Dr. GAO Hao has been appointed as an independent non-executive Director of Modern Media Holdings Limited and a member of audit committee of the Board with effect from 18 August 2016. Pursuant to the Company's articles of association, Dr. Gao will hold office until the next following general meeting and shall then be eligible for re-election at such general meeting. Dr. Gao is currently the head of the Global Family Business Research Center of Tsinghua University PBC School of Finance.