets. Pledgee is entitled to the right to request Pledgor to recover the value of the asset or provide additional
guarantee to secure the proportion of lost.

If the Pledgor failed to recover the value
of the asset nor can it provide addition guarantee, Pledgee might request early pay-off of the creditor’s rights. Pledgee
might execute the rights to assume guarantee responsibility if the Pledgor refused the above.

If the diminished value is due to the irresistible
reason, Pledgor should take action to avoid further deteriorate and notify the Pledgee in writing immediately

 

Clause 8 Interest generated from the account
receivables

 

The interest generated from the pledged account
receivables should be assumed responsible to the creditor’s rights after the deduction of the cost of collecting those interests.

 

Clause 9 Insurance of the underlying assets
(Optional)

 

Not applicable

 

Clause 10 The guarantee responsibilities

 

Under the circumstance that, the debtor of
principle contract failed to pay off the creditor’s rights when due (on due date or early termination date), the pledge is
assumed to be responsible in accordance with this contract.

The due date in the previous sentence means
the repayment date agreed in the principle contract. The early termination date is the termination date request by creditor per
law or per agreements under the principle contracts.

 

    	 

    	 

    

 

Clause 11 The realization of the pledgee’s
rights

 

Once guarantee responsibility established,
Pledgee is entitled to the right to request the execution of the assumption of the guarantee ‘s responsibility in accordance
to law and regulation.

Pledgee should execute the rights within the
duration of action.

 

Clause 12 The realization of the pledgee’s
rights

 

Once guarantee responsibility is assumed,
Pledgee is entitled to the right to request the execution immediately. The execution action includes but is not limited to compromise
for discount, sale the assets through auction, etc. Pledgor should cooperate on the above mentioned actions. The proceeds received
after the cost of execution, should be use to pay off the principle creditor’s rights under the principle contracts.

Under the circumstance that, the expiration
of account receivables is earlier than the expiration of the principle creditor’s rights, the amount collected from the pledged
account receivables by Pledgor should be deposited in the appointed account. And the deposit should still assume the guarantee
responsibility for the undue principle creditor’s rights.

Pledgor’s rights on other guarantee
contracts or collateral contracts should not have an impact on the performing of this contract. Pledgor should assume responsibility
under this contract rather than plea with the execution in order.

 

Clause 13 The relationship between this
contract and the principle contract

 

Upon the termination or early termination
of the principle contract, Pledgor assumed guarantee responsibility on occurred debt.

The change of principle contract will not
be informed to the Pledgor unless under the following circumstances, change of currency, interest rate, amount, period, or other
terms which might affect the increase of the amount of the principle creditor’s rights or extend the effective period of
the principle contract. Pledgor remains to assume the guarantee responsibility to the changed principle contract.

Under the previous stated circumstance which
Pledgor’s consent is required, Pledgor is entitled to the right to reject the assumption of the guarantee responsibility
on the incremental portion.

Under the circumstances that, Pledgee provide
the letter of credit, trade financing services to debtor under the principle contract, Pledgor won’t be notified but assumed
guarantee responsibility. It is the Pledgee’s responsibility to register for the incremental business contract.

 

Clause 14 Statements and Commitments

 

Pledgor’s statement: 

		1.	Pledgor is legally registry and operating, and owning the full civil rights required by this contract.

 

    	 

    	 

    

 

		2.	Pledgor committed that no joint owner attached on the Collateral, or if any, written consents has
been obtained. Pledgor agreed to hand over the written consent to Pledgee for custody.

		3.	Signing and performing the contract is the true will of Pledgor, Pledgor has been granted all necessary
authorizations in effect before signing the contract. The contract does not form a default for other contracts signed and performed
by Pledgor. It is Pledgor’s responsibility to complete all required approvals, registrations, permits and filings.

		4.	All documents and information provided by Pledgor to Pledgee are true, complete, accurate and effective.

		5.	Pledgor did not conceal all the other creditor’s rights, factoring and financing attached to
the underlying assets.

		6.	Under the circumstances that new creditor’s rights are attached on the underlying assets or
significant argue and dispute on the underlying contracts, Pledgor should notify Pledgee immediately.

		7.	If the Collateral is construction in process, Pledgor committed that no other creditor’s rights
is attached, if any, a written consent of abortion is obtained. Pledgor agreed to hand over the written consent to Pledgee for
custody.

