The Board of Zhejiang Yonglong Enterprises Co. Ltd. announced that Mr. Li Hui Peng and Mr. Qin Fu will retire as independent non-executive Directors upon expiration of the term of their respective service contracts with the company at the AGM and members of the Board Committees and will not offer themselves for re-election as independent non-executive Directors. The Board proposed to appoint Ms. Zhang Li and Mr. Wang Weisong as independent non-executive Directors and members of the Board Committees.

The proposed appointments of Ms. Zhang Li and Mr. Wang Weisong as independent non-executive Directors and members of the Board Committees will only become effective after obtaining approval of the Shareholders at the AGM. The Board announced that Ms. Tong Jian Juan and Mr. Chen Wei, Supervisors and Mr. Pan Xing Biao, an independent Supervisor, will retire upon expiration of the term of their office until the expiry of the term of the second session of the Supervisory Committee. Ms. Tong Jian Juan and Mr. Chen Wei will offer themselves for re-election as Supervisors at the employee representatives general meeting of the Company while Mr. Pan Xing Biao will offer himself for re-election as an independent Supervisor at the AGM.

The appointment of Mr. Pan Xing Biao will only become effective after obtaining approval of the Shareholders at the AGM while the appointment of Ms. Tong Jian Juan and Mr. Chen Wei will only become effective after obtaining approval from the employee representatives general meeting of the Company and does not require the Shareholders' approval. Subject to the appointment of Ms. Zhang Li and Mr. Wang Weisong as independent non-executive Directors, Ms. Zhang Li will be appointed to replace Mr. Li Hui Peng as the chairman of the Remuneration Committee and as member of Audit Committee and Nomination Committee while Mr. Wang Weisong will be appointed to replace Qin Fu as the chairman of the Nomination Committee and as member of the Audit Committee and Remuneration Committee. The Board announced that it was informed by Mr. Chen Jian Jiang that he will resign as an executive Director for personal development with effect from 1 April 2015.

The Board announced that as a result of the nomination by Zhejiang Yongli, they have identified a suitable candidates, namely Mr. Tang Guo Ping to take up the position as a non-executive Director. Mr. Tang Guo Ping, aged 25, is currently an assistant to the chairman of Zhejiang Yongli. He is responsible for all secretarial work of the chairman of Zhejiang Yongli.

Mr. Tang joined Zhejiang Yongli in February 2012. Ms. Zhang Li, aged 41, is a managing director at Siguler Guff and head of the firm's Shanghai office. She oversees the firm's investment activities in China.

She is also a member of the Investment Committees for the BRIC Opportunities Funds. Mr. Wang Weisong, aged 55, is an associate professor of School of Accountancy at Shanghai University of Finance and Economics. He currently also serves as a director of Shanghai Institute of Finance and Accounting and the vice chairman of Shanghai Yangpu Qu Accounting Association.