The board (the "Board") of directors (the "Directors") of Ausnutria Dairy Corporation Ltd. (the "Company", together with its subsidiaries, the "Group") announced that, Mr. Yan Weibin ("Mr. Yan") has tendered his resignation, with effect from 12 September 2023, from his positions in the Company as (i) an executive Director; (ii) the Chairman of the Board; (iii) the Chairman and a member of the nomination committee of the Board (the "Nomination Committee"); and (iv) a member of the remuneration committee of the Board (the "Remuneration Committee") and all his other positions held in the Company, due to his decision to devote more time to other businesses. Ms. Ng Siu Hung ("Ms. Ng") has tendered her resignation, with effect from 12 September 2023, from her positions in the Company as (i) an executive Director; (ii) the Authorised Representative (as defined below); and (iii) the Process Agent (as defined below) and all her other positions held with the Company, due to her decision to devote more time to other businesses. The Board announced that, Mr. Ren Zhijian ("Mr. Ren") and Mr. Zhang Zhi ("Mr. Zhang") have been appointed as executive Directors of the Company, with effect from 12 September 2023.

Mr. Ren Zhijian, aged 49, joined the Group in July 2022 and is the chief executive officer of the Group in the People's Republic of China (the "PRC") region. He is responsible for the overall business strategies and operations management of the PRC region. Mr. Ren graduated from Inner Mongolia College of Finance and Economics, now known as Inner Mongolia University of Finance and Economics.

Before joining the Group, he was the deputy general manager of the milk powder business department of Inner Mongolia Yili Industrial Group Co. Ltd., a company established under the laws of the PRC, shares of which are listed on the Shanghai Stock Exchange ("Yili Industrial"), the controlling Shareholder of the Company, and served at the cold beverage and milk powder business departments of Yili Industrial for more than 20 years with extensive experience in sales management and operations management. Mr. Zhang Zhi, aged 41, joined the Group in January 2023 and is the chief officer of supply chain of the Group responsible for the overall production, supply chain security and quality management of the Company.

Mr. Zhang graduated from Inner Mongolia University in 2004 with a bachelor's degree in biotechnology, and is an EMBA student of Tianjin University. Prior to joining the Group, he was the director of supply chain of the international business department of Yili Industrial. He worked for, among others, the cold beverage business department and the milk powder business department of Yili Industrial for a total of 19 years.

He has extensive experience in international business, supply chain management and operation management. The Board announced that, following the resignation of Mr. Yan, Mr. Zhang Zhanqiang, currently a non-executive Director of the Company, has been appointed as the Chairman of the Board and the Chairman of the Nomination Committee, with effect from 12 September 2023. Mr. Zhang Zhanqiang, aged 56, was appointed as a non-executive Director of the Company on 18 March 2022.

Mr. Zhang Zhanqiang graduated from Inner Mongolia School of Finance and Economics in 1991 with a major in corporate finance, from Inner Mongolia University of Finance and Economics with a major in accounting in 1995, and from Central University of Finance and Economics with a bachelor's degree in management in 2007 respectively. He is a certified public accountant in the PRC, a certified tax agent in the PRC, and is qualified to practice accounting in the PRC. He joined Yili Industrial in January 2007, and has been the assistant to the president of the Yili Industrial group since 2019.

Prior to that, he also served as the deputy general manager of the liquid milk business department and the general manager of the financial management department of Yili Industrial. Prior to joining Yili Industrial, he was primarily engaged in the accounting industry and served as a partner in Beijing Zhongtian Huazheng Accountancy Firm. Mr. Ren has been appointed as a member of the Remuneration Committee, with effect from 12 September 2023.

The Board announced that, Mr. Wong Wei Hua Derek ("Mr. Wong") has tendered his resignation from his positions in the Company as (i) the company secretary (the "Company Secretary"); (ii) the secretary of the Board; (iii) the Authorised Representative; and (iv) the Process Agent. Mr. Wong will continue to serve as the chief compliance officer of the Company after the above resignation.