 

Clause 15 Default of the contract

 

Pledgor’s absent or delay in the registration
procedure will be considered the event of default. Pledgee’s loss from the default should be compensated by Pledgor.

 

Clause 16 Breach of covenants

 

Any of the following situations would be considered
as breach of contract covenant:

		1.	Pledgor is in violation with the previous terms of the contract, transferred or disposed all or part
of the assets.

		2.	Pledgor impeded in any form Pledgee’s execution the rights.

		3.	Under the clause 7 of this contract that diminished of the value of the accounts receivables, and
Pledgor cannot provide additional guarantee.

		4.	The statements of the Pledgor are untrue or in violation with its commitments

		5.	Pledgor is in violation with other rights and obligations agreed in this contract.

		6.	Pledgor is or will be under significant business changes such as termination of operation, dismissal
or bankruptcy.

		7.	Pledgor breaches the covenants on other credit line contracts with Party B or other affiliated institutions
of Bank of China.

 

When any of the
above mentioned situations noticed, Pledgee will perform the following in separate or all at the same time:

		1)	Request Pledgor to rectify within a definite time.

 

    	 

    	 

    

 

		2)	Reduce, temporarily pause or permanently terminate Pledgor’s Credit limit in part or in all

		3)	Temporarily pause or permanently terminate in part or in all of Pledgor’s application on specific
credit line under this contract.

		4)	Announce the immediate expiration on all the credit lines granted under this contract and affiliated
specific credit line contracts.

		5)	Terminate or release this contract, terminate or release in part or in all of the affiliated specific
credit line contracts as well as the other contracts signed between Pledgor and Pledgee

		6)	Request compensation from Pledgor on the losses thereafter caused.

		7)	Assume the guarantee responsibility on Guarantors.

		8)	Other necessary procedures on Party B’s concern

 

Clause 17
Rights reserved

 

Either party
might reserve part of or all of the rights under this contract and the affiliated specific credit line contracts, this does not
imply the party has surrendered or remitted the unperformed rights and obligations.

Either party
might sometimes tolerate, extend or delay the execution of certain rights, this does not deem as the party has surrendered or remitted
the rights.

 

Clause 18 Change, Modification, Termination
and Partial invalid

 

Upon negotiation and agreed by both parties,
this contract can be changed and modified, the written record of the changes and modifications should form the inseparable part
of this contract.

Unless ruled by law or both parties formed
a separate agreement, the contract would not be terminated prior to all the rights and obligations defined are fulfilled.

Unless ruled by law or both parties formed
a separate agreement, the void of single terms under this contract should no invalid other contract under this contract.

 

Clause 19 Applicable Law and Resolution
for Dispute 

 

1.This contract entered into according
with the People’s Republic of China, and applicable to the law of the People’s Republic of China.

2.The resolution of dispute should be
appealed in Party B or other Bank of China subsidiaries defined in this contract or other affiliated contracts

 

Clause 20 Attachments

 

Details of underlying assets.

 

    	 

    	 

    

 

Clause 21 Other terms and conditions

 

1.Without Pledgee’s
prior written approval, Pledgor is not allowed to transfer the rights and obligations under this contract to 3rd Parties.

2.Pledgor should give
the consent that, Pledgee might somehow authorize other affiliated institutions of Bank of China to perform the obligation. The
performing party is entitled to all the rights and obligations under this contract and the affiliated credit line contracts, the
performing party reserves the rights to appeal a resolution of dispute if necessary.

3.The contract has equivalent
restrictions to the successors or inherits of both parties.

4.Unless otherwise agreed,
the domicile addresses stated in this contract are for corresponding use; both parties should notify each other in writing about
any changes of its domicile addresses.

5.The title and name
of business product is for business purposes, will not used for interpretation of the contract terms and the rights and obligations.

6.Special agreements
between Pledgor and Pledgee, If the realization value of the underlying assets excesses the maximum amount of guarantee specified
in Clause 3, Pledgor agree that the primary compensation to Pledgee will not restricted to the amount defined in Clause 3 and Clause
10.Pledgee entitled the compensation from the full proceeds from disposal.

 

Clause 18 Effectiveness of the contract

 

This contract is established and enters into
effective upon signing or sealing by the legal representatives (or person-in-charge) of Pledgor and Pledgee or their duly authorized
agents, together with sealing by the company chop.

