At 10:00 AM on May 25, 2014, the 2013 annual shareholders' meeting of Guizhou Panjiang Investment Holding (Group) Co., Ltd. was held in the third-floor meeting room of Wanli Hotel, Guanshanhu District, Guiyang City, Guizhou Province. The meeting reviewed the "Proposal on Replacing Independent Directors" and, through a cumulative voting method, approved the appointment of Mr. Guang Dongbin, a partner lawyer at Guangdong Zhiming Law Firm, as an independent director of the company's fourth board of directors.

The announcement from Panjiang Company states: "Lawyer Guang Dongbin, male, Han ethnicity, born in May 1969, holds a master's degree in civil and commercial law from China University of Political Science and Law. He has worked as a civil servant, lawyer, and corporate manager. Among these, he has practiced law for nearly 20 years, primarily focusing on company law, civil and commercial law, and intellectual property law. He has in-depth research and understanding of corporate mergers and acquisitions, corporate governance, information disclosure, and corporate investment and financing. He currently serves as the Deputy Director of the Financial Law Professional Committee of the Guangdong Lawyers Association, a council member of the Financial Law Research Association of the Guangdong Law Society, a partner at Guangdong Zhiming Law Firm, and Deputy General Manager of Shenzhen Kaifeng Investment Management Co., Ltd."

In April of this year, the board of directors of Panjiang Company, in accordance with the China Securities Regulatory Commission's "Guiding Opinions on Establishing an Independent Director System in Listed Companies" and other laws and regulations, as well as the "Company Charter" and "Company Independent Director System," nominated lawyer Guang Dongbin, a partner at Guangdong Zhiming Law Firm, as a candidate for independent director of the fourth board of directors, and agreed to submit it for review at the company's 2013 annual general meeting of shareholders.

Related link: http://stock.hexun.com/2014-05-27/165150374.html

Attachment: Announcement of Resolutions of Panjiang Co., Ltd.'s 2013 Annual General Meeting of Shareholders