Nam Tai Property Inc. announced that its Board of Directors has appointed Mr. Terrence Lu as Chief Financial Officer of the Company, succeeding Mr. David Wan, effective immediately. Mr. Wan is retained as an advisor to the Company. The Company would like to thank Mr. Wan for his contributions and service to the Company. Mr. Lu has extensive experience in strategic planning, investment and financing. His previous work experience includes reputable real estate companies and Standard Chartered Bank Shenzhen Branch. With Mr. Lu’s appointment, there will be added resources to navigate the Company’s deteriorating relationships with its lending banks. Following the issuance of demand letters, Bank of China, Bank of Beijing, Xiamen International Bank and Industrial Bank (the “Lending Banks”) have restricted the remittance from the bank accounts of the subsidiaries of the Company in their banks in China. Approximately RMB 160 million ($24.6 million) have been affected. The Company is negotiating with the Lending Banks.