On 5 March 2019, First Tractor Company Limited held the fourth meeting of the eighth session of the Board, at which the Resolution in relation to Nomination of Candidates for Executive Directors of the Eighth Board of the company and the Resolution in relation to Adjustments to Certain Management Personnel of the company were considered and approved, pursuant to which: the resignation of Mr. Zhu Weijiang as the General Manager of the company was approved with effect from 5 March 2019; the resignation of Mr. Yao Weidong as the Financial Controller of the company was approved with effect from 5 March 2019; the appointment of Mr. Liu Jiguo as the General Manager of the Company for a term commencing from the date of approval at the Board meeting (i.e. 5 March 2019) until the expiry of the term of office of the current Board (i.e. 28 October 2021) was approved; the nomination of Mr. Li Xiaoyu as a candidate for an executive Director of the eighth Board of the Company for a term commencing from the date of approval of the Shareholders of the Company at the relevant extraordinary general meeting of the Company (i.e. 25 April 2019) until the expiry of the term of office of the current Board (i.e. 28 October 2021) was approved; and the nomination of Mr. Liu Jiguo as a candidate for an executive Director of the eighth Board of the Company for a term commencing from the date of approval of the Shareholders of the Company at the relevant extraordinary general meeting of the Company (i.e. 25 April 2019) until the expiry of the term of office of the current Board (i.e. 28 October 2021) was approved. The resignations of Mr. Zhao Yanshui as the Chairman, an executive Director and the chairman of the Strategy and Investment Committee and a member of the Nomination Committee, and Mr. Zhu Weijiang as an executive Director and a member of the Strategy and Investment Committee of the Company have taken effect on 3 March 2019. Each of Mr. Zhao Yanshui, Mr. Zhu Weijiang and Mr. Yao Weidong has confirmed that he has no disagreement with the Board of the Company, and there are no other matters in relation to his resignation that need to be brought to the attention of the Shareholders of the Company.

The biographical details of Mr. Li Xiaoyu and Mr. Liu Jiguo are set out below: Mr. Li Xiaoyu is a professor-level senior engineer and currently serves as Party Secretary and Chairman of YTO Group Corporation, Deputy Chairman of the Sinomach Capital Holdings Company Limited and a supervisor of Sinomach Science and Technology Research Institute Co. Ltd. Mr. Li served as head of the Equipment Manufacturing Department, deputy dean of the Central Research Institute, head of the Capital Operation Department and head of the Strategic Investment Department (the Technology Development Department and the Military Engineering Management Office) of China National Machinery Industry Corporation, deputy general manager, temporary Party Secretary and temporary Secretary of the Discipline Inspection Commission of Sinomach Science and Technology Research Institute Co. Ltd. as well as chairman of the Board of Supervisors of China National Erzhong Group Company.

Mr. Li studied in Huazhong Institute of Technology. Mr. Li has extensive experience in capital operation, strategic planning, machinery manufacturing and cadre management. Mr. Liu Jiguo is a professor-level senior engineer and currently serves as the Deputy General Manager of the Company.

Mr. Liu joined YTO in 1987, and served as the General Manager Assistant, Deputy General Manager and Safety Director of YTO, and General Manager and Director of the Company.