The pledge is established upon the effectiveness
of this contract.

This contract will be printed and signed in
six copies, Pledgor and the debtor hold one copy each, Pledgee holds three copies, the registration authority holds one copy, each
copy has the same legal effect

 

/s/ Danyu Pan

Stamp of Pledgor

Signature of director or authorized
representative

January 10, 2013

 

/s/ [COMPANY SEAL]

Stamp of Pledgee (if Pledgee is a corporation)

Signature of legal representative or authorized
representative

January 10, 2013

 

Attachment:

Details of the underlying assets (Ref No:
2013zhenzhongyinbudiezi No.0011)

Underlying asset: Land use right of industrial
land

 

    	 

    	 

    

 

Amount

Valuation amount: 59,277,740

Certification of rights: “Certification
of land use right of state-owned land” huifuguoyong(2007) No.13021920300

Location: Shangliao County Ma’an
Town Huizhou city

 

    	 

    	 

    

 

Maximum Amount Guaranty Contract 

(Applicable if guarantor is natural person)

 

Reference No. : 2013zhenzhongyinbubaoezi
No.0015

 

Guarantor: Dangyu Pan

Type of certification: identification card

Certification number:

Address: Building A2, Luoshan Industrial Zone,
Longgang District, Shenzhen

Postal code: 518111

Telephone: 8968 6236 ; Facsimile: 8968 6298

 

Creditor: Bank of China, Buji Sub-branch.

Legal Representative: Yang Yong

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518112

Telephone: 2827 4825 ; Facsimile: 2827 0847

 

To guarantee the performing of the principle
contract stated in Clause 1, both parties agree the following:

 

Clause 1 Principle Contract

 

1. The principle contract
is “Comprehensive credit contract (2013zhenzhongyinbuexiezi No 0000099)” and its supplements signed between Creditor
and Debtor, Shenzhen Highpower Technology (Shenzhen) Co., Ltd

2. The principle contract
is “Fixed asset loan contract (2013zhenzhongyinbujiezi No 00002)” and its supplements signed between Creditor and Debtor,
Shenzhen Highpower Technology (Shenzhen) Co., Ltd

 

Clause 2 Principle Creditor’s rights
and the period

 

Unless otherwise agreed, the creditor’s
rights under the following contracts and the creditor’s rights occurred before the engagement of this contract constitutes
the principle creditor’s rights of this contract.

1. The creditor’s
right occurred under comprehensive contract starting from the date of effectiveness, and ends upon the expiration of all the specific
creditor’s rights.

2. The creditor’s
right occurred under fixed assets loan contract starting from the date of effectiveness, and ends upon the repayment date defined
on the contract.

 

    	 

    	 

    

 

Clause 3 The maximum amount guaranteed

 

		1.	The maximum amount assumed guaranteed is:

Currency: Renminbi

Amount (Capital
letter): One hundred and twenty million

Amount (in numbers):
120,000,000

 

		2.	The principle creditor’s rights under the principle contract constitute the principle creditor’s
rights under this contract, which includes: loan principle, interest, compound interest, punitive interest, liquidated damage,
the cost for realization of the creditor’s right (includes but not limited to the announcement fee, delivery fees, appraisal
fees, legal fees, travel expenses, assessment fees, auction fees, the property preservation fee, compulsory execution fee and etc),
as well as the Pledgee’s loss due to the breach of covenants.

 

The sum of the
above terms constitutes the maximum amount of guaranteed for this contract.

 

Clause 4 Types of guaranty

 

Joint responsibility guaranty.

 

Clause 5 The guarantee responsibilities

 

Under the circumstance that, the debtor of
principle contract failed to pay off the creditor’s rights when due (on due date or early termination date), the guaranty
is assumed to be responsible in accordance with this contract.

The due date in the previous sentence means
the repayment date agreed in the principle contract. The early termination date is the termination date request by creditor per
law or per agreements under the principle contracts.

Creditor’s rights on other guarantee
contracts or collateral contracts should not have an impact on the performing of this contract. Guarantor should assume responsibility
under this contract rather than plea with the execution in order.

 

Clause 6 The responsible period

 

The responsible period for this contract
is two years after the establishment of the creditor’s rights under Clause 2

During the period, Creditor is entitled
to the right to request the assumption of responsibility from Guarantor in full or in part on one or on all creditor rights.

