The Haier Fi nance Cooperation was set up on Sept. 16Th. It is the first finance cooperation in

Shandong Province in the last 15 years.

The Haier Finance Cooperation, with a registered capital of 500 million Yuan, was approved by the People's Bank of China. It is jointly founded by Haier Group Company, Haier Air Conditioners Company Ltd. Haier

Electric. Company Ltd., and Haier Air Conditioner & Electronic Co. Ltd. The Haier Group holds 40% of the shares.

According to the stipulations of the People's Bank of China, the finance cooperation is set up abiding by the cooperation law and management rules. It is a non-financial institute which provides financial service to its member's renovation, new products development and sales. The finance group will deal with deposit, loan, transferring account and making settlement among its members.

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