The board of directors of China Best Group Holding Limited announced that with effect from October 29, 2014, Mr. Zhou Mingchi has resigned as an independent non-executive director of the company due to his other commitments. Following his resignation, Mr. Zhou has ceased to be the member of the Audit Committee, the Nomination Committee, the Remuneration Committee and the Risk Management Committee of the company; Mr. Li Xiaolong has been appointed as an executive Director and chief executive officer of the company; and Mr. Chen Zhenguo has been appointed as an independent non-executive Director and the member of the Audit Committee, the Nomination Committee, the Remuneration Committee and the Risk Management Committee of the company. Prior to joining the company, Mr. Li was the general manager of the investment department and the executive assistant to the president of China Aerospace Investment Holdings Ltd. and served as supervisor of Aerospace Science & Technology Finance Co.

Ltd. Pursuant to the Bye-laws, Mr. Li will hold office until the next general meeting of the company and will be eligible for re-election at such meeting. Since August 2008, Mr. Chen has been the executive director (investment) of Shanghai Fosun Venture Capital Investment Management Co. Ltd.