 

    	 

    	 

    

 

Clause 7 The duration of action

 

During the period that the creditor’s
rights have not been paid off when due, Guarantor is assumed responsible under the joint responsibility guarantee. Creditor is
entitled to claim the rights within the responsible period defined in Clause 6, the duration of action started upon the request.

 

Clause 8 The relationship between this
contract and the principle contract

 

Upon the termination or early termination
of the principle contract, Guarantor assumes guarantee responsibility on occurred debt.

The change of principle contract will not
be informed to the Guarantor unless under the following circumstances, change of currency, interest rate, amount, period, or other
terms which might affect the increase of the amount of the principle creditor’s rights or extend the effective period of
the principle contract. Guarantor remains obligated to assume the guarantee responsibility to the changed principle contract.

Under the previous stated circumstance which
Guarantor‘s consent is required, Pledgor Guarantor is entitled to the right to reject to assume the guarantee responsibility
on the incremental portion.

Under the circumstances that, Creditor provide
the letter of credit, trade financing services to debtor under the principle contract, Guarantor won’t be notified but assumed
guarantee responsibility. It is the Creditor’s responsibility to registry for the incremental business contract.

 

Clause 9 Statements and Commitments

 

Guarantor’s statement: 

		a)	Guarantor is a natural person who possesses the capacity for civil rights and civil conducts in
People’s Republic of China to perform this contract. Party A can perform the civil conduct independently, no bad credit records
such as debt overdue, overdue interest, malicious overdraft on credit card, no criminal records, qualified to be a legal guarantor.

		b)	Guarantor has full understanding about the terms and conditions set forth in the contract. It is
Guarantor’s true will to provide guarantee to debtor.

		c)	The establishment of this contract will not constitute a breach of covenant of any other previous
contract Guarantor engaged in.

		d)	All documents and information provided by Guarantor to Creditor are true, complete, accurate and
effective.

		e)	Guarantor is willing to cooperate in the checking and inspection of its financial conditions performed
by Creditor.

		f)	Guarantor did not conceal any existing liability upon the signing of the contract

		g)	Inform the Creditor in time for any issues might affect Guarantor’s performing capability,
which including but not limited to losses of assets, transfer, donation, assume responsibility on liabilities, involved in significant
law suits or disputes.

 

    	 

    	 

    

 

		h)	If the Guarantor is married, make sure the sponsor’s consent is obtained.

 

Clause 10 Authorization of access to personal
information

 

Guarantor authorizes the access of personal
information in the personal credit information database in the People’s Bank of China to Creditor under the following circumstances.

		1.	Reference check on the Guarantor’s credit status.

		2.	Reference check on the Guarantor’s guarantee status.

		3.	After-loan management on the personal credit and guarantee status

		4.	Accept the credit line application of which the Guarantor guaranteed or to be legal representative
or one of the funders.

 

Clause 11 Breach of covenants

 

Any of the following situations would be considered
as breach of contract covenant:

1. Guarantor is in violation
with the previous terms of the contract.

2. The statements of the
Guarantor is untrue or in violation with its commitments

3. The occurrence of issues
defined under the point 7 of clause 9 which might affect the Guarantor’s financial position and performing capability.

4. In violation with other
rights and obligations agreed in this contract.

5. Guarantor breaches the
covenants on other credit line contracts with Party B or other affiliated institutions of Bank of China.

 

When any of the
above mentioned situations noticed, Creditor will perform the following in separate or all at the same time:

1) Request Guarantor to
rectify within a definite time.

2) Reduce, temporarily pause
or permanently terminate Guarantor’s Credit limit in part or in all

3) Temporarily pause or
permanently terminate in part or in all of Guarantor’s application on specific credit line under this contract.

4) Announce the immediate
expiration on all the credit lines granted under this contract and affiliated specific credit line contracts.

5) Terminate or release
this contract, terminate or release in part or in all of the affiliated specific credit line contracts as well as the other contracts
signed between Guarantor and Creditor

6) Request compensation
from Guarantor on the losses thereafter caused.

7) Assume the guarantee
responsibility on Guarantors.

