The board of directors of Xiwang Special Steel Company Limited announced that Mr. Sun Xinhu, originally a non-executive Director, has been re-designated as an executive Director with effect from April 16, 2015. The Board announced that with effect from April 16, 2015, Ms. Li Yiyi has been appointed as a non-executive Director, and Mr. Liu Xiangming has been appointed as an independent non-executive Director, a member of the Audit Committee and the chairman of the Remuneration Committee and the Nomination Committee of the company. The Board announced that Mr. He Qingwen has resigned as an executive Director with effect from April 16, 2015 for the reason of his other business commitments.

The Board announced that Mr. Zhang Gongxue has resigned as an independent non-executive Director, a member of the Audit Committee and the chairman of the Remuneration Committee and the Nomination Committee of the Company with effect from April 16, 2015 for the reason of his other business commitments. The Board announced Mr. Li Dianzhong has been appointed as the technical director of the group with effect from April 16, 2015.