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Attendance at the establishment ceremony of Beijing Xianglong Borui Auto Service(Group)Co., Ltd.

Automobile Repair Company Beijing, the partner company of Tokyo Boeki Steel & Materials joint venture company, Beijing Borui Dongmao Automobile Sale Service Co., Ltd. has merged withBeijing Used Vehicle Trading Market Co.,Ltd. and Beijing Xianglong Rental Car Co.,Ltd. to establish Beijing Xianglong Borui Auto Service(Group)Co., Ltd.。

Attendees at the ceremony were government officials of the Ministry of Commerce and the Ministry of Transport of the PRC, government officials of Beijing City, affiliates in the automotive industry, business partners and the media, exceeding a total of 250 people. Among the guests, Mr Tanaka, President of Tokyo Boeki Steel & Materials attended the ceremony as a guest of honor.

The newly established Beijing Xianglong Borui Auto Service(Group)Co., Ltd. has 38 subsidiaries in China with total assets of RMB4.7 billion and 3,500 employees. This merger will widen their field of business operations to include used car dealerships and car rental businesses, added to their existing new car Sales, Spare parts supply and Servicing of vehicles businesses (3S businesses). We will continue to explore new business opportunities and expand our business in the increasingly growing Chinese automotive industry.