The Board of Fraser Holdings Limited announced that with effect from 26 July 2017: Mr. Zhou Ying has been appointed as an executive Director, the chairman of the Board, the chairman of the nomination committee, the chief executive officer and the authorised representative of the company; Ms. Meng Ying has been appointed as an executive Director and the compliance officer of the company; Mr. Zheng Xuchen has been appointed as an independent non- executive Director and a member of the audit, remuneration, nomination and legal compliance committee of the company; Mr. Wong Man Hin Raymond has been appointed as an independent non-executive Director and the chairman of the audit committee, a member of nomination, remuneration and legal compliance committee of the company; Mr. Tang Yiu Wing has been appointed as an independent non-executive Director, the chairman of the remuneration and legal compliance committee, a member of audit committee of the company. Since March 2014, Mr. Zhou has acted as the chairman of the board of directors in Zhejiang United Small-and-medium-sized Enterprises Holdings Group Company Limited. Mr. Zhou currently serves a number of positions in the following committees and organizations: a member of the Zhejiang Provincial Party Committee of China Democratic National Construction Association, the vice-president of the Zhejiang Minjian Entrepreneur Association of China Democratic National Construction Association, a member of the Hangzhou City Committee of China Democratic National Construction Association, the vice-president of the Entrepreneur Association of the Hangzhou City Committee of China Democratic National Construction Association, the president of the Zheshang National Council Presidium, the vice-president of the Zhejiang International Finance Society, the deputy general secretary of Western Returned Scholars Association of Hangzhou, a committee member of Hangzhou Youth Federation, a member of the executive committee of Hangzhou Industrial and Commercial Union and the vice president of Hangzhou Entrepreneurship Development Association . Ms. Meng, aged 37, currently serves as the president of Zhejiang United Small and Medium Enterprises Holding Group Company Limited., and the president of Zhejiang Zhongbang Equity Investment Company Limited .Mr. Zheng, aged 52, is currently the chairman of Hangzhou Municipal Engineering Group Company Ltd. He has over 30 years of experience in construction industry. Before he becomes the chairman of Hangzhou Municipal Engineering Group Company Ltd., Mr. Zheng worked at Hangzhou Municipal Engineering Company and as the general manager of Hangzhou Municipal Engineering General Company .Mr. Raymond Wong as been an executive director of Raymond Industrial Limited and a deputy executive chairman since April 2007. Mr. Raymond Wong has been an independent non-executive director in Nan Nan Resources Enterprise Limited. He has been an independent non-executive director in Modern Beauty Salon Holdings Limited. Mr. Tang is a member of The Law Society of Hong Kong and is admitted as a solicitor of the Supreme Court of England and Wales and a barrister and solicitor of the Supreme Court of Tasmania. Mr. Tang has been an independent non-executive director of Goldin Financial Holdings Limited. Mr. Tang has been an independent non-executive director of Jete Power Holdings Limited. Mr. Tang has been an independent non-executive director of KSL Holdings Limited. Mr. Yu has resigned as an executive Director, the chairman, the chief executive officer, a member of the remuneration committee and the authorised representative due to the change of controlling Shareholder and management. He remains as the director in the Operating Subsidiaries; Ms. Wong has resigned as an executive Director, the compliance officer of the Company and the authorised representative due to the change of controlling Shareholder and management. She remains as the director in the Operating Subsidiaries; Mr. Cheung has resigned as a non-executive Director due to the change of controlling Shareholder and management; Mr. Law has resigned as an independent non-executive Director, the chairman of the audit committee and member of nomination committee due to the change of controlling Shareholder and management; Mr. Wong has resigned as an independent non-executive Director, the chairman of the nomination committee and a member of the audit and remuneration committee due to the change of controlling Shareholder and management; and Mr. Wong Law Fai has resigned as an independent non-executive Director, the chairman of the remuneration committee and a member of the audit and nomination committee due to the change of controlling Shareholder and management. Each of the resigned Directors has confirmed to the Board that he or she has no disagreement with the Board and that there are no other matters in relation to his or her resignation that need to be brought to the attention of the shareholders of the Company and the Stock Exchange. The resignation of Mr. Yu, Ms. Wong, Mr. Cheung, Mr. Law, Mr. Wong and Mr. Wong Law Fai was due to change in control of the Company after the close of the unconditional mandatory cash offer made by Emperor Capital Limited for and on behalf of United Financial Holdings Group Limited to acquire all the issued shares of the Company, other than those already owned by the Offeror and parties acting in concert with it.