China VAST Industrial Urban Development Company Limited announces that, with effect from 19 July 2021, Mr. Huang Peikun has resigned from his role as an executive Director, Ms. Zhao Ying has resigned from her role as the non-executive Director of the Company and has ceased to act as a member of the Remuneration Committee; Mr. Wang Jianjun has resigned from his role as the chairman of the Board and has ceased to act as the chairman of the Nomination Committee but will continue to serve as an executive Director of the Company; Mr. Zhao Lei has been appointed as an executive Director, Mr. Song Liuyi has been appointed as the non-executive Director of the Company, the chairman of the Board and the Nomination Committee and a member of the Remuneration Committee; and the Board has established the Strategy and Investment Committee and appointed Mr. Zhao Lei as the chairman and Mr. Song Liuyi, Mr. Yang Yun and Ms. Wang Wei as members of the Strategy and Investment Committee. Mr. Zhao has 17 years of experience in corporate finance and accounting management, investment and financing management, capital market and investor relations. Prior to joining the Group, from August 2004 to October 2009, Mr. Zhao worked at PricewaterhouseCoopers Zhong Tian LLP (Special General Partnership) where he served as an audit manager. In November 2009, Mr. Zhao joined China Jinmao Holdings Group Limited, where he successively served as manager in analytics and evaluation, assistant to general manager, deputy general manager and general manager of the financial management department and general manager of the capital market department, and has been acting as the deputy general manager of the finance and capital center since May 2021. Mr. Song has over 20 years of experience in project investment, real estate development and sales as well as corporate management. In May 2011, Mr. Song joined China Jinmao, where he successively has served as assistant to president and vice president, and has been acting as the senior vice president since March 2017 and the executive director since August 2017. Prior to joining China Jinmao, from 2001 to April 2011, Mr. Song worked at Sinochem Group Co. Ltd. and successively served in the investment department of Sinochem International Corporation and the investment department and the general office of Sinochem Group Co. Ltd.