YuanShengTai Dairy Farm

We are a leading dairy farming company in China in terms of herd size as well as in terms of production volume in 2012, and are dedicated to the production of super premium raw milk. Located in Heilongjiang and Jilin, China, our four dairy farms collectively raised 40,396 dairy cows and sold 183,702 tons of raw milk as of 31 December 2013. The average annual milk yield per cow of all our farms was 9.0 tons in 2013, which is approximately 64% higher than the industry average. By leveraging our management expertise, we have been able to standardize our operating process, including breeding, feed management and designing comfortable living environments for our dairy cows. This has enabled us to consistently produce raw milk of a quality that surpasses the EU raw milk quality standard, which is among the highest industrial standards for raw milk and other dairy products in the world, and to sell our raw milk at premium prices. In 2013, the average selling price of our raw milk reached approximately RMB4, 795 per ton, approximately 33% higher than the average selling price of raw milk from major production regions in China.