The board of directors of Mastercraft International Holdings Limited announced that Mr. Leung Yuen Ho, Simon (Mr. Leung), Mr. Jerry Denny Strickland Jr. (Mr. Strickland) and Ms. Wong Shuk Fong (Ms. Wong) resigned as executive Directors; and Mr. Hau Chi Hung (Mr. Hau), Mr. Lai Kin, Jerome (Mr. Lai) and Mr. Tang Thomas Bong (Mr. Tang) resigned as independent non-executive Directors, all with effect after the close of the offer on February 19, 2016. Mr. Leung and Mr. Strickland will remain as directors of certain existing operating subsidiaries of the company after the close of the offer to ensure that there will be continuity in the management of the existing business of the company and its subsidiaries. The resignation of resigned Directors was due to change in control of the company after the close of the offer on February 19, 2016.

The Board announced that Mr. Dang Zidong has been appointed as an executive Director, Mr. Cheng Hoo has been appointed as a non-executive Director, and each of Mr. Xia Zuoquan, Dr. Tyen Kan Hee, Anthony and Mr. Guo Xuewen has been appointed as independent non-executive Director, all with effect after the close of the offer on February 19, 2016. Mr. Dang Zidong is currently the general manager of Ningxia Huixin Microfinance Co. Ltd. Mr. Dang Zidong previously was responsible for sales in Ningxia Baofeng Energy Group Co.

Ltd. Mr. Cheng Hoo has over 25 years experience in the practice of law. He is a co-founder and senior partner of Nixon Peabody CWL. Mr. Xia Zuoquan held positions as an executive director and a vice president of BYD Company Limited.

Mr. Xia is a non-executive director of the BYD Company Limited and the chairman of Shenzhen Zhengxuan Investment (Holdings) Co. Ltd. Dr. Tyen Kan Hee, has nearly 39 years experience in accounting, auditing and consultancy practice. Mr. Guo Xuewen currently the president of Shenzhen Maoyuan Capital Asset Management Co.

Ltd. He was a partner of Heidrick & Struggles and previously founded Beijing Wanghai Kangxin Technology Co. Ltd. Mr. Leung has also resigned as the chairman and chief executive officer of the company and Mr. Dang Yanbao has been appointed as the chairman of the Company and Mr. Dang Zidong has been appointed as the chief executive officer of the company, all with effect from the close of the offer on February 19, 2016. Mr. Xia, Dr. Tyen and Mr. Guo have been appointed as members of the audit committee of the company.

Dr. Tyen has also been appointed as the chairman of the Audit Committee. Mr. Lai has resigned as member and chairman of the Audit Committee; and Mr. Hau and Mr. Tang have resigned as members of the Audit Committee. Mr. Xia, Dr. Tyen and Mr. Guo have been appointed as members of the remuneration committee of the company.

Mr. Guo has also been appointed as the chairman of the Remuneration Committee. Mr. Tang has resigned as member and chairman of the Remuneration Committee; and Mr. Hau and Mr. Lai have resigned as members of the Remuneration Committee; and Mr. Dang Yanbao, Dr. Tyen, Mr. Xia and Mr. Guo have been appointed as members of the nomination committee of the company. Mr. Dang Yanbao has also been appointed as the chairman of the Nomination Committee.

Mr. Hau has resigned as member and chairman of the Nomination Committee; and Mr. Lai and Mr. Tang have resigned as members of the Nomination Committee, all with effect from February 19, 2016. Mr. Leung and Ms. Wong have resigned as authorised representatives of the company with effect from February 19, 2016, and Mr. Dang Zidong an executive Director, and Mr. Cheng Hoo, a non-executive Director have been appointed as authorised representatives of the company with effect from February 19, 2016.