Central Development Holdings Limited — Board/Management Information 2011

Nov 7, 2011

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

==> picture [133 x 50] intentionally omitted <==

CHINA RESOURCES AND TRANSPORTATION GROUP LIMITED 中國資源交通集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 269)

APPOINTMENT OF DIRECTOR, CHANGE OF CHIEF EXECUTIVE OFFICER

The board of directors (the “ Board ”) of China Resources and Transportation Group Limited (the “ Company ”) announces the appointment of Mr. Duan Jingquan (“ Mr. Duan ”) as an executive director and the chief executive officer of the Company with effect from 7 November 2011. With the appointment of Mr. Duan, Mr. Cao Zhong (“ Mr. Cao ”) resigns as the chief executive officer of the Company, but remains as the chairman of the Board.

APPOINTMENT OF DIRECTOR AND CHIEF EXECUTIVE OFFICER

The Board is pleased to announce the appointment of Mr. Duan as an executive director and the chief executive officer of the Company with effect from 7 November 2011.

Mr. Duan, aged 55, is currently the Chairman of the Supervisory Committee of Sino Life Insurance Company Limited (“ Sino Life ”), the Managing Director of the Accounting Society of China, a member of the Specialist Advisory Committee of the China Association of Actuaries, an adjunct professor of The Peking University HSBC Business School and a member of the Steering and Consultation Committee for Innovative Development of Shenzhen Insurance Industry. Mr. Duan graduated from Dongbei University of Finance and Economics (formerly known as Liaoning Institute of Finance and Economics) in 1982. He served the Ministry of Finance for around 20 years and assumed different positions, including as the chief officer of the Commerce Bureau of the Finance Department, the deputy head and the head of the Central Planning Office from 1982 to 1994, the deputy head of the Supervision Department from 1994 to 1998, the head of the Finance Supervision Department and the Supervision and Inspection Department from 1998 to 2002. Between 2002 and 2005, he was positioned as the Deputy General Manager of China Export and Credit Insurance Corporation. From 2005 to 2009, he was appointed as the General Manager and Director of

— 1 —

Mingsheng Life Insurance Company Limited. In August 2009, Mr. Duan joined Sino Life and served as its General Manager and Director and he was then appointed as the Vice Chairman of Sino Life in October 2010. In October 2011, he took up the role as the Chairman of the Supervisory Committee of Sino Life. Mr. Duan was the major author of “Introduction to Financial Supervision”, his first treatise on finance. He has been selected by China Insurance Journal as one of the “Top Ten Persons of 2009 in the Insurance Industry”. Mr. Duan has over 20 years experience in management of state agencies and enterprises. While he was with the Ministry of Finance, he developed and implemented various state finance management mechanisms which still exert significant influences nowadays. During his years with commercial enterprises, he pushed forward various reform programs, exercised assiduity at company management and operation, thus remarkably enhanced the performance of the enterprises.

The appointment of Mr. Duan is subject to retirement and re-election at the next general meeting of the Company and he shall also retire from office by rotation at least once every three years in accordance with the Articles of Association of the Company.

Mr. Duan does not have any interests in the securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance.

Save as disclosed above, Mr. Duan has not held any position in other companies listed on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) or The Growth Enterprise Market of the Stock Exchange or any other securities market in the last three years.

Save as disclosed, Mr. Duan does not hold any other position with the Company or other members of the Group nor has he had any relationship with any other directors, senior management or substantial or controlling shareholders of the Company or any of their associates (as defined in the Rules Governing the Listing of Securities on the Stock Exchange (the “ Listing Rules ”)).

Pursuant to the service agreement entered into between Mr. Duan and the Company, Mr. Duan was appointed for a term of 3 years starting from 7 November 2011 and is entitled to an annual salary of approximately HK$2,760,000, discretionary bonus and other benefits at the sole and absolute discretion of the Board and its remuneration committee. Mr. Duan’s remuneration was determined by reference to his duties and responsibilities, experience, performance and market conditions.

Save as disclosed above, there is no other information in relation to the appointment of Mr. Duan that needs to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing Rules, and there is no other matter that needs to be brought to the attention of the shareholders of the Company.

— 2 —

RESIGNATION OF CHIEF EXECUTIVE OFFICER

With the appointment of Mr. Duan, Mr. Cao resigns as the chief executive officer of the Company on the same day for achieving a clear division of responsibilities and ensuring a balance of power and authority at the board level, but he remains as the chairman of the Board.

The Company would like to take this opportunity to welcome Mr. Duan to the Board.

By order of the Board

China Resources and Transportation Group Limited Cao Zhong Chairman

Hong Kong, 7 November 2011

As at the date of this Announcement, the Board comprises four executive Directors, namely Messrs Cao Zhong, Fung Tsun Pong, Duan Jingquan and Tsang Kam Ching, David; a non-executive Director, namely Mr. Neil Bush and three independent non-executive Directors, namely Messrs Yip Tak On, Jing Baoli and Bao Liang Ming.

— 3 —