The board of directors of Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited announced that Mr. Liang Guo Yao has resigned from his position as an independent non-executive Director with effect from August 1, 2014, due to current policies in China that impose limitations on retired China government officials in acting as independent non-executive directors of listed companies. Upon Mr. Liang's resignation, Mr. Liang ceased to be the chairman of the remuneration committee, a member of the audit committee and a member of the nomination committee of the Company on
the same date. The Board announced that following the resignation of Mr. Liang, Mr. Tian Xiao Ren has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee, with effect from August 1, 2014. Mr. Tian was appointed as Vice Chairman of Bank of China Group Investment Company Limited from 2006 to 2013. Prior to 2006, Mr. Tian was the President of Bank of China of Guangzhou Province and Jiangxi Province, China and the Vice-President of Bank of China of Zhejiang Province, China for 26 years.