Titan Petrochemicals Group Ltd. announced that Mr. Cai Jian Jun, Chief Executive, has left the company on 23 August 2012 to pursue his other personal interests and Mr. Zhao Xu Guang has been appointed as acting Chief Executive with effect from 23 August 2012. The company reported that it will use its best endeavor to find a suitable person to fill the vacancy as soon as practicable. Mr. Zhao, aged 49, has been Chairman of the Board and an Executive Director of the
company since 3 July 2012. He is also a co-chairman of China Fortune Foundation Limited. Mr. Zhao has 20 years of working experience in corporate management, securities investment, corporate merger and restructuring and commercial disputes. Pursuant to his service contract with the company, he is appointed for a term of 3 years and is subject to retirement by rotation and re-election at annual general meetings in accordance with the company's Bye-laws. Mr. Zhao, after taking up the position of acting Chief Executive, will be responsible for the group's strategic planning for new projects and corporate development. He will also be overseeing the group's overall operations and performance with the support of the senior management team. To strengthen the group's operational management, Mr. Fu Yong Yuan, an executive director of the company, will be designated as chairman and legal representative of Titan Quanzhou Shipyard Co. Ltd. and be responsible for and assume full accountability to the Board for the shipyard operations and performance. The company has hired Mr. Li Hai Bo as finance director to strengthen the group's financial and reporting functions.