Advanced Card : Announcement (1) Resignation of Executive Directors and Independent Non-Executive Director, (2) Appointment of Executive Directors and (3) Changes of Board Committees and Authorized Representative

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this joint announcement.

(incorporated in the Cayman Islands with limited liability)

1. RESIGNATION OF EXECUTIVE DIRECTORS AND INDEPENDENT NON-EXECUTIVE DIRECTOR,
2. APPOINTMENT OF EXECUTIVE DIRECTORS AND
3. CHANGES OF BOARD COMMITTEES AND AUTHORIZED REPRESENTATIVE

The Board announces that with effect from 31 March 2017:

1. Ms. Tsui resigned as the chairman of the Board, an executive Director and a member and the chairman of the Nomination Committee;

2. Mr. Wong resigned as an executive Director, a member of the Remuneration Committee and an authorized representative of the Company under Rule 3.05 of the Listing Rules. Mr. Wong remains to be the Co-Chief Executive Officer of the Group;

3. Mr. Cui was appointed as an executive Director;

4. Mr. Peng was appointed as an executive Director and the chairman of the Board; and

5. Mr. Wang was appointed as an executive Director.

The Board further announces that Mr. Lo tendered his resignation as an independent non- executive Director, a member and the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee with effect from 1 April 2017.

Following the change of Directors, the Board comprises four executive Directors and two independent non-executive Directors. As a result, the number of independent non- executive Directors has fallen below the minimum number required under Rules 3.10(1) of the Listing Rules, In addition, the Company is not in compliance with Rule 3.21 of the Listing Rules with regard to the composition of the Audit Committee.

The Company considers that the failure of meeting the abovementioned requirements of the Listing Rules is temporary in nature and will endeavour to ensure that the vacancies are filled as soon as practicable. Pursuant to Rules 3.11 and 3.23 of the Listing Rules, the Company will make the relevant appointments within three (3) months from 1 April 2017 to meet the requirements set out in Rules 3.10(1) and 3.21 of the Listing Rules. Further announcement(s) will be made by the Company as and when appropriate.

Trading in the Shares has been suspended with effect from 9:00 a.m. on 23 March 2017 at the request of the Company pending the restoration of the required minimum public float of 25%. Further announcement(s) will be made by the Company regarding restoration of public float and resumption of trading in the Shares as soon as possible.

The board of directors (the "Board") of Advanced Card Systems Holdings Limited (the "Company", together with its subsidiaries, the "Group") announces that with effect from 31 March 2017:

1. Ms. Tsui Kam Ling ("Ms. Tsui") resigned as the chairman of the Board, an executive director of the Company (the "Director"), and a member and the chairman of the nomination committee of the Company (the "Nomination Committee"); and

2. Mr. Wong Chi Kit ("Mr. Wong") resigned as an executive Director, a member of the remuneration committee of the Company (the "Remuneration Committee"), and an authorized representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Mr. Wong remains to be the Co-Chief Executive Officer of the Group.

The Board further announces that Mr. Lo Kar Chun, SBS, JP ("Mr. Lo") tendered his resignation as an independent non-executive Director, a member and the chairman of the Remuneration Committee and a member of each of the audit committee of the Company (the "Audit Committee") and the Nomination Committee with effect from 1 April 2017.

The resignation of Ms. Tsui and Mr. Wong was due to the change in control of the Company, and Mr. Lo's resignation was due to his other personal commitments which require more of his time and dedication. Each of Ms. Tsui, Mr. Wong and Mr. Lo has confirmed that she/he has no disagreement with the Board and there is nothing relating to her/his resignation that needs to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its gratitude and appreciation to Ms. Tsui, Mr. Wong and Mr. Lo for their valuable contribution to the Company during their respective term of office.

The Board received a request from HNA EcoTech Pioneer Acquisition to nominate Mr. Cui Yijun (崔軼雋) ("Mr. Cui"), Mr. Peng Fang (彭放) ("Mr. Peng") and Mr. Wang Hao (王浩) ("Mr. Wang") as executive Directors. Taking into account such request, the Board announces that with effect from 31 March 2017:

1. Mr. Cui was appointed as an executive Director;

2. Mr. Peng was appointed as an executive Director and the chairman of the Board; and

3. Mr. Wang was appointed as an executive Director.

Mr. Cui, Mr. Peng and Mr. Wang will hold office until the next following annual general meeting of the Company and will then be eligible for re-election in accordance with the articles of association of the Company.

