CHYY Development Group Limited — Board/Management Information 2012

Apr 24, 2012

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.

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CHINA GROUND SOURCE ENERGY LIMITED 中國地能有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8128)

RESIGNATION OF DIRECTORS

The Board announces that with effect from 24 April 2012:

• (1) Mr. Wu Shu Min resigned as executive Director of the Company and was re-designated as executive vice president of the Group.

• (2) Mr. Fu Hui Zhong resigned as non-executive Director of the Company due to more time required for devotion into his other business commitments.

The board (the “Board”) of directors of China Ground Source Energy Limited (the “Company”) announces that, with effect from 24 April 2012, Mr. Wu Shu Min (“Mr. Wu”) resigned as executive Director and was re-designated as executive vice president of the Group.

The Board further announces that, with effect from 24 April 2012, Mr. Fu Hui Zhong resigned as non-executive Director of the Company due to more time required for devotion into his other business commitments.

Each of Mr. Wu and Mr. Fu has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.

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The Board would like to take this opportunity to express its appreciation to Mr. Fu for his contributions to the Company during his tenure of office as non-executive Director of the Company.

By order of the board of China Ground Source Energy Limited Chan Wai Kay, Katherine Chairman

Hong Kong, 24 April 2012

As at the date of this announcement, the Board comprises Ms. Chan Wai Kay, Katherine and Mr. Xu Shengheng as executive Directors, Ms. Luk Hoi Man as non-executive Director, Mr. Jia Wenzeng, Mr. Paul Chow Wan Hoi and Mr. Wu De Sheng as independent non-executive Directors.

This announcement, for which the directors of the Company collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited for the purpose of giving information with regard to the Company. The directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the GEM website with the domain name of www.hkgem.com on the “Latest Company Announcement” page for at least 7 days from the date of publication and on the website of the Company at www.cgsenergy.com.hk.

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