The board of directors of Taizhou Water Group Co., Ltd. announced that the supervisory committee of the Company (the "Supervisory Committee") has received the resignation report from each of Mr. Zheng Jing and Mr. Yu Changcheng on 17 March 2020. Mr. Zheng Jing resigned from the position of an employee representative supervisor due to retirement. The Board is pleased to further announce that Mr. Xu Junwei has been elected and appointed by the Company's employees in accordance with article 150 of the articles of association of the Company as a new supervisor with effect from 17 March 2020 to replace Mr. Zheng Jing as an employee representative supervisor for a term up to the expiry of the fourth session of the Supervisory Committee. Mr. Xu has over 23 years of experience in the water supply industry. He has served as: (i) a technician of the predecessor company of the Company from August 1996 to September 2000; (ii) an assistant manager of Zeguo branch of the Company from February 2001 to December 2002; (iii) a manager of the Zeguo branch of Zhejiang Urban Development Co., Ltd. from January 2003 to December 2006; and (iv) a manager of Wenling Zeguo Water Supply Co., Ltd. a wholly-owned subsidiary of the Company, from January 2007 to August 2008. He has also worked at the engineering division of the Supervision Division of Taizhou Second Phase Water Supply Project from August 2008 to October 2010. Mr. Xu joined the Company since October 2010 and is currently the manager of the raw water production department. He has also been serving as a director of Wenling Zeguo Water Supply Co., Ltd. since October 2014. The Supervisory Committee proposed to appoint Mr. Chen Tao as a shareholder representative supervisor of the Company for a term commencing from the date of approval by the Shareholders at the Shareholders' general meeting of the Company until the expiration of the term of the fourth session of the Supervisory Committee. Mr. Chen Tao has confirmed that he has no disagreement on such nomination. Mr. Chen Tao an accountant of Benzhou Vehicle Industry Group Co., Ltd. from March 2016 to April 2017; and (iv) a financial officer of Zhejiang Qiasigao Footwear Company Limited from May 2017 to September 2018. Since September 2018, Mr. Chen has been serving as an expatriate supervisor of Taizhou State- owned Capital Operation Group Co., Ltd. Mr. Chen is currently a supervisor of Taizhou SCOG and its close associates, being (i) Taizhou Financial Investment Group Co., Ltd.; (ii) Taizhou Social Development Group Co., Ltd.; and (iii) Taizhou Cultural Tourism Investment Development Co., Ltd. If the proposed appointment of Mr. Chen Tao as a shareholder representative supervisor of the Company is approved by the Shareholders at the Shareholders' general meeting of the Company, the Company will enter into relevant supervisor's service contract with him as soon as possible. Mr. Chen Tao will not obtain any remuneration from the Company.