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ANNOUNCEMENT: STATUS UPDATE

This announcement is made by Chaoda Modern Agriculture (Holdings) Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The board of directors (the "Board") of the Company would like to provide its shareholders and the investing public with an update on the status of appointment of the Company's new auditors.
The Board has identified a potential candidate that meets the Company's selection criteria based on, among other things, professional competency, knowledge, experience and adequacy of resources to service the needs of the Group to act as the Company's new auditors.
Based on the Board's understanding, the potential candidate is undergoing its internal procedures (including but not limited to obtaining information on the Group and its management to perform a background check and an evaluation of the Group's profile) prior to the acceptance of the proposed engagement.
The Board has given all reasonable efforts in identifying a firm of auditors suitable for the
Group and would continue take every step possible to expedite the appointment.
Further announcement will be made by the Company when the appointment of the
Company's new auditors is made.

By Order of the Board Chaoda Modern Agriculture (Holdings) Limited Kwok Ho Chairman

Hong Kong, 15 November 2012

As of the date hereof, the board of directors of the Company comprises:

Executive directors : Mr. Kwok Ho, Dr. Li Yan, Ms. Huang Xie Ying, Mr. Kuang

Qiao, Mr. Chen Jun Hua and Mr. Chan Chi Po Andy

Non-executive director : Mr. Ip Chi Ming

Independent non-executive directors : Mr. Fung Chi Kin, Mr. Tam Ching Ho, Professor Lin Shun

Quan and Ms. Luan Yue Wen

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