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Entity Subsidiaries

: Befar Group Co., Ltd. (Binhua Group)

Subsidiary	Percentage	From	To
Binhua Chemical Industry Branch	100.00%	07/2011	12/2050
Binhua Group Dongroui Chemical Co., Ltd.	100.00%	07/2011	12/2050
Shandong Binhua New Materials Co., Ltd.	100.00%	01/2022	12/2050