Ocean-KY Shareholders Approve Waiver of Non-Compete Restrictions for Newly Appointed Directors

1. Shareholders' Meeting Resolution Date: 115/06/16 2. Names and Titles of Directors Permitted to Engage in Competitive Activities: Grand Ocean Retail Group Ltd. Director: LEE ENG LEONG Grand Ocean Retail Group Ltd. Director: Huang Qinghai Grand Ocean Retail Group Ltd. Independent Director: Li Zhenyu Grand Ocean Retail Group Ltd. Independent Director: Chen Weihui Grand Ocean Retail Group Ltd. Independent Director: Li Yaping 3. Permitted Competitive Activities: Investment in or operation of companies with business scopes identical or similar to the Company's, provided that such activities do not harm the Company's interests. 4. Duration of Permission for Competitive Activities: During the tenure as directors of the Company. 5. Resolution Outcome (Voting Results per Article 209 of the Company Act): At the Company's 115th annual shareholders' meeting held on June 16, 115, it was approved to lift the non-compete restrictions for the above-mentioned directors, provided that such activities do not harm the Company's interests. 6. Names and Titles of Directors Engaging in Competitive Activities in Mainland China (Enter 'Not Applicable' if not applicable): (1) Huang Qinghai / Vice Chairman and General Manager of Shanghai United Cement Co., Ltd.; President of Shanglian Cement Group; Chairman and President of Grand Ocean Classic Commercial Group Co., Ltd.; Executive Director of Nanjing Grand Ocean Classic Commercial Co., Ltd., Fuzhou Grand Ocean Commercial Co., Ltd., Quanzhou Grand Ocean Commercial Co., Ltd., Wuhan Grand Ocean Classic Commercial Development Co., Ltd., Wuhan Guanggu Grand Ocean Commercial Development Co., Ltd., Fuzhou City Grand Ocean Classic Commercial Co., Ltd., Hengyang Grand Ocean Commercial Development Co., Ltd., Yichang Grand Ocean Commercial Development Co., Ltd., Hefei Grand Ocean Classic Commercial Development Co., Ltd., Shiyan Guanggu Grand Ocean Commercial Co., Ltd., Shanghai Jingxuan Commercial Management Co., Ltd., Fuzhou Jiaruixing Commercial Management Co., Ltd., Fuzhou Grand Ocean Premium Commercial Co., Ltd., Shanghai Qianshu Commercial Management Co., Ltd. 7. Company Names and Positions Held in Mainland China Businesses: (1) Huang Qinghai / Vice Chairman and General Manager of Shanghai United Cement Co., Ltd.; President of Shanglian Cement Group; Chairman and President of Grand Ocean Classic Commercial Group Co., Ltd.; Executive Director of Nanjing Grand Ocean Classic Commercial Co., Ltd., Fuzhou Grand Ocean Commercial Co., Ltd., Quanzhou Grand Ocean Commercial Co., Ltd., Wuhan Grand Ocean Classic Commercial Development Co., Ltd., Wuhan Guanggu Grand Ocean Commercial Development Co., Ltd., Fuzhou City Grand Ocean Classic Commercial Co., Ltd., Hengyang Grand Ocean Commercial Development Co., Ltd., Yichang Grand Ocean Commercial Development Co., Ltd., Hefei Grand Ocean Classic Commercial Development Co., Ltd., Shiyan Guanggu Grand Ocean Commercial Co., Ltd., Shanghai Jingxuan Commercial Management Co., Ltd., Fuzhou Jiaruixing Commercial Management Co., Ltd., Fuzhou Grand Ocean Premium Commercial Co., Ltd., Shanghai Qianshu Commercial Management Co., Ltd. 8. Addresses of Mainland China Businesses: Shanghai United Cement Co., Ltd. / Room 101, Building 27, No. 1388 Zhangdong Road, Shanghai Free Trade Zone, Shanghai, China Grand Ocean Classic Commercial Group Co., Ltd. / No. 1, Leye Street, Xigang District, Dalian City Nanjing Grand Ocean Classic Commercial Co., Ltd. / No. 122, Zhongshan South Road, Baixia District, Nanjing, Jiangsu Province, China Fuzhou Grand Ocean Commercial Co., Ltd. / No. 133, Bayi Qiubei Road, Gulou District, Fuzhou, Fujian Province, China Quanzhou Grand Ocean Commercial Co., Ltd. / Wenling Road, Fengze District, Quanzhou, Fujian Province, China (Fuhua Commercial Center) Wuhan Grand Ocean Classic Commercial Development Co., Ltd. / No. 756, Zhongshan Avenue, Jianghan District, Wuhan, Hubei Province, China Wuhan Guanggu Grand Ocean Commercial Development Co., Ltd. / No. 3, Guanggu Street, Guanggu World City, East Lake High-Tech Development Zone, Wuhan, Hubei Province, China, Zone 1, Room 101 Fuzhou City Grand Ocean Classic Commercial Co., Ltd. / No. 268, Bayi Qiubei Road, Gulou District, Fuzhou, Fujian Province, China Hengyang Grand Ocean Commercial Development Co., Ltd. / No. 121, Jiefang Road, Yanfeng District, Hengyang, Hunan Province, China Yichang Grand Ocean Commercial Development Co., Ltd. / No. 56, Yiling Avenue, Yichang, Hubei Province, China Hefei Grand Ocean Classic Commercial Development Co., Ltd. / Building C, No. 189, Changjiang West Road, Shushan District, Hefei, Anhui Province, China Shiyan Guanggu Grand Ocean Commercial Co., Ltd. / No. 1, Chaoyang Middle Road, Maojian District, Shiyan, China, 5-1 Shanghai Jingxuan Commercial Management Co., Ltd. / Unit 03, 27th Floor, No. 338, Nanjing West Road, Huangpu District, Shanghai, China Fuzhou Jiaruixing Commercial Management Co., Ltd. / B1 Level, Dongjie Kou Underground Commercial Street, No. 88, Bayi Qiubei Road, Nanshe Street, Gulou District, Fuzhou, Fujian Province, China Fuzhou Grand Ocean Premium Commercial Co., Ltd. / Office 03, 11th Floor, International Building, No. 133, Bayi Qiubei Road, Gulou District, Fuzhou, China Shanghai Qianshu Commercial Management Co., Ltd. / Room L4F-28, No. 600, Mogan Mountain Road, Putuo District, Shanghai 9. Business Activities of Mainland China Entities: Production and sales of cement-related products; department store operations 10. Impact on the Company's Financial and Business Operations: Not applicable 11. If Directors Have Invested in Mainland China Businesses, Investment Amounts and Shareholding Ratios: Not applicable 12. Other Matters to Be Disclosed: None