The board of directors of AAG Energy Holdings Limited announced that Dr. Bo Bai, a non-executive Director of the company, has tendered his resignation as a non-executive Director of the company and from his current roles as a member of each of the Remuneration Committee and New Business Committee of the board as he would like to devote more time to his other business commitments. Dr. Bai's resignation takes effect from February 28, 2017. Dr. Bai has confirmed that he has no disagreement with the board during his term of office as a non-executive Director and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the company. Due to the resignation of Dr. Bai, the Remuneration Committee and the New Business Committee of the Board currently consist of two and three members, respectively. The terms of reference of the Remuneration Committee provides that such committee should consist of a minimum of three members. The board will appoint a new member for the Remuneration Committee and, if considered appropriate, the New Business Committee after due consideration.