The biographical details and other information of Mr. Cui, Mr. Peng and Mr. Wang are set out below:

Mr. Cui Yijun (崔軼雋), aged 35, is an executive Director.

Mr. Cui has extensive experiences in financial management, capital operation as well as international finance. He started his career with HNA Group Co., Ltd.* (海航集團有限公 司) ("HNA Group") in 2004 and served various management positions in HNA Group's subsidiaries including chief financial officer of HNA Logistics Group Co., Ltd.* (海航物流 集團有限公司), chief financial officer, financial controller and deputy financial controller of HNA Capital Group Co. Ltd.* (海航資本集團有限公司), general manager of finance department of Hainan Airlines Company Limited (海南航空股份有限公司) (a Shanghai A-share listed company with stock code: 600221), deputy general manager of plan finance department (計劃財務部) and director of cash flow management centre (現金流管理中心) of HNA Group, project director of aircraft acquisition department (飛機引進部) of Hainan HNA Aeronautics Import & Export Limited Company* (海南海航航空進出口有限公司), the aircraft import business assistant of purchasing administration department (採購管理部飛機 引進商務助理) of HNA Group, and business staff of cabin and local service department (客 艙與地面服務部商務員) of Hainan Airlines Company Limited (海南航空股份有限公司) (a Shanghai A-share listed company with stock code: 600221). Mr. Cui has been the financial controller of HNA Tech & Logistics Group Co., Ltd* (海航科技物流集團有限公司) (the "HNA Tech & Logistics Group") since December 2016.

Mr. Cui obtained a bachelor's degree in English from Xi'an Jiaotong University in China in 2004. He is currently enrolled in Executive Master of Business Administration in Guanghua School of Management of Peking University.

Mr. Cui has entered into a service contract with the Company pursuant to which he has agreed to act as an executive Director for a term of two years commencing from 31 March 2017 unless terminated by three month's written notice or in certain circumstances as in accordance with the terms of the service contract. Pursuant to the service contract, Mr. Cui will not receive any basic remuneration, but he may receive other benefits as may be determined by, and at the discretion of, the Board from time to time.

As at the date of this announcement, save as otherwise disclosed, Mr. Cui (i) does not have any relationship with any directors, senior management or substantial or controlling shareholders of the Company; (ii) does not have any interests in the shares of the Company (the "Shares") within the meaning of Part XV of the Securities and Futures Ordinance; and (iii) does not have any directorship in other listed public companies in the past three years.

Saved as disclosed above, there is no other information to be disclosed pursuant to paragraphs

(h) to (v) of Rule 13.51 (2) of the Listing Rules and there are no other matters that need to be brought to the attention of the shareholders of the Company in connection with Mr. Cui's appointment.

Mr. Peng Fang (彭放), aged 32, is an executive Director and the chairman of the Board.

Mr. Peng joined HNA Cloud Technology Co., Ltd. (海航雲科技有限公司) and served as a chief investment officer from November 2015 to March 2016. He then served various positions in HNA EcoTech Group Co., Ltd.* (海航生態科技集團有限公司) including investment vice- president from March 2016 to November 2016, investment president from November 2016 to December 2016 and chief operating officer since December 2016. He is currently a director of HNA EcoTech Pioneer Acquisition, the controlling shareholder of the Company.

Mr. Peng obtained a master degree in Economics from Peking University in July 2008.

Mr. Peng has entered into a service contract with the Company pursuant to which he has agreed to act as an executive Director for a term of two years commencing from 31 March 2017 unless terminated by three month's written notice or in certain circumstances as in accordance with the terms of the service contract. Pursuant to the service contract, Mr. Peng will receive a basic remuneration of HK$1,680,000 per annum and such other benefits as may be determined by, and at the discretion of, the Board from time to time.