The board of directors of China Modern Dairy Holdings Ltd. announced the following changes in composition of the Board and committees of the Board. With effect from February 1, 2023, Mr. LU Minfang (Mr. LU) will resign as a non-executive Director due to adjustment of work responsibilities. Accordingly, Mr. LU will cease to be the chairman of the Board and the chairman of the nomination committee of the Board (the Nomination Committee).

As a result of Mr. LU's resignation, Mr. ZHAO Jiejun (Mr. ZHAO), a non-executive Director, will be appointed as the chairman of the Board in place of Mr. LU with effect from February 1, 2023. With effect from February 1, 2023, Mr. CHEN Yiyi (Mr. CHEN) will be appointed as a non-executive Director and a member of the strategy and development committee of the Board (the Strategy and Development Committee). Mr. CHEN Yiyi, aged 48, joined China Mengniu Dairy Company Limited in December 2021, and is currently a vice president of Mengniu Group responsible for the strategic and investment management.

Mr. CHEN has more than 25 years of experience. Mr. CHEN has successively served as key account manager at the Shanghai office of Nestle SA from January 1997 to December 1999, national commercial manager at the China office of International Paper Co from January 2000 to December 2005, North Asia regional director at Tetra Pak Sidel from January 2006 to October 2009, vice president, chief strategy officer and other senior management positions at China Resources Enterprise from November 2009 to December 2016, respectively. Prior to joining Mengniu Group, Mr. CHEN was the executive director and president of Royal Group Co.

Ltd. from January 2017 to December 2021. Having served in the fast-moving consumer goods industry such as dairy and retail industry for many years, Mr. CHEN has had extensive experience in industrial operation integration, strategic planning management, corporate cooperation and mergers and acquisitions and industry-wide vision and international business experience. Mr. CHEN graduated from Fudan University with Bachelor's degree in law.

As a result of the resignation and appointment of Directors, the composition of the Nomination Committee and the Strategy and Development Committee will be changed as follows, with effect from February 1, 2023: Nomination Committee: Mr. LU will cease to be the chairman (and a member) of the Nomination Committee and Mr. ZHAO will be appointed as the chairman (and a member) of the Nomination Committee. Strategy and Development Committee: Mr. CHEN will be appointed as a member of the Strategy and Development Committee. With effect from February 1, 2023, Mr. ZHAO will cease to be the vice chairman of the Company as such position will no longer be a regular position of the Company.