8) Other necessary procedures
on Party B’s concern

    	 

    	 

    

 

Clause 12
Rights reserved

 

Either party
might reserve part of or all of the rights under this contract and the affiliated specific credit line contracts, this does not
imply the party has surrendered or remitted the unperformed rights and obligations.

Either party
might sometimes tolerate, extend or delay the execution of certain rights, this does not deem as the party has surrendered or remitted
the rights.

 

Clause 13 Change, Modification, Termination
and Partial invalidity

 

Upon negotiation and agreement by both parties,
this contract can be changed and modified, the written record of the changes and modifications should form the inseparable part
of this contract.

Unless ruled by law or both parties formed
a separate agreement, the contract would not be terminated prior to all the rights and obligations defined are fulfilled.

Unless ruled by law or both parties formed
a separate agreement, the void of single terms under this contract should no invalid other contract under this contract.

 

Clause 14 Applicable Law and Resolution
for Dispute

 

1. This contract is entered into according
with the People’s Republic of China, and applicable to the law of the People’s Republic of China.

2. The resolution of dispute should be appealed
in Party B or other Bank of China subsidiaries defined in this contract or other affiliated contracts

 

Clause 15 Attachments 

 

Sponsor’s consent.

 

Clause 16 Other terms and conditions

 

		1.	Without Creditor’s prior written approval, Guarantor
is not allowed to transfer the rights and obligations under this contract to 3rd Parties.

		2.	Guarantor should give the consent that, Creditor might somehow authorize other affiliated institutions
of Bank of China to perform the obligation. The performing party is entitled to all the rights and obligations under this contract
and the affiliated credit line contracts, the performing party reserves the rights to appeal a resolution of dispute if necessary.

		3.	The contract has equivalent restrictions to the successors
or inherits of both parties.

		4.	Unless otherwise agreed, the domicile addresses stated in this contract are for corresponding use;
both parties should notify each other in writing about any changes of its domicile addresses.

		5.	The title and name of business product is for business purposes, will not used for interpretation
of the contract terms and the rights and obligations.

 

    	 

    	 

    

  

Clause 17 Effectiveness of the contract

 

This contract is established and entered into
effective upon signing or sealing by the legal representatives (or person-in-charge) of Pledgor and Pledgee or their duly authorized
agents, together with sealing by the company chop.

The pledge is established upon the effectiveness
of this contract.

This contract will be printed and signed in
five copies, Guarantor and the debtor hold one copy each, Creditor holds three copies; each copy has the same legal effect

 

/s/ Dangyu Pan

Signature of Guarantor and Sponsor

January 10, 2013

 

/s/ [COMPANY SEAL]

Stamp of Creditor (if Pledgee is a corporation)

Signature of legal representative or authorized
representative

January 10, 2013

 

Attachment:

Sponsor’s Consent

I, as the sponsor of Dangyu Pan, agree
to assume the guarantee responsibility defined in the Guaranty Contract of the maximum amount of Guaranty with the mutual assets.

Signature of Sponsor

January 10, 2013

 

    	 

    	 

    

 

Maximum Amount Guaranty Contract 

 

Reference No. : 2013zhenzhongyinbubaoezi
No.0014

 

Guarantor: Springpower Technology (Shenzhen)
Co., Ltd

Business Licences: 440306503295562

Legal Representative: Dangyu Pan

Address: Factory A, Chaoshun Industrial Zone,
Renmin Road, Fumin Residential Area, Guanlan, BaoAn District,

Postal code: 518000

Deposit A/C and financial institutions: Bank
of China, Pinghu Sub-branch, Shenzhen,

Telephone: 2802 9923 ; Facsimile: 2802 9923

 

Creditor: Bank of China, Buji Sub-branch.

Legal Representative: Yang Yong

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518112

Telephone: 2827 4825 ; Facsimile: 2827 0847

 

To guarantee the performing of the principle
contract stated in Clause 1, both parties agree the following:

 

Clause 1 Principle Contract

 

		1.	The principle contract is “Comprehensive credit contract (2013 zhenzhongyinbuexiezi No 0000099)”
and its supplements signed between Creditor and Debtor, Shenzhen Highpower Technology (Shenzhen) Co., Ltd

		2.	The principle contract is “Fixed asset loan contract (2013zhenzhongyinbujiezi No 00002)”
and its supplements signed between Creditor and Debtor, Shenzhen Highpower Technology (Shenzhen) Co., Ltd

 

Clause 2 Principle Creditor’s rights
and the period

 

Unless otherwise agreed, the creditor’s
rights under the following contracts and the creditor’s rights occurred before the engagement of this contract constitutes
the principle creditor’s rights of this contract.

