Shanghai automotive industry Corp

1. When did HASCO finish the assets restructuring of this previous Shanghai Bus?

In accordance with the document from China Securities Regulatory Commission entitled "answer Concerning Approval of significant Assets Restructuring of Shanghai Bus Industrial (Group) and its particular Issuance of Shares to SAIC Group for the Latter to obtain Assests" (CSRC Approval [2009] No. 210), Shanghai Jiu Shi Company, Shanghai Transportation Investment (Group) Co., Ltd. and Shenergy (Group) Co., Ltd. shall transfer gratis to SAIC Group almost all their shares except the people they hold in Asia Minsheng Banking Corporation, Ltd. and also the Industrial Securities Co., Ltd.(held by parent company). At exactly the same time, the previous Shanghai Bus Industrial (team) shall issue shares to SAIC Group for the latter to acquire the assets and liabilities associated with the separate auto parts supply business.

By the end of March 2009, the possessions distribution of major assets restructuring concerned have been substantively completed. On July 2009, HASCO issued the Report on utilization of the most important Assets Restructuring, which noted the conclusion of this above-mentioned major possessions restructuring.

2. That is the controlling shareholder together with real operator?

The current controlling shareholder is Shanghai Automotive business Corporation (Group), additionally the real controller is Shanghai State-owned Assets Supervision and management Commission (SSASAC).

The skeleton drawing regarding the relationship of equity and control between HASCO and actual operator is as follows.

3. What is the future development strategy of HASCO?

HASCO will work according to the Scientific Outlook on developing, seize the ability of worldwide car industry development and quick growth of China's auto business, just take as the strategic objective the guideline of becoming "zero level, basic and global", deepen the strategic collaboration with OEM vehicle producers, speed up the architectural adjustment of components and elements, consider core organizations, boost the competitive power, generate items of self-owned brand and develop HASCO into a detailed automotive parts firm with the strongest extensive capabilities in China with intercontinental influence and competence for sustainable business growth.