The board of directors of Xiwang Special Steel Company Limited announced that Mr. WANG Hui has resigned as executive Director and also ceased to be the chief executive officer of the Company with effect from 14 October 2015 in order to pursue other senior management position in another subsidiary of Xiwang Group Company Limited, and Mr. JIANG Chang Lin has resigned as executive Director with effect from 14 October 2015 for his personal career development. Each of Mr. ZHANG Jian and Ms. Li Hai Xia has been appointed as executive Director and Mr. ZHANG Jian has also been appointed as the chief executive officer of the Company with effect from 14 October 2015. Mr. ZHANG Jian joined the production department of Shandong Xiwang Sugar Company from February 2004 to August 2004.

Ms. Li Hai Xia worked in Xiwang Sugar from December 2003 to July 2015, during which she was the finance manager from May 2013 to July 2015. She has been the deputy finance general manager of Shandong Xiwang Special Steel since August 2015.