The board of directors of Combest Holdings Limited announced that, Mr. Yong Kee Poh has resigned as chairman, executive director, compliance officer and authorized representative of the company with effect from 28 December 2015 due to pursue other business opportunities and interests outside of the company and its subsidiaries. The Board also announced that Mr. Qian Shi Yu has been appointed to assume the role of Mr. Yong as chairman, executive director, compliance officer and authorized representative of the company with effect from 28 December 2015. Mr. Qian has been appointed as a director of the company commencing from 28 December 2015 with an initial term of one year and shall continue thereafter unless terminated by one month's notice in advance served by either party subject to the normal re-election and rotation as stipulated in the Articles of Association of the company.

The board and Mr. Yong have confirmed that Mr. Yong has no disagreement with the Board and there is no matter in relation to Mr. Yong's resignation from the positions set out above that needs to be brought to the attention of the shareholders of the company.