The board of directors of China Huarong Energy Company Limited announced that Mr. Zhang Ming (Mr. Zhang) has been appointed by the board as an executive Director with effect from 24 October 2016. Mr. Zhang has over 30 years of experience in the shipping and shipbuilding businesses. Mr. Zhang has previous joined the Group in May 2006 until leaving as the executive vice-president of Jiangsu Rongsheng Heavy Industries Co.

Ltd. in July 2010. He rejoined the Group in November 2015 as the vice-president of Jiangsu Rongsheng Heavy Industries and became the president of Jiangsu Rongsheng Heavy Industries since September 2016. Prior to joining the Group, Mr. Zhang once served as an assistant supervisor of engineering and maintenance department in Qingdao Ocean Shipping Co.

Ltd., the general manager of Coscoship (Qingdao) Co. Ltd., the deputy general manager of Nantong COSCO KHI Ship Engineering Co. Ltd., the president of Shanghai Bestway Marine Technology Development Co.

Ltd. and the general manager of Shanghai Bestway Yacht Development Co. Ltd. The board also announced that Mr. Sean S J Wang (Mr. Wang) has resigned as an executive Director and chief financial officer of the company with effect from 24 October 2016 upon the expiry of his service contract due to his other business commitment, and Mr. Wang will cease to be the authorized representative of the company pursuant to Rule 3.05 of the Listing Rules upon his resignation; and Mr. Wei A Ning (Mr. Wei) has resigned as an executive Director with effect from 24 October 2016 upon the expiry of his service contract due to his retirement. Mr. Wang Tao, an executive Director, has been appointed as an authorized representative of the Company pursuant to Rule 3.05 of the Listing Rules with effect from 24 October 2016.

Upon the resignation of Mr. Wang and Mr. Wei as Directors with effect from 24 October 2016, Mr. Wang will also cease to be a member of each of the corporate governance committee and the finance and investment committee; and Mr. Wei will also cease to be a member of the nomination committee of the Company. The board further announced the following appointments in respect of the board committees of The company: Mr. Zhang has been appointed as a member of each of the corporate governance committee and the finance and investment committee of the Company with effect from 24 October 2016; and Ms. Zhu Wen Hua, an executive Director, has been appointed as a member of the nomination committee of the Company with effect from 24 October 2016.