Rengo Co., Ltd. (Head Office: Kita-ku, Osaka; Chairman, President & CEO: Kiyoshi Otsubo), in its July 31, 2013 news release entitled, “Rengo Announces the Transfer of Equity Resulting in Changes to Subsidiaries,” announced that it was preparing to transfer a portion (32.764% each) of its equity in Zhongshan Rengo Hung Hing Paper Manufacturing Co., Ltd. and Zhongshan Ren Hing Paper Manufacturing Co., Ltd. to Zhongshan Yong Fa Paper Co., Ltd. (hereinafter referred to as “Zhongshan Yong Fa”). An equity transfer agreement was concluded with Zhongshan Yong Fa on July 31, 2013.

This transfer was approved by the regulatory authorities, including the Ministry of Commerce of the People's Republic of China, and was completed on March 31, 2014.