King Long Reaches Financing Agreements with PEGACO

On August 13, 2013, the signing ceremony for the financing agreements between King Long and its Peruvian distributor PEGACO took place in Xiamen. Two agreements were concluded: a medium & long-term financing solution for PEGACO and a financing solution for the public transport reform plan throughout Peru. The conclusion of the agreement drew strong support from Peruvian national development bank--COFIDE, Peru's largest foreign bank--BBVA as well as China's only policy-related insurance company providing full export credit insurance service--China Export & Credit Insurance Corporation.

Since 2008, King Long has exported over 540 coaches to Peruwith a total value of over 40 million US dollars, thus becoming a Chinese coach manufacturer with the largest share in the Peruvian coach market. In the first half of this year, King Long exported 140 coaches toPeru. According to statistics, in the fourth quarter of 2012 and the first half of 2013, King Long's CNG bus sales kept ahead in the Peruvian local market and even exceeded Benz, No. 1 brand which has long dominated in the Peruvian market.