The Board of DVN Holdings Ltd. announced that Mr. Erik D. Prince has been appointed as an executive Director and the Chairman, the chairman of the Nomination Committee and a member of the Remuneration Committee with the effect from January 10, 2014. Mr. Erik D. Prince is not appointed for a specific term and he will hold office until the next annual general meeting of the company. Mr. Ko has been re-designated from Chairman to Deputy Chairman and has ceased to be the chairman of the Nomination Committee with effect from January 10, 2014, but he remains a member of the Nomination Committee.

Mr. Ko was the Chairman from 1998 to the date of this re-designation. He remains a director of various subsidiaries of the Company, a member of the Remuneration Committee, and a member of the Nomination Committee of the Company. He is also the chairman of Varitronix International Limited and Reorient Group Limited and the vice-chairman of China WindPower Group Limited.

Mr. Luo has been appointed as Deputy Chairman with effect from January 10, 2014. Mr. Luo has been an executive Director of the Company since October 2006. He is currently a director of CITIC Group Corporation.

Mr. Jin Wei has resigned as executive Director with effect from January 10, 2014. Mr. Jin Wei has confirmed that his resignation is due to other business engagements which require more of his dedication. Mr. Jin Wei has also confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the Shareholders.