TPR Co., Ltd. has resolved to establish a technology center as a joint venture
with Anhui ARN Group Co., Ltd. in Anqing City, Anhui Province, China. The aim is
to establish the joint venture technology center subject to the approval from relevant authorities in March 2022,
with TPR and ARN each making a 50% capital contribution. Both companies will dispatch engineers to the
joint venture technology center, to develop new technology/new product to support New Energy Vehicle
(NEV) and CASE in China, to offer to the group businesses of both companies.