Yantai Raffles Names Sharp as Executive Director

Michael Sharp, 53, born and educated in England, has been appointed Executive Director in charge of finance of Yantai Raffles Shipyard Limited effective October 2, 2006.

Mr. Sharp joins the Company with 30 years extensive experience in the international banking sector, including postings in London, New York, Toronto, Singapore, Melbourne and Christchurch with Citibank N.A, Bank of Montreal and Australia & New Zealand Banking Group Limited. Mr. Sharp has held a variety of management and senior management positions in the areas of equity and debt funding, fixed income and money markets, foreign exchange, and private banking.

Mr. Sharp will be primarily involved in the management of corporate finance activities and investor relations.

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