The board of directors of Pico Far East Holdings Limited announced that a nomination committee of the company has been established by the Board with written terms of reference with effect from March 29, 2012. The members of the Nomination Committee will comprise such directors as may be appointed by the Board from time to time. The Board has appointed Mr. Lawrence Chia Song Huat, Mr. James Patrick Cunningham and Mr. Charlie Yucheng Shi as members of the Nomination Committee. Mr. Lawrence Chia Song Huat, the Chairman of the Board and an executive Director, has been appointed and will act as the chairman of the Nomination Committee. Mr. James Patrick Cunningham and Mr. Charlie Yucheng Shi are both independent non-executive Directors. In order to comply with the forthcoming amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited which will be effective on April 1, 2012, Mr. Lawrence Chia Song Huat ceased to be the chairman of the Remuneration Committee of the company but remains as a member of the Remuneration Committee, and Mr. Gregory Robert Scott Crichton, an independent non-executive Director and existing member of the Remuneration Committee, has been appointed as the chairman of the Remuneration Committee in his stead with effect from March 29, 2012.