Asset Valuation Report of Hunan Lingpai New Energy Research Institute Co., Ltd.

Table of Contents

1. Declaration ..................................................................................................................1
2. Summary of Asset Valuation Report ........................................................................3
3. Main Body of Asset Valuation Report ....................................................................5
   1. Client, Valued Entity, and Other Users of the Asset Valuation Report ..............5
   2. Purpose of Valuation .............................................................................................7
   3. Valuation Object and Scope ..................................................................................7
   4. Types of Value and Definitions ...........................................................................33
   5. Valuation Benchmark Date ..................................................................................33
   6. Basis for Valuation ................................................................................................34
   7. Valuation Methods ...............................................................................................38
   8. Implementation Process and Situation of Valuation Procedures .........................45
   9. Valuation Assumptions ..........................................................................................46
   10. Valuation Conclusions ........................................................................................48
   11. Special Matters Explanation ...............................................................................49
   12. Limitations on the Use of the Valuation Report ..................................................53
   13. Date of Valuation Report ....................................................................................53
4. Attachments to the Asset Valuation Report ............................................................55