The board of directors of Tiangong International Company, Limited announced that Mr. Zhu Zhihe has retired as an Executive Director of the company with effect from March 27, 2013 as he has passed the official retirement age of 60. The Board also announced that Mr. Jiang Guangqing has been appointed as an Executive Director of the company with effect from March 27, 2013, until the date of the coming annual general meeting to fill the causal vacancy as a result of the retirement of Mr. Zhu. Mr. Jiang, aged 48, graduated from Aerospace Industry 061 Base Technical School joined the Group in 1993 and currently is the special assistant of the general manager.

He is in charge of the production, operation and management of high speed steel cutting tools. In view of the resignation of Mr. Zhu, the Board of the company announced that Mr. Wu Suojun has been appointed as the Chief Executive Officer of the company. The Board of the company announced that Mr. Li Zhengbang has retired as an independent non-executive director of the company and member of the Audit Committee, Remuneration Committee and Nomination Committee with effect from 27 March 2013 for health reason.

The Board of the company announced that Mr. Yin Shuming has been appointed as an independent non-executive Director and member of the Audit Committee, the Remuneration Committee and the Nomination Committee with effect from 27 March 2013, until the date of the coming annual general meeting to fill the causal vacancy as a result of the retirement of Mr. Li. Mr. Yin, aged 68, was graduated from Nanjing University and major in Chemistry. Mr. Yin had been the factory manager in a factory of liquor products in Guizhou province and served as party secretary to Yuping Dong Autonomous County of Guizhou Province and held other government positions in Guizhou province and Zhenjiang City.

Mr. Yin is an independent non-executive director of Hengbao Co. Ltd. and of Zhenjiang Dongfang Electric Heating Technology Co. Ltd.