First Tractor Company Limited announced that Mr. Yu Zengbiao shall cease to be an independent Director of the eighth session of the Board of the Company, a member of the Audit Committee and the chairman of the Remuneration Committee upon the expiry of his term of office on 28 May 2020. The Board following Mr. Yu Zengbiao's resignation on 28 May 2020 and resolved to elect Wang Yuru, a Director, as an additional member of the Audit Committee of the eighth session of the Board of the Company, to elect Yang Minli, a Director, as an additional member of the Remuneration Committee of the eighth session of the Board of the Company and to elect Edmund Sit as the chairman of the Remuneration Committee of the eighth session of the Board, such terms of office to commence from the date of approval by the Board until the expiry of the eighth session of the Board. Immediately after the appointments, the composition of the various special committees of the Board is as follows: Mr. Li Xiaoyu as Chairman of Strategic and Investment Committee. Mr. Cai Jibo, Mr. Liu Jiguo, Mr. Xie Donggang and Ms. Yang Minli as members of Strategic and Investment Committee. Ms. Yang Minli is appointed as Chairman of Nomination Committee. Mr. Li Xiaoyu and Ms. Wang Yuru are appointed as members of Nomination Committee. Mr. Edmund Sit is appointed as Chairman of Remuneration Committee. Mr. Cai Jibo, Mr. Li Hepeng, Ms. Wang Yuru, Ms. Yang Minli are appointed as members of Remuneration Committee. Mr. Edmund Sit is appointed as Chairman of Audit Committee. Ms. Wang Yuru and Mr. Zhou Honghai are appointed as members of Audit Committee. As disclosed in the Announcement, the Independent Board Committee (comprising Mr. Yu Zengbiao, Ms. Yang Minli, Ms. Wang Yuru and Mr. Edmund Sit, being all the independent non-executive Directors) has been formed in accordance with Chapter 14A of the Listing Rules and Rule 2.8 of the Takeover Code to advise the Independent Shareholders on the Proposed A Shares Issue and Whitewash Waiver. Following the expiry of the term of office of Mr. Yu Zengbiao on 28 May 2020, Mr. Yu Zengbiao will cease to act as member of the Independent Board Committee.