China Mengniu Dairy Company Limited announced that, with effect from 26 March 2024, in accordance with the Group's strategic arrangements, Mr. Jeffrey, Minfang LU ("Mr. Lu") has been appointed as Vice-Chairman of the Board and has stepped down from his role as chief executive officer of the Company. Mr. Lu will continue to serve as an executive director of the Company. The Board further announced that, with effect from 26 March 2024, Mr. GAO Fei ("Mr. Gao") has been appointed as chief executive officer and an executive director of the Company.

Mr. GAO Fei, aged 47, is a senior vice president and the head of UHT business unit of the Group, prior to his appointment as chief executive officer and an executive director of the Company. Mr. Gao graduated from Shandong University and Tsinghua University, and obtained an Executive Master in Business Administration degree from Tsinghua University. Mr. Gao joined the Group in 1999, and successively held the positions of regional manager, center manager, sales general manager and marketing general manager of the sales and marketing department and contributed to the rapid growth of the market share of the Mengniu brand.

Mr. Gao has abundant practical experience in sales, marketing and promotion and business operation of dairy products. In 2016, he was appointed as a vice president of the Group and head of the UHT business unit of the Group. Mr. Gao will enter into a letter of appointment as executive director with the Company for a term of three years commencing from his date of appointment.

His directorship is subject to retirement by rotation and re-election in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Company's articles of association.