The board of directors of Shanghai Industrial Urban Development Group Limited announced the following changes to the Board: Mr. Qian Shizheng (Mr. Qian), resignation of Executive Director: Mr. Qian has tendered his resignation as an Executive Director of the company with effect from April 27, 2012 due to reaching of his retirement age. Mr. Qian will resign from directorship and executive positions from all other subsidiaries of the company. Mr. Qian has confirmed that he has no disagreement with the Board and does not have any matters in relation to his resignation that should be brought to the attention of the shareholders of the company; Mr. Ni Jianda (Mr. Ni), re-designation of Chairman, President and Executive Director as Chairman and Executive Director: Mr. Ni, formerly the Chairman, the President and an Executive Director of the company, has relinquished his role as the President with effect from April 27, 2012 due to business needs. He remains as the Chairman and an Executive Director of the company with effect from April 27, 2012; Mr. Ji Gang (Mr. Ji), appointment of Vice Chairman, President and Executive Director: Mr. Ji has been appointed as the Vice Chairman, the President and an Executive Director of the company with effect from April 27, 2012. Mr. Ji, was the vice chairman and president of Shanghai Industrial Development Co. Ltd. Mr. Ji has been appointed for no fixed term but will be subject to retirement and re-election at the annual general meeting of the company in accordance with the Bye-laws of the company.