The Board hereby announced that, with effect from 29 February 2016. Mr. Zhang Daorong resigned as an Independent Non-Executive Director, a member and the Chairman of the Audit Committee and a member of the Nomination Committee; 2. Dr. Wang Yi has been appointed as an Independent Non-Executive Director, a member and the Chairman of the Audit Committee and a member of the Nomination Committee. The board of directors of Asian Capital Resources (Holdings) Limited announced that, with effect from 29 February 2016.

Mr. Zhang Daorong (Mr. Zhang) has resigned as Independent Non-Executive director of the company. Following the resignation as Independent Non-Executive Director, Mr. Zhang ceased to be a member and the Chairman of the Audit Committee and a member of the Nomination Committee; and Dr. Wang Yi (Dr. Wang) has been appointed as an Independent Non-Executive Director, a member and the Chairman of Audit Committee and a member of the Nomination Committee. Mr. Zhang has resigned as an Independent Non-Executive Director of the company with effect from 29 February 2016 due to new restrictions imposed by his business engagement.

Mr. Zhang has confirmed that he has no disagreement with the Board and there is no other matters regarding his resignation that need to be brought to the attention of the shareholders of the Company in relation to his resignation. The Board announced that with effect from 29 February 2016, Dr. Wang has been appointed as an Independent Non-Executive Director of the Company, a member and the Chairman of the Audit Committee and a member of the Nomination Committee. Dr. Wang Yi, serves as an associate professor, associate editor and tutor of Masters degree students for Beijing Technology and Business University, and the director of Journal of Beijing Technology and Business University (Social Sciences).