The board of directors of GCL New Energy Holdings Limited announced that Mr. Sun Xingping has been appointed as the president of the company with effect from 26 June 2015 to fill the vacancy immediately upon the resignation of Mr. Zhang Gouxin as an executive Director, a member of the risk management committee of the company and the President with effect from 26 June 2015. Mr. Zhang's resignation is due to his desire to devote more time for his business commitments which require more of his dedications. Mr. Sun, is an executive Director appointed on 22 April 2015.

Mr. Sun is also a member of the Risk Management Committee and strategic planning committee of the company. Mr. Sun has extensive experience in the construction, operation and management of power plant and therefore the change in the President will not affect the operations of the Company. Mr. Sun has been the president of Golden Concord Power Group Limited since 2013, the vice president of Golden Concord Holdings Limited since 2011, and the director of Taicang Port Golden Concord Power Generation Co.

Ltd. since 2009.