The board of Tianjin Binhai TEDA Logistics (Group) Corporation Limited informed the shareholders of the company and potential investors that, the group is expected to record a loss for the first quarter ended March 31, 2013 as compared to the profit recorded for the corresponding period in 2012, which is mainly due to the following reasons: (i) affected by the adverse impact of the Sino-Japanese relations, in January to February 2013, the automobile logistics business continued the dramatic period-on-period decrease recorded in the fourth quarter of 2012. Although the business volume in March 2013 basically returned to normal, it could hardly compensate for the impact of the drastic decrease in business volume in January to February 2013; (ii) the Cold Chain Logistics Centre at Tianjin Port operated by Tedahang (Tianjin) Cold Chain Logistics Company Limited, a subsidiary of the group, commenced operation in early 2013. The cold chain logistics business was only at its initial stage, resulting in a loss in the first quarter of 2013.