The board of directors of Clear Media Limited announced that, with effect from 1 January 2016: Mr. Mark Thewlis will relinquish his positions as an executive director of the Company, the Chairman of the Board, the Chairman of the Capital Expenditure Committee and the Directors' Securities Dealing Committee and a member of the Cash Committee; and Mr. Joseph Tcheng will be appointed as an executive director of the company, the Chairman of the Board, the Chairman of the Nomination Committee, the Capital Expenditure Committee, the Directors' Securities Dealing Committee and a member of the Cash Committee. He will also be appointed as an executive officer of the Company with effect from 1 January 2016. The Company and Mr. Tcheng has entered into a consultancy contract with effect from October 15, 2015 until December 31, 2015 under which Mr. Tcheng shall provide certain consultancy services, including a review of the Company's existing business operations.

Mr. Tcheng, aged 60, is currently the Chairman of Sichuan Swellfun Co. Ltd. The Board has reviewed the structure of the various committee which Mr. Thewlis has been a member and has resolved to make the following changes to such committees. In respect of the Nomination Committee, with effect from 1 January 2016, Mr. Desmond Murray will relinquish his position as the Chairman but remain as a member, Mr. Tcheng will be appointed as the new Chairman and Mr. Zhu Jia will relinquish his position as a member.

In respect of the Capital Expenditure Committee, with effect from 1 January 2016, Mr. Thewlis will relinquish his position as the Chairman and Mr. Tcheng will be appointed as the new Chairman. In respect of the Directors' Securities Dealing Committee, with effect from 1 January 2016, Mr. Thewlis will relinquish his position as the Chairman and Mr. Tcheng will be appointed as the new Chairman. In respect of the Cash Committee, with effect from 1 January 2016, Mr. Thewlis will relinquish his position as a member and Mr. Tcheng will be appointed as a new member.