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BingWuYueTongGuZi[2010]No.0706TAIYUANWUYUETONGREALESTATEAPPRAISALCO.,LTD1TEL:3584190REALESTATEAPPRAISALREPORTNameofProject:AppraisalreportontheevaluationofthevalueofRealEstateofRoom0302,Unit11,Building1,No.196(ShangjieDistrict),ChangzhiRoad,TaiyuanCityEntrustingParty:————————AppraisingInstitution:————————CO.,LTDAppraisers:————————AppraisalWorkingDate:————————AppraisalReportNo.:————————————————CO.,LTD(seal)BingWuYueTongGuZi[2010]No.0706TAIYUANWUYUETONGREALESTATEAPPRAISALCO.,LTD2TEL:3584190Contents1.Lettertotheentrustingparty……………………………………………………..32.Statementbytheappraisers....................................................................................43.Presumptionandrestrictiveconditions…………………………………………..54.Appraisalresultreport……………………………………………………………65.Appraisaltechnicalreport………………………………………………………..116.Appendix…………………………………………………………………………19BingWuYueTongGuZi[2010]No.0706TAIYUANWUYUETONGREALESTATEAPPRAISALCO.,LTD3TEL:3584190LettertotheEntrustingPartyDearMs.YangFang,Weacceptedyourappointmenttoconducttheappraisalonyourrealestatethatyouhaveentrustedus.TheappraisedobjectistherealestatelocatedatRoom0302,Unit11,Building1,No.196(ShangjieDistrict),ChangzhiRoad,TaiyuanCitywiththebuildingareaof141.70squaremeters.TheappraisaldateisJuly08,2010.PurposeofAppraisal:Supplyingthereferencebasisofrealestatemarketpricefortheentrustingparty’sknowledgeAppraisalResult:Theappraisershaveassessedthevalueoftheabove-mentionedrealestateonthebasisofindependence,impersonality,equity,legitimacyandcautiousness,adheringtoon-spotinspectionoftherealestateaswellascomprehensivecollectionofrelatedmarketinformationandappraisedobjectinformation,inthelightofgeneralanalysistheelementswhichwillinfluencethemarketvalueoftherealestate,complywithstateregulationsonrealestateappraisal,realestateappraisalrulesandgivenappraisalpurposeaswellasbyutilizinglogicalappraisalprocessesandmethods.TheappraisalresultoftheappraisedobjectonJuly08,2010isasfollows(currency:RMB):UnitPriceoftheappraisedobject:RMB7623Yuan/SquareMeterTotalPriceoftheappraisedobject:RMB1,080,200.00YuanCapitalization(thecapitalformofChinesenumerals):RMBonemillionnineeightythousandandtwohundredYuan)Fordetailedappraisalresults,processandrelatedexplanation,pleaserefertothe‘AppraisalResultReport’and‘AppraisalTechnicalReport’.TaiyuanWuyuetongRealEstateAppraisalCo.,LtdJuly13,2010TaiyuanWuyuetongRealEstateAppraisalCO.,LTD(seal)BingWuYueTongGuZi[2010]No.0706TAIYUANWUYUETONGREALESTATEAPPRAISALCO.,LTD4TEL:3584190StatementbytheAppraisersWeherebysolemnlydeclarethefollowing:1.Alloftheinformationwhichhasbeenshowninthisreportisauthenticandaccurate.2.Alloftheanalyses,commentsandconclusionswhichhavebeenshowninthisreporthavebeenpresented,givenanddrawnthroughourimpartialanalysisandprofessionalknowledge.However,allofthemhavebeenrestrictedbythepresumptionsandrestrictiveconditionswhichhavebeenexplainedinthisreport.3.Wehavenothadtheinterestconflictwiththeappraisedobject,norhavecommoninterestswithorprejudiceagainsttheentrustingparty.4.AccordingtoRealEstateAppraisalRuleswhichistheStateStandardofthePeople'sRepublicofChina,wepresentedanalyses,givencomments,drawnconclusionsandcomposethereporteventually.5.Theon-siteinspectionoftheappraisedobjecthasbeendonebyourappraisersthroughwhichtheyareresponsiblefortheobjectivity,authenticityandimpartialityoftheinspectionresults.However,unlessotherwiseagreed,thescopeofon-siteinspectionisrestrictedtoappearanceandusestatusoftheappraisedobject.Theappraisersdonotshouldertheresponsibilityforinvestigatingthestructureandqualityofthebuildingaswellasforexaminingotheroverlaid,unexposedandunreachablepartsoftheappraisedobject.Theappraiserswhotakechargeofon-siteinspectionareDuanZhihongandChaiHongbin.6.Notanyimportantandprofessionalassistancehasbeenofferedtotheappraisalreport.7.Theappraisalisbasedontherelevantdocumentssuppliedbytheentrustingpartywhoshallbeheldliablefortheauthenticity,completenessandconsequencesincurred.Theappraisersshallbeonlyheldliablefortheoperationprocessandfairnessoftheappraisalmethodadopted.8.Theregisteredrealestateappraiserswhotakechargeoftheappraisal:DuanZhihongRegisteredPublicRealEstateAppraiserofP.R.China(RegistrationNo.:1420020030)Dateofexpiration:September2010(seal)ChaiHongbinRegisteredPublicRealEstateAppraiserofP.R.China(RegistrationNo.:1420070031)Dateofexpiration:September2010(seal)BingWuYueTongGuZi[2010]No.0706TAIYUANWUYUETONGREALESTATEAPPRAISALCO.,LTD5TEL:3584190PresumptionandRestrictiveConditions1.Theentrustingpartyobtainedtheappraisedobjectlegallyandtheappraisedobjectisinsoundconditionattheappraisaltimeandisusedlegally,safelyandnormallyatitsoptimalstatus.2.Therealestatemarketattheappraisaltimeoperatespublicly,equallyandvoluntarily.3.Anyoperationmodeandprocedurerelatingtotheappraisedobjectshallcomplywiththerelevantnationalandlocallawsandregulations.4.Theowner,thelocation,thecategoryofproperty,thebuildingareaandthefunctionoftheappraisedobjectinthisreportshallbesubjecttowhathavebeenrecordedintheHouseProprietorshipCertificateprovidedbytheentrustingparty.5.Theappraisalr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