Central Development Holdings Limited — Board/Management Information 2016

May 12, 2016

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 liabilities whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

==> picture [176 x 61] 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)

CHANGE OF CHIEF EXECUTIVE OFFICER

The Board announces that with effect from 12 May 2016, Mr. Duan Jingquan resigned as the CEO but remains as an executive director of the Company, and Mr. Jiang Tao (姜濤) was appointed as the CEO with effect from the same day.

RESIGNATION OF CHIEF EXECUTIVE OFFICER

The board of directors (the “ Board ”) of China Resources and Transportation Group Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) announces that with effect from 12 May 2016, Mr. Duan Jingquan (“ Mr. Duan ”) resigned as the chief executive officer of the Company (the “ CEO ”) but remains as an executive director of the Company. Mr. Duan has taken this decision due to personal reason.

A supplemental service agreement was entered between Mr. Duan and the Company by adjusting his director’s salary to HK$180,000 per month with effect from 12 May 2016. His remuneration adjustment is determined by the Board based on the review and recommendation from the remuneration committee of the Company (the “ Remuneration Committee ”) with reference to his actual time expected to be allocated to the Company after his resignation as the CEO as well as his duties and responsibilities, experience and prevailing market conditions.

Mr. Duan confirmed that he has no disagreement with the Board and there are no matters that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) in relation to his resignation as the CEO.

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

The Board is pleased to announce that Mr. Jiang Tao (“ Mr. Jiang ”) was appointed as the CEO with effect from 12 May 2016.

– 1 –

The biographical details of Mr. Jiang are set out as follows:

Mr. Jiang, aged 36, graduated from the University of International Business and Economics (對外經濟貿易大學) in the People’s Republic of China (the “ PRC ”) with a bachelor degree in economics. Prior to joining the Company, Mr. Jiang has over ten years’ experience in the banking industry and was the president of a fund management company in the PRC.

In relation to the appointment of the CEO, Mr. Jiang has entered into a service contract (the “ Service Contract ”) with the Company for a term commencing from 12 May 2016 till 11 May 2019. Pursuant to the Service Contract, Mr. Jiang is entitled to HK$1,200,000 per annum for his service as the CEO. In addition, Mr. Jiang is entitled to bonuses based on the performance of the Group. The terms of the Service Contract are determined by the Board based on the recommendations of the Remuneration Committee, with reference to his duties and responsibilities, experience and prevailing market conditions.

Mr. Jiang did not hold any directorships in any other listed public companies in the last three years and he does not have any relationships with any directors, senior management, substantial shareholders or controlling shareholders of the Company. Mr. Jiang does not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571, the Laws of Hong Kong). There is no other information relating to the appointment of Mr. Jiang as the CEO that needs to be brought to the attention of the shareholders of the Company nor any information that needs to be disclosed pursuant to the provisions of Rules 13.51(2)(h) to 13.51(2)(v) of the Rules Governing the Listing of Securities of the Stock Exchange.

The Board would like to take this opportunity to express its gratitude to Mr. Duan for his unswerving support and valuable contributions to the Company throughout his term of office as the CEO and welcome Mr. Jiang on his appointment as the new CEO.

By order of the Board CHINA RESOURCES AND TRANSPORTATION GROUP LIMITED Cao Zhong

Chairman

Hong Kong, 12 May 2016

As at the date of this announcement, the Board comprises five executive Directors, namely Mr. Cao Zhong, Mr. Fung Tsun Pong, Mr. Duan Jingquan, Mr. Tsang Kam Ching, David and Mr. Gao Zhiping; a non-executive Director namely Mr. Suo Suo Stephen; and three independent non-executive Directors, namely Mr. Yip Tak On, Mr. Jing Baoli and Mr. Bao Liang Ming.

– 2 –