		1.	The creditor’s right occurred under comprehensive contract starting from the date of effectiveness,
and ends upon the expiration of all the specific creditor’s rights.

		2.	The creditor’s right occurred under fixed assets loan contract starting from the date of effectiveness,
and ends upon the repayment date defined on the contract.

 

    	 

    	 

    

 

Clause 3 The maximum amount guaranteed

 

		1.	The maximum amount assumed guaranteed is:

Currency: Renminbi

Amount (Capital
letter): One hundred and twenty million

Amount (in numbers):
120,000,000

 

		2.	The principle creditor’s rights under the principle contract constitute the principle creditor’s
rights under this contract, which includes: loan principle, interest, compound interest, punitive interest, liquidated damage,
the cost for realization of the creditor’s right (includes but not limited to the announcement fee, delivery fees, appraisal
fees, legal fees, travel expenses, assessment fees, auction fees, the property preservation fee, compulsory execution fee and etc),
as well as the Pledgee’s loss due to the breach of covenants.

 

The sum of the
above terms constitutes the maximum amount of guaranteed for this contract.

 

Clause 4 Types of guaranty

 

Joint responsibility guaranty.

 

Clause 5 The guarantee responsibilities

 

Under the circumstance that, the debtor of
principle contract failed to pay off the creditor’s rights when due (on due date or early termination date), the guaranty
is assumed to be responsible in accordance with this contract.

The due date in the previous sentence means
the repayment date agreed in the principle contract. The early termination date is the termination date request by creditor per
law or per agreements under the principle contracts.

Creditor’s rights on other guarantee
contracts or collateral contracts should not have an impact on the performing of this contract. Guarantor should assume responsibility
under this contract rather than plea with the execution in order.

 

Clause 6 The responsible period

 

The responsible period for this contract is
two years after the establishment of the creditor’s rights under Clause 2

During the period, Creditor is entitled to
the right to request the assumption of responsibility from Guarantor in full or in part on one or on all creditor rights.

 

    	 

    	 

    

 

Clause 7 The duration of action

 

During the period that the creditor’s
rights have not been paid off when due, Guarantor is assumed responsible under the joint responsibility guarantee. Creditor is
entitled to claim the rights within the responsible period defined in Clause 6, the duration of action started upon the request.

 

Clause 8 The relationship between this
contract and the principle contract

 

Upon the termination or early termination
of the principle contract, Guarantor assumes guarantee responsibility on occurred debt.

The change of principle contract will not
be informed to the Guarantor unless under the following circumstances, change of currency, interest rate, amount, period, or other
terms which might affect the increase of the amount of the principle creditor’s rights or extend the effective period of
the principle contract. Guarantor remains obligated to assume the guarantee responsibility to the changed principle contract.

Under the previous stated circumstance which
Guarantor‘s consent is required, Pledgor Guarantor is entitled to the right to reject to assume the guarantee responsibility
on the incremental portion.

Under the circumstances that, Creditor provide
the letter of credit, trade financing services to debtor under the principle contract, Guarantor won’t be notified but assumed
guarantee responsibility. It is the Creditor’s responsibility to registry for the incremental business contract.

 

Clause 9 Statements and Commitments

 

Guarantor’s statement: 

1.Guarantor is legally registered
and operating, and owns the full civil rights required by this contract.

2.Signing and performing the
contract is the true will of Guarantor, Guarantor has been granted all necessary authorizations in effect before signing the contract.
The contract does not form a default for other contracts signed and performed by Guarantor. It is Guarantor’s responsibility
to complete all required approvals, registrations, permits and filings.

3.All document and information
provided by Guarantor to Creditor are true, complete, accurate and effective.

4. Guarantor is willing to cooperate
in the check and inspection on its financial conditions performed by Creditor.

5.Guarantor did not conceal
any existing liability upon the signing of the contract

6.Inform the Creditor in time
for any issues might affect Guarantor’s performing capability, which including but not limited to business splitting, merger
and termination, disposal of major assets, restructuring, reorganization, joint venture arrangement with foreign capitals, changing
of controlling shareholders or de facto control of Party A, capital reduction, liquidation, re-pledge the encumbered assets, withdrawal,
bankruptcy, dissolution and involved in significant law suits.

