Date: 2013-07-31

New Policy Fuel XAB's Equity Division

Feb.20 China Securities Regulatory Commission announced the enforcement of preferential policy toward reorganization enterprises who attempt to carry out equity division. The XAB, just reorganized with TSB, is proved qualified to enjoy the new policy.

The preferential policy only serve enterprises meeting one of the following requirements:
1. Having submited application for scaled reorganization to the Securities Regulatory Commission and so far have not been approved yet. Meanwhile, the enterprise's equity division has not been processed.

2. Planning to take reorganization as consideration of their equity division.

XAB has met the first requirement, became qualified for the preferential policy, which will bring those qualified enterprises some priority in processing their applications of equity division.

Therefore, we believe that XAB will formally announce their equity division in a near future.

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