The board of directors of SOCAM Development Limited announced that Mr. David Gordon Eldon, an independent non-executive director of the company, did not stand for re-election due to his other business commitments and retired at the annual general meeting of the company held on May 18, 2012 in accordance with the Bye-laws of the company. Mr. David Eldon also ceased to be the chairman of the Remuneration Committee and a member of the Nomination Committee and the Finance Committee of the company following his retirement. Mr. Tsang Kwok Tai, Moses, an independent non-executive director of the company and a member of the Remuneration Committee, has been appointed as the chairman of the Remuneration Committee to fill the vacancy occasioned by the departure of Mr. David Eldon. Mr. Chan Kay Cheung, an independent non-executive director of the company, has been appointed as a member of the Nomination Committee to fill the vacancy occasioned by the departure of Mr. David Eldon.