The board of directors of China Oceanwide Holdings Limited announced that Mr. ZHANG Xifang has been appointed as executive director of the Company and director of several subsidiaries of the Company with effect from 15 August 2017. Mr. ZHANG Xifang, aged 45, is currently a director and vice president of Oceanwide Holdings Co. Ltd. of the Company whose shares are listed on the Shenzhen Stock Exchange, a director and president of Oceanwide Equity Investment Management Co. Ltd. and an executive director of Quam Limited. The Board further announces that due to work reallocation, Mr. QIN Dingguo has resigned as the non-executive Director and deputy chairman of the Board with effect from 15 August 2017. He has also relinquished his role as the executive director of Oceanwide Holdings and his positions in the specialised committees under the board of Oceanwide Holdings on 13 August 2017, and has been re-designated as chief technical advisor of Oceanwide Power Holdings Co. Ltd. with effect from 14 August 2017. Mr. QIN Dingguo confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the Shareholders.