The board of directors of King Stone Energy Group Limited announced the following changes of directorship and changes of authorized representatives with effect from March 12, 2013: Mr. Xu Zhendong, aged 48, was graduated from the Computer Science and Technology Department of Peking University in 1987. Mr. Xu Zhendong is appointed as executive Director and shall assume the Chairman of the Board and the authorised representative of the company in place of Mr. Zhang Wanzhong. Currently, Mr. Xu Zhendong is an executive director and chairman of board of directors of Beijing Beida Jade Bird Universal Sci-Tech Company Limited. Mr. Xu Zhuliang, aged 43, obtained a diploma from Taiyuan University of Technology in 1991. Mr. Xu Zhuliang is appointed as executive Director. Mr. Xu Zhuliang holds the Safety Qualification Certificate issued by the State Administration of Work Safety. Mr. Danielson is appointed as executive Director and shall assume the role of chief investment officer of the company. Mr. Danielson has been managing and monitoring the activities of the fund portfolio companies as well as sourcing, evaluating and executing investments for private equity funds. Mr. Zhang, aged 48, was graduated from the Geology Department of Peking University with a Bachelor's degree in science and subsequently obtained a doctor of philosophy in engineering from Geology and Mineralogy Department of China University of Geosciences. Currently, Mr. Zhang is the chairman of the supervisory committee of Jade Bird Universal. The Board also announces that Mr. Chen Marlon Ray resigned as executive Director, and Mr. Wong Chun Hung and Mr. Seah Ang resigned as non-executive Directors with effect from March 12, 2013 to pursue their other career opportunities. With effect from March 12, 2013, Mr. Zhang Wanzhong and Mr. Tian Wenwei ceased to act as the
authorized representatives of the company and Mr. Xu Zhendong and Mr. Zong Hao assumed the duties of the authorized representatives.