The board of directors of China Modern Dairy Holdings announced the following board composition changes following the completion of the unconditional mandatory cash offers by UBS AG and DBS Asia Capital Limited for and on behalf of China Mengniu Dairy Company Limited to acquire all the issued shares in the company and for cancellation of all outstanding options in the company all with effect from 29 March 2017. Each of Mr. HUI Chi Kin Max ("Mr. Hui"), Mr. YU Xubo ("Mr. Yu") and Mr. SUN Yugang ("Mr. Sun") has tendered his resignation as a non-executive Director of the company. Mr. ZOU Fei ("Mr. Zou") has tendered his resignation as an independent non-executive Director of the Company. The above resignation will take effect from 29 March 2017. Mr. Hui, Mr. Yu, Mr. Sun and Mr. Zou have all confirmed that the reason for their resignation is the completion of the Offers. They have confirmed that they have no disagreement with the Board and that there are no matters relating to their resignations that need to be brought to the attention of the shareholders of the Company. With effect from 29 March 2017, each of Mr. WEN Yongping ("Mr. Wen") and Mr. LU Minfang ("Mr. Lu") has been appointed as a non-executive Director of the company. Mr. WEN Yongping is the assistant vice president of Mengniu and the general manager of the milk sources business department of Mengniu. Mengniu is the controlling shareholder of the Company. Mr. LU Minfang is the executive director and chief executive officer of Mengniu and is a member of the strategy and development committee of Mengniu. As a result of his resignation as a non-executive Director of the Company, Mr. Yu also ceased to be the chairman of the Board with effect from 29 March 2017. Mr. Lu has been appointed as the chairman of the Board in place of Mr. Yu with effect from 29 March 2017. Following the change of the Directors, with effect from 29 March 2017, the composition of the board committees has changed as follows: As a result of Mr. Hui's resignation as a non-executive Director of the Company and Mr. Zou's resignation as an independent non-executive Director of the Company, both Mr. Hui and Mr. Zou also ceased to be the members of the audit committee of the Company (the "Audit Committee"). Mr. KANG Yan ("Mr. Kang") and Mr. WOLHARDT Julian Juul ("Mr. Wolhardt") will be appointed as members of the Audit Committee. As a result, with effect from 29 March 2017, the Audit Committee comprises Mr. LEE Kong Wai Conway ("Mr. Lee") (chairman), Mr. Kang and Mr. Wolhardt. As a result of Mr. Zou's resignation as an independent non-executive Director of the Company, he also ceased to be a member of the remuneration committee of the Company (the "Remuneration Committee"). Mr. Wolhardt resigned as a member of the Remuneration Committee. Mr. Kang and Mr. ZHANG Ping ("Mr. Zhang") will be appointed as members of the Remuneration Committee. As a result, with effect from 29 March 2017, the Remuneration Committee comprises Mr. LI Shengli ("Mr. Li") (chairman), Mr. Kang and Mr. Zhang. Mr. Kang resigned as the chairman of the nomination committee of the Company (the "Nomination Committee") but remains as a member of it. Mr. Li resigned as a member of the Nomination Committee. Mr. Lu will be appointed as the chairman of the Nomination Committee. Accordingly, with effect from 29 March 2017, the Nomination Committee comprises Mr. Lu (chairman), Mr. Lee and Mr. Kang. As a result of Mr. Zou's resignation as an independent non-executive Director of the Company, he also ceased to be a member of the strategy and development committee of the Company (the "Strategy and Development Committee"). Mr. Li resigned as the chairman of the Strategy and Development Committee but remains as a member of it. Ms. GAO Lina ("Ms. Gao") will be appointed as the chairman of the Strategy and Development Committee. Mr. Wen will be appointed as a member of the Strategy and Development Committee. As a result, with effect from 29 March 2017, the Strategy and Development Committee comprises Ms. Gao (chairman), Mr. Li, Mr. Wolhardt and Mr. Wen.