Haier

Fisher & Paykel and Haier Commit to Oceania 19 June 2009, Sydney, Australia: Haier Group today announced that following its recent successful participation as a cornerstone investor in the recapitalization of Fisher & Paykel, it will continue the sale of all Haier branded products in Australia and New Zealand, reaffirming its commitment to grow the Haier brand in the region. Today's announcement reinforces Haier's commitment to expansion in the Australian and New Zealand market and this is further supported by the opportunities currently being developed following its acquisition of a 20% stake in Fisher & Paykel during its recent capital raising. The company is committed to investing in the region and supporting its brand and business in the Oceania market. Haier and Fisher & Paykel are currently in the final stages of formalizing a process that will determine specific protocols for strategic cooperation. This will involve the exchange of technology and supply chain resources that will enable each company to further develop their own products and build market share. Haier views this strategic cooperation as central to its plans to build its presence in the Australian and New Zealand markets. A key to this development in the region will be the added support and resources that its agreement with Fisher & Paykel will provide.