The board of directors of Tianjin Port Development Holdings Limited announced that Mr. Zhang Ruigang (Mr. Zhang) has resigned as Executive Director and Chairman of the Company with effect from December 20, 2018 due to job change. Mr. Zhang confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. The Board further announces that Mr. Chu Bin (Mr. Chu) has been appointed as Executive Director and Chairman of the Company with effect from December 20, 2018. Mr. Chu is a senior economist. Mr. Chu is the Chairman of Tianjin Port (Group) Co. Ltd. Mr. Chu started his career in August 1990, and has over 25 years of extensive experience in port industry. From May 2003 to October 2018, Mr. Chu had served as the deputy general manager of Beilun Second Container Co. Ltd., the deputy head of business department of Ningbo Port Group Co. Ltd., the general manager and deputy secretary of the party committee of Beilun Second Container Terminal Branch Office, the assistant to the president of Ningbo Port Co. Ltd., the deputy general manager of Ningbo Zhoushan Port Co. Ltd., the deputy general manager of Ningbo Zhoushan Port Group Co. Ltd., the director of Ningbo Zhoushan Port Co. Ltd. He also served as the general manager of Ningbo Port International Logistics Co. Ltd. from July 2014 to March 2016. Mr. Chu has entered into a service contract with the Company for a term of three years from December 20, 2018, which shall continue for further successive periods. He will be subject to retirement by rotation and re-election at annual general meeting of the Company.