The board of directors of Tianneng Power International Ltd. informed the shareholders of the company and potential investors that, based on the information currently available and the preliminary review of the consolidated management accounts of the group for the eleven months ended 30 November 2013, the company expects to record a higher increase in the turnover of the group for the twelve months ended 31 December 2013 as compared to that for the corresponding period of the previous year, though its profit is expected to decline considerably. The board has these expectations mainly because the selling prices of the group's products have decreased as compared with the same period of last year and been remained at a low level due to intense competition as a result of the accelerated consolidation of the PRC lead-acid motive battery industry since 2012.