Mr. Dai Feng, an existing committee member and an independent non-executive director, has been appointed as the chairman of the remuneration committee of Guangzhou R&F Properties Co., Ltd. in place of Mr. Li Sze Lim, an executive director, with effect from March 20, 2012. Mr. Li Sze Lim remains as a member of the Remuneration Committee and a nomination committee of the company comprising Mr. Li Sze Lim as the chairman and member, and Mr. Dai Feng and Mr. Lai Ming, Joseph as members has been established by the Board on March 20, 2012 with written terms of reference with effect from March 20, 2012.