Zhejiang Shibao Company Limited approved the appointment of Mr. Li Zi Biao as an independent non-executive Director. Mr. Li Zi Biao is a professor grade senior engineer. He is an expert in the China automotive steering gear industry. He has worked as the vice chief and the vice general engineer in China Nanjing Automobile (Group) Corporation Steering Gear Plant since 1970 until he retired in 2008. Mr. Li is a member and Deputy Director of the Association of Steering Technology under the Society of Automobile Engineers of China Secretary-General of Steering Committee of the China Association of Automobile Manufacturers, Secretary-General of steering-net under CAIN and Standing Vice Secretary-General of Steering System Technical Sub-Committee of National Automotive Standardisation Technical Committee. With effect from the close of the EGM, Mr. Chen Guo Feng resigned as an independent non-executive Director. The Board confirms that Mr. Chen Guo Feng does not have any disagreement with the Board and there is nothing to be brought to the attention of the Shareholders in relation to his resignation. These changes was approved in EGM held on February 10, 2012.