The board of directors of China Overseas Grand Oceans Group Limited announced that in order to comply with the forthcoming amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited which will become effective on April 1, 2012, Mr. Jeffrey Lam Kin Fung, an independent non-executive Director of the company, has been appointed as the chairman of the remuneration committee of the company in place of Mr. Hao Jian Min, the Chairman and non-executive Director of the company, with effect from March 1, 2012. Mr. Hao Jian Min remains as a member of the Remuneration Committee.