About G. A. HOLDINGS Company

The Group is mainly engaged in (i) distributing buses (in particular BMW, Honda and Mercedes) to dealers in Hong Kong, China, and the sales target of such dealers is to end users in China; (ii) providing marketing and technical support to Anwar North (and the Group's dealers and business partners in China); (iii) providing after-sales services in China, such as car maintenance; and (iv) trading automobile parts and accessories in Hong Kong and China. The Group is headquartered in Singapore and currently has offices in Hong Kong, China, Tianjin, China, and the Xiamen Special Economic Zone. In order to achieve complementary effects in the Group's automobile distribution business, the Group recently diversified its business into the car rental business in China. The directors believe that car rental operators will be able to improve their service levels by using imported luxury buses supplied by the Group. The Group entered into a licensing agreement with Hertz as the main franchisor for the use of the Hertz system and encouraged the three sub-franchisors to use the Hertz system. The Group's Chinese legal adviser believes that the Group has the right to license the Hertz system as the main franchisor to local car rental operators in China under the circumstances of complying with Chinese law. The Group also provides such franchisees with management advice, financial assistance and technical expertise equivalent to operating a car rental business in China.