Victory Group Limited announced that the Board Of Directors (Board) of the Company received a notice from Lak & Associates C.P.A. Limited (Lak), the auditors of the Company and its subsidiaries (Group), in respect of their resignation as auditors of the Group with effect from March 3, 2011, as the Company and Lak could not reach a consensus about the auditor’s remuneration. The Board accepted the resignation of Lak. The Board also announced that Lo and Kwong C.P.A. Company Limited was appointed on March 8, 2011, as the auditors of the Group to fill the vacancy following the resignation of Lak and hold office until the conclusion of the next annual general meeting.