 

    	 

    	 

    

 

Clause 10 Breach of covenants

 

Any of the following situations would be considered
as breach of contract covenant:

1.Guarantor is in violation
with the previous terms of the contract.

2.The statements of
the Guarantor is untrue or in violation with its commitments

3.The occurrence of
issues defined under the point 6 of clause 9 which might affect the Guarantor’s financial position and performing capability.

4.Experiencing the termination
of operation or bankruptcy.

5.In violation with
other rights and obligations agreed in this contract.

6.Guarantor breaches
the covenants on other credit line contracts with Party B or other affiliated institutions of Bank of China.

 

When any of the
above mentioned situations noticed, Creditor will perform the following in separate or all at the same time:

1)Request Guarantor
to rectify within a definite time.

2) Reduce, temporarily
pause or permanently terminate Guarantor’s Credit limit in part or in all

3)Temporarily pause
or permanently terminate in part or in all of Guarantor’s application on specific credit line under this contract.

4)Announce the immediate
expiration on all the credit lines granted under this contract and affiliated specific credit line contracts.

5)Terminate or release
this contract, terminate or release in part or in all of the affiliated specific credit line contracts as well as the other contracts
signed between Guarantor and Creditor

6)Request compensation
from Guarantor on the losses thereafter caused.

7)Assume the guarantee
responsibility on Guarantors.

8)Other necessary procedures
on Party B’s concern

 

Clause 11
Rights reserved

 

Either party
might reserve part of or all of the rights under this contract and the affiliated specific credit line contracts, this does not
imply the party has surrendered or remitted the unperformed rights and obligations.

Either party
might sometimes tolerate, extend or delay the execution of certain rights, this does not deem as the party has surrendered or remitted
the rights.

 

    	 

    	 

    

 

Clause 12 Change, Modification, Termination
and Partial invalidity

 

Upon negotiation and agreed by both parties,
this contract can be changed and modified, the written record of the changes and modifications should form the inseparable part
of this contract.

Unless ruled by law or both parties formed
a separate agreement, the contract would not be terminated prior to all the rights and obligations defined are fulfilled.

Unless ruled by law or both parties formed
a separate agreement, the void of single terms under this contract should no invalid other contract under this contract.

 

Clause 13 Applicable Law and Resolution
for Dispute

 

1.This contract is entered into according
with the People’s Republic of China, and applicable to the law of the People’s Republic of China.

2.The resolution of dispute should be
appealed in Party B or other Bank of China subsidiaries defined in this contract or other affiliated contracts

 

Clause 14 Attachments 

 

Not applicable

 

Clause 15 Other terms and conditions

 

1.Without Creditor’s
prior written approval, Guarantor is not allowed to transfer the rights and obligations under this contract to 3rd Parties.

2.Guarantor should give
the consent that, Creditor might somehow authorize other affiliated institution of Bank of China to perform the obligation. The
performing party entitles all the rights and obligations under this contract and the affiliated credit line contracts, the performing
party reserves the rights to appeal a resolution of dispute if necessary.

3.The contract has equivalent
restrictions to the successors or inherits of both parties.

4.Unless otherwise agreed,
the domicile addresses stated in this contract are for corresponding use; both parties should notify each other in writing about
any changes of its domicile addresses.

5.The title and name
of business product is for business purposes, will not used for interpretation of the contract terms and the rights and obligations.

 

Clause 16 Effectiveness of the contract

 

This contract is established and enters into
effective upon signing or sealing by the legal representatives (or person-in-charge) of Guarantor and Creditor or their duly authorized
agents, together with sealing by the company chop.

The pledge is established upon the effectiveness
of this contract.

This contract will be printed and signed in
five copies, Guarantor and the debtor hold one copy each, Creditor holds three copies; each copy has the same legal effect

 

    	 

    	 

    

 

/s/ Dangyu Pan

[COMPANY SEAL]

Stamp of Guarantor (if Guarantor is a corporation)

Signature of Authorized Representative

January 10, 2013

 

/s/ [COMPANY SEAL]

Stamp of Creditor (if Creditor is a corporation)

Signature of legal representative or authorized
representative

January 10, 2013

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