The board of directors of China Oceanwide Holdings Limited announced that due to the change in work arrangement, Mr. ZHANG Fubiao has resigned as non-executive director of the company with effect from 31 May 2019. The board also announced that Mr. CAI Hongping has resigned as independent non-executive Director with effect from 31 May 2019 as he would like to devote more time to his other commitments. The board further announced the following changes in the composition of the Remuneration Committee under the Board with effect from 31 May 2019: Mr. CAI Hongping has ceased to be the Chairman of the Remuneration Committee; Mr. YAN Fashan, an independent non-executive Director, has been re-designated from a member to the chairman of the Remuneration Committee; and Mr. LO Wa Kei Roy, an independent non-executive Director, has been appointed as a member of the Remuneration Committee.