The board of directors of China Overseas Grand Oceans Group Limited announced that Mr. Yu Shangyou has resigned as Executive Director and authorized representative of the company with effect from 16 October 2012 due to change in work posting. The Board also announced that with effect from 16 October 2012, Mr. Yang Haisong has been appointed as the Executive Director of the company. He joined China Overseas Holdings Limited (‘COHL') in 2000 and was appointed as senior accountant of Chung Hoi Finance Ltd., and the finance manager of a subsidiary of China Overseas Land and Investment Limited.

Mr. Yang was subsequently designated as the assistant general manager of strategy and risk management department of COHL, and was appointed as general manager of external relations department of COHL in 2011. He has more than 16 years' experience in corporate finance, investment, corporate strategy, risk management and corporate operations in relation to capital markets.