Haier

Haier acquires 20% stake in Fisher & Paykel Appliances Haier becomes a new cornerstone shareholder of the New Zealand high-end white goods manufacturer. (Qingdao, China) May 27, 2009 ¨C Haier Group announced today it is participating in Fisher & Paykel Appliances' (FPA) recapitalization plan. The plan includes the issue of new shares, share placement from existing shareholders and a top-up placement. At the plan¡¯s completion, Haier will hold a 20% stake in FPA and becomes a new cornerstone shareholder of the home appliances manufacturer from New Zealand. Haier and FPA also signed a Cooperation Agreement for the benefit of both companies that includes the sharing of market, design and technology resources, corporate and product planning, coordination of both companies's manufacturing resources, optimization of sourcing and cooperation of after sales services globally. Under the Agreement, Haier will have exclusive marketing and distribution rights of Fisher & Paykel Appliances-branded products in China, and Fisher & Paykel Appliances will have exclusive marketing and distribution rights of Haier-branded products in Australia and New Zealand. About FPA Founded in 1934, New Zealand¡¯s Fisher & Paykel Appliances is a high-end white goods manufacturer with advanced industrial and technological design capabilities. The company develops high quality refrigerators, washing machines, dishwashers, and kitchen appliances which have a high reputation on the global high-end white goods market. The Company has an annual production capacity of 1.2 million high-end appliances. Fisher & Paykel Appliances has manufacturing sites located in Auckland, New Zealand; Rayong Province, Thailand; Reynosa, Mexico; and Treviso, Italy. About Haier Group Co. Ltd Founded in Qingdao, Shandong province, China, in 1984 under the leadership of ZHANG Ruimin, its current Chairman and CEO, Haier is the No. 2 home appliances brand in the world and the No.1 in China. Haier products are distributed in more than 160 countries and regions in North America, Europe, the Middle East, Asia and Africa. Global revenues amounted to RMB 122 billion (USD 17.5 billion) in 2008, representing a year-on-year growth of eight percent. Revenues from the Group¡¯s overseas sales amounted to RMB 31.4 billion (USD 4.5 billion), representing an increase of 9.8 percent year-on-year. Haier employs 60,000 people, including 10,000 outside China.