Shanghai Huitong Energy Co.,Ltd. held the 24th session of the 7th directorate meeting on September 19, 2014, which discussed and approved the proposal of the Company applying for credit line of not more than RMB 20 million in total to Shanghai Branch of Nanyang Commercial Bank (China) Limited (the Bank), which includes but is not limited to the credit type of current capital loan, with the credit term of 1 year, the proposal of signing agreement on credit line with the Bank and approving of all clauses and contents of the Agreement as well as other relevant legal documents related to this credit and being subjected to the above-mentioned documents, and the proposal of providing guarantee amount of RMB 5 million for this credit. The Company's controlling shareholder Shanghai Hongchangsheng Group Co. Ltd. and actual controller Zheng Shuchang provided the maximum guarantee for the aforesaid credit.