2. Outline of the Merger

Meeting of the Board of Directors to authorize the merger agreement: (Qingdao Lion, China Lion) November 8, 2013
Conclusion of the merger agreement: (Qingdao Lion, China Lion) November 8, 2013
Meeting of Shareholders to approve the merger: (Qingdao Lion, China Lion) November 8, 2013
Scheduled date of entry into force of merger: October 2014 (planned)

The formalities of this merger entail Qingdao Lion remaining as the surviving company while China Lion is dissolved. Upon the completion of the merger, shares and other funds now held by Qingdao Lion will not be allocated to China Lion shareholders.

(3)

There are no items related to the handling of the subscription rights or corporate bonds with subscription rights now held by the company to be dissolved.

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