Red Star Macalline Group Corporation Ltd. announced that Mr. PAN Ning has tendered his resignation to the supervisory committee and resigned from the position as the chairman of the supervisory committee and the supervisor in order to meet the relevant requirements in relation to corporate governance structure published by the State Economic and Trade Commission and the China Securities Regulatory Commission. Mr. PAN Ning's resignation will take effect upon the amendments to the Articles of Association becoming effective. Mr. PAN Ning was elected as an employee representative Supervisor.

His appointment will take effect upon the amendments to the Articles of Association becoming effective and his term of office will end upon the expiry of the term of the second session of the Supervisory Committee. Mr. PAN Ning, aged 49, has been the chairman of the Supervisory Committee since February 2012. At the Supervisory Committee Meeting, the Supervisory Committee approved and proposed the nomination of Mr. CHEN Gang and Mr. ZHENG Hongtao as candidates for independent supervisors of the Supervisory Committee.

The appointments are subject to the approval of the Shareholders by way of ordinary resolutions at the EGM. The terms of office for each of Mr. CHEN Gang and Mr. ZHENG Hongtao will commence upon the amendments to the Articles of Association becoming effective and end upon the expiry of the term of the second session of the supervisory Committee. Mr. CHEN Gang, aged 40, is accredited as a Chinese Certified Public Accountant by Chinese Institute of Certified Public Accountants in November 2004.

Mr. CHEN Gang is currently a part-time master tutor in the School of Economics of the Fudan University and a master tutor in Shanghai Advanced Institute of Finance.