The board of directors of China Resources and Transportation Group Limited announced that with effect from 12 May 2016, Mr. Duan Jingquan (Mr. Duan) resigned as the chief executive officer of the Company (the CEO) but remains as an executive director of the Company. Mr. Duan has taken this decision due to personal reason. The board announced that Mr. Jiang Tao (Mr. Jiang) was appointed as the CEO with effect from 12 May 2016. Prior to joining the Company, Mr. Jiang has over ten years experience in the banking industry and was the president of a fund management company in the PRC.