The board of directors of Yashili International Holdings Ltd. announced that Mr. Chopin Zhang (Mr. Zhang) has tendered his resignation as an executive director and chief executive officer of the Company with effect from 8 January 2020 due to family reasons. Following his resignation, Mr. Zhang also ceased to be an authorized representative of the Company with effect from 8 January 2020, but he will be appointed as a consultant to Yashili New Zealand Dairy Co., Limited, a subsidiary of the Company. The Board announced the appointment of Mr. Yan Zhiyuan (Mr. Yan) as an executive director, chief executive officer and authorized representative of the Company with effect from 8 January 2020.

The biographical details of Mr. Yan are set out below. Mr. Yan has seventeen years of working experience in China Mengniu Dairy Company Limited and has accumulated extensive sales and management experience in the dairy products industry. Mr. Yan was formerly the assistant vice president of Mengniu.

Since January 2017, he has been the general manager of the sales management center of Mengniu Group's room temperature product business division, leading the room temperature sales management team to achieve continuous high growth in sales revenue and market share.