The board of Tonic Industries Holdings Ltd. announced that Mr. Hu Jianxin has been appointed as an executive director, and Mr. He Qi has been appointed as an independent non-executive director, both with effect from closing of the acquisition. The board further announced that Mr. Huang Peikun has been re-designated as a non-executive director of the company with effect from closing of the acquisition. Mr. Hu Jianxin and Mr. He Qi will hold office until the first general meeting of the company after their appointment having taken effect, and shall then be eligible for re-election by the shareholders at that general meeting.

The term of office of Mr. Huang Peikun as a non-executive director shall be subject to the requirement to retire by rotation at least once every three years at general meetings under the company's articles of association. Mr. Hu Jianxin has been working as a deputy general manager of CMPD since April 2005. Mr. Hu is responsible for the project management of the Enlarged Group.

Mr. Hu worked as a deputy general manager in Shenzhen China Merchants from December 2001 to February 2011, worked in China Merchants Properties Development Ltd. from November 1996 to November 2001 initially as a deputy general manager and subsequently was promoted to general manager. Mr. Huang Peikun joined the company as an executive director on June 2, 2012 and was elected chairman of the company on June 29, 2012. Mr. Huang is responsible for the strategic direction and overall performance of Enlarged Group.

Mr. Huang has been serving as a director of CMPD since October 2007. Mr. Huang has been a chief financial officer of Shenzhen China Merchants and CMPD since January 2003 and a director of Eureka since April 2006. Mr. He Qi currently is an independent non-executive director of Evergrande Real Estate Group Limited Mr. He has been serving as the deputy secretary of the China Real Estate Association since 2006, and is the director of the training centre and the intermediary professional committee of the China Real Estate Association.