April 2014

Capturing opportunities from continued urbanization in the PRC, particularly in relation to the land located in those towns and counties which are to be developed by the Group, Zhongan Construction has entered into the Town Urbanization MOUs, for the proposed cooperation in relation to the modernization of the agricultural industry in Tonglu County and Taizhou, the introduction of Japanese agricultural industry knowledge and techniques into the PRC, the supply of agricultural products, the provision of elderly management services in new towns in the PRC, and the development of land in Lubu Town and the provision of related assistance in the planning of the development thereof. Zhongan Construction has also entered into a cooperation agreement with China Development bank, in relation to the investment in, and the financing of the urbanization and development of new towns in Zhejiang Province, PRC.