Audit report in English fullAUDITOR’S REPORTYue Hua Shen Yan Zi 2014 No 0002 ICPA filing number To all shareholders of Co LtdWe have audited the accompanying financial statements of Co Ltd Your Com

t, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

III. Audit opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of ****** Co., Ltd as of 31 December 2013, and the results of its operations and its cash flows for the year then ended in accordance with the Accounting Standards for Business Enterprises.

IV. Emphasis of matter

We draw attention to Note X to the financial statements, which describes the impact of a pending legal proceeding on the financial statements. As described in the note, the outcome of this legal proceeding is uncertain, and the potential liability, if any, cannot be reasonably estimated at this time.

V. Other matters

We did not audit the financial statements of any subsidiaries of ****** Co., Ltd, whose financial statements reflect total assets constituting XX% of the consolidated total assets as of 31 December 2013, and total revenue constituting XX% of the consolidated total revenue for the year then ended. These financial statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for these subsidiaries, is based solely on the reports of the other auditors.

VI. Report on internal control

We have issued a separate report on the effectiveness of your Company’s internal control over financial reporting.

Yue Hua Shen / Yan Zi Certified Public Accountants Date: XX Month, 20X