The Audit Committee, having reviewed, considered and assessed Mr. Liao Hongbing's academic qualification, professional certificates, and relevant experience in the area of finance and accounting, is of the opinion that Mr. Liao Hongbing possesses the requisite experience and capabilities to carry out his duties as the Chief Financial Officer of the company and thus resolves to approve Mr. Liao Hongbing's appointment as Chief Financial Officer of AVIC International Maritime Holdings Limited, effective March 31, 2014.