The board of directors of CY Foundation Group Limited announced that Mr. LAW Chiu William (Mr. Law) has tendered his resignation as an independent non-executive Director of the company with effect from 1 March 2012 since he needs to focus more on his own business and may not be able to dedicate adequate time and resources to the company particularly when the company is now working actively on resumption of trading. Following the resignation of Mr. Law, Mr. Law will cease to be a member of the Audit Committee with effect from 1 March 2012. Accordingly, Mr. IO Rudy Cheok Kei (Mr. Io) has been appointed as a member of the Audit Committee in replacement thereof. With effect from 1 March 2012, the members of the Audit Committee will be Mr. LAI Hock Meng (Chairman), Mr. Balakrishnan Narayanan and Mr. Io.