The board of directors of China New Economy Fund Limited announced that Mr. Craig Blaser Lindsay will not stand for re-election at the 2015 annual general meeting of the company to be held on 28 May 2015 and will retire as the chairman of the board, the chief executive officer and as an executive Director, due to other employment commitments; and Mr. Doyle Ainsworth Dally will not stand for re-election at the 2015 AGM and will retire as an independent non-executive Director, the chairman of the nomination committee and as a member of each of the audit and remuneration committees, due to other work commitments. The board announced that Mr. Gu Xu currently an executive Director, will be appointed to replace Mr. Lindsay as the Chairman of the Board and the Chief Executive Officer with effect from the conclusion of the 2015 AGM responsible for the provision of leadership to the board and the company's business development and daily management generally. The board also announced that Mr. Chan Cheong Yee currently an executive Director, will be appointed to replace Mr. Lindsay as a new authorized representative of the company with effect from the conclusion of the 2015 AGM.

The board further announced that Mr. Faris Ibrahim Taha Ayoub currently an independent non-executive Director, will be appointed to replace Mr. Dally as the chairman of the nomination committee of the company with effect from the conclusion of the 2015 AGM.