IRICO New Energy : PROPOSED CHANGE OF SHAREHOLDER SUPERVISOR

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彩 虹 集 團 新 能 源 股 份 有 限 公 司

IRICO GROUP NEW ENERGY COMPANY LIMITED*

PROPOSED CHANGE OF SHAREHOLDER SUPERVISOR

The Board announces that:

1. Due to other working commitments, Mr. Ding Wenhui applied to resign from the positions of (i) a Shareholder Supervisor; and (ii) the chairman of the Supervisory Committee. His resignation shall take effect upon the approval of the appointment of a new Shareholder Supervisor at the general meeting of the Company.
2. IRICO Group, the controlling shareholder of the Company, has nominated Mr. Chen Xiaoning as a Shareholder Supervisor of the Company, subject to the shareholders' approval at the general meeting of the Company.

RESIGNATION OF SHAREHOLDER SUPERVISOR

The board of directors (the "Board") of IRICO Group New Energy Company Limited* (the "Company") announces that due to other working commitments, Mr. Ding Wenhui ("Mr. Ding") applied to resign from the positions of (i) a shareholder supervisor of the Company (the "Shareholder Supervisor"); and (ii) the chairman of the supervisory committee of the Company (the "Supervisory Committee"). His resignation shall take effect upon the approval of the appointment of a new Shareholder Supervisor at the general meeting of the Company.

Mr. Ding has confirmed that he has no disagreement with either the Board or the Supervisory Committee and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.

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The Board and the Supervisory Committee would like to take this opportunity to express their sincere gratitude to Mr. Ding for his contributions to the Company during his term of office.

PROPOSED APPOINTMENT OF SHAREHOLDER SUPERVISOR

The Board further announces that IRICO Group Company Limited* ( 彩 虹 集 團 有 限 公 司) ("IRICO Group"), the controlling shareholder of the Company, has nominated Mr. Chen Xiaoning ("Mr. Chen") as a Shareholder Supervisor, to fill the vacancy arising from the resignation of Mr. Ding as a Shareholder Supervisor. Such proposed appointment is subject to shareholders' approval at the general meeting of the Company, and the term of the appointment shall commence from the date of passing such resolution at the general meeting of the Company to the expiry of the term of the fourth session of the Supervisory Committee.

The biographical details of Mr. Chen are set out as follows:

Mr. Chen Xiaoning (陳曉寧), aged 44, graduated from China Jiliang University with a bachelor degree in engineering majoring in thermal metrology test and obtained an MBA degree from Northwest University. He is a senior economist, a senior engineer and a member of the Chinese Communist Party. Mr. Chen has participated in work since July 1996 and successively served as the head of the administrative office of IRICO Group, the trainee deputy head, the deputy head, the deputy head (presided over the work) and the head of the office of Company, the deputy head, the secretary

of discipline inspection commission and the head of administrative office of IRICO Photovoltaic Glass Factory* (彩虹光伏玻璃廠 ), the deputy head of the office of

Board and office of general manager of the Company, the deputy general manager,

the executive director, the general manager and the legal representative of IRICO (Hefei) Photovoltaic Co., Ltd.* (彩虹（合肥）光伏有限公司), the executive director,

the general manager and the legal representative of IRICO (Yan'an) New Energy Co., Ltd.* (彩虹（延安）新能源有限公司), the deputy chief engineer of IRICO

Group, as well as the executive deputy general manager, the executive director, the general manager, the secretary of Chinese Communist Party Committee and legal representative of the Company. Mr. Chen currently serves as the deputy general manager and member of Chinese Communist Party Committee of IRICO Group.

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Mr. Chen will not receive any remuneration from the Company in respect of his service rendered as a Shareholder Supervisor.

As at the date of this announcement, saved as disclosed above, Mr. Chen confirms for himself that: (i) he has not held any directorships in any public companies, the securities of which are listed on any securities market in Hong Kong and/or overseas in the past three years, nor held any other major appointment and professional qualification; (ii) he does not hold any other position with the Company or its subsidiaries; (iii) he does not have any interests in the shares or securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); and (iv) he does not have any relationship with current directors, senior management or substantial or controlling shareholders of the Company.

Save as disclosed in this announcement, there are no other matters in relation to the appointment of Mr. Chen that need to be brought to the attention of the shareholders of the Company, nor is there other information in relation to the appointment of Mr.Chen that needs to be disclosed pursuant to the requirements of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

By order of the Board

IRICO Group New Energy Company Limited*

Si Yuncong

Chairman

Shaanxi Province, the PRC

13 March 2020

As at the date of this announcement, the Board consists of Mr. Si Yuncong and Mr. Tong Xiaofei as executive Directors, Mr. Fan Laiying and Mr. Ni Huadong as non-executive Directors, and Mr. Feng Bing, Mr. Wang Jialu and Mr. Wang Zhicheng as independent non-executive Directors.

• For identification purpose only

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