Riemann Investment Advised Xinhao Paper on Pre-IPO Private Equity Funding Riemann Investment Holdings Ltd. (“Riemann Investment”), acting as the sole financial advisor, initiated and coordinated the successful private equity funding for Jiangyin Xinhao Paper Recycling Co., Ltd. (“Xinhao Paper”) in August 2007. Riemann Investment-led high-net-worth individuals from China made total investment of RMB 50 million with 6.5x PE based on 2007 net earnings into the Company. The current round of private equity funding was completed efficiently in merely 6 weeks. Xinhao Paper is conveniently located in the centre of the prosperous Yangtze Delta Region – Jiangyin City. The Company is a highly specialised pulp and papermaking company engaged in the collection, sorting and packaging of waste paper as well as manufacturing of de-inked bleached pulp and coated duplex board. The Company has waste paper recycling and processing capacity of 200 thousand tons per annum, as well as annual pulp and paper production capacity of 150 thousand tons each. It is at present the largest producer of high quality coated duplex board in China’s Jiangsu Province. Private equity funding provides the initial capital source for the Company’s exploration and expansion of its waste paper collection and recycling business, and enables the Company to move up the business value chain from the papermaking sector to the utilisation of waste paper resource in the upstream. It is expected that Xinhao Paper shall become publicly listed in the German stock market in the fourth quarter of 2008. <BACK>