THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ----------------x-------------MANAGEMENT REPRESENTATION LETTER To: AAC Auditing and Accounting

Co., Ltd.

This representation letter is provided in connection with your audit of the financial statements for the year ended 31 March 2012 of Quy Nhon Plantation Forest Company of Vietnam (the Company) for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of, in all material respects, the financial position of the Company, the results of its operations and its cash flows for the year then ended in accordance with the Vietnamese Accounting Standards, Vietnamese Accounting System and relevant statutory requirements. We confirm, to the best of our knowledge and belief, the following representations: (1) We confirm that the financial statements were prepared and presented fairly, in all material respects and in accordance with the Vietnamese Accounting Standards, Vietnamese Accounting System and relevant statutory requirements; (2) We have made available to auditors of AAC Auditing and Accounting Co., Ltd. all accounting records and supporting documentation and all minutes of meetings of the Board of Directors and the Management in relation to the Companys operations;. (3) We confirm the completeness of the information provided regarding the identification of related parties. (4) The Company has complied with all aspects of contractual agreements that could have a material effect on the financial statements. There has been no noncompliance with requirements of regulatory authorities that could have a material effect on the financial statements. (5) The following have been properly recorded and when appropriate, adequately disclosed in the notes to the financial statements: a. Balances and transactions with related parties; b. Agreements and options to buy back assets previously sold; c. Assets pledged as collateral. (6) We have no plans or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements. (7) We have no plans to abandon lines of product or other plans or intentions that will result in any excess or obsolete inventory and no inventory stated at an amount in excess of net realizable value. (8) The Company has satisfactory title to all assets and there are no liens or encumbrances on the company's assets.

(9) We have recorded or disclosed, in notes to the financial statements, all liabilities, loan commitments and guarantees that we have given to third parties. (10) All capital was contributed fully by the shareholders before 31 March 2012 and was recorded and disclosed properly in the financial statements for the year ended 31 March 2012. (11) At present, except for the events presented in the notes to the financial statements, there have been no events occurring after the balance sheet date that may affect the financial statements or the explanations disclosed in the Notes to the financial statements

Yours faithfully, Quy Nhon City, 9 May 2012

Toshimizu Okada General Director