The board of directors of China Agroforestry Low-Carbon Holdings Limited announced that Mr. Lei Zuliang resigned as an executive Director, the chairman of the Board, a member of the Nomination Committee and Remuneration Committee of the Company and one of the authorized representatives of the Company with effect from 1 February 2019, due to early retirement. The board announced that Mr. Wang Yue has been appointed as the chairman of the Board with effect from 1 February 2019. Mr. Wang has been an executive Director and the chief executive officer of the Company since July 1, 2015. Following Mr. Lei's resignation and cessation as a member of the nomination committee of the Company and the Remuneration Committee and one of the authorized representatives of the Company, Mr. Wang has been appointed as a member of the Nomination Committee and the Remuneration Committee and an authorized representative of the Company in accordance with Rule 3.05 of the Listing Rules with effect from 1 February 2019. Upon the appointment of Mr. Wang as the chairman of the Board, Mr. Wang will perform both the roles of chairman of the Board and the chief executive officer of the Company, such arrangement constitutes a deviation from code provision A.2.1 of the Corporate Governance Code as set forth in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, which requires that the roles of chairman of the Board and chief executive officer of the Company should be separated and should not be performed by the same individual.