Fujian Holdings Limited Fujian Huamin Industrial Group Company Limited have agreed to establish the Joint Venture. The registered capital of the Joint Venture will be RMB 80 million, to which the company and FHIG will contribute RMB 40.8 million and RMB 39.2 million, respectively. Upon the establishment of the Joint Venture, the company and FHIG will hold 51% and 49%, respectively, of the equity interest in the Joint Venture. The contributions are to be paid in full within two years of the date of issuance of business license of the Joint Venture. The total initial capital contribution of RMB 80 million to the Joint Venture was determined by the parties after arm's length negotiations with reference to the minimum level of capital contribution required for the Joint Venture to be able to take advantage of the tax and financial benefits from the China (Fujian) Pilot Free Trade Zone. The business scope of the Joint Venture is mainly engaged in tourism related leasing service within the Fujian Province, PRC, including but not limited to leasing of caravan compartments and cable cars. The Joint Venture shall engage in business for a term of 30 years, calculated from the date of issuance of business license of the Joint Venture.