The board of Taizhou Water Group Co., Ltd. announced that Ms. Huang Yuyan has tendered her resignation as the non-executive Director and the member of the strategy committee of the Board on 23 November 2022 due to job reassignment. The resignation of Ms. Huang takes effect immediately. The Board proposed to elect Mr. Ye Xiaofeng as a non-executive Director for a term commencing from the date of the general meeting to be held by the Company until the expiration of the term of the fifth session of the Board, and if his appointment is approved by the Shareholders at the General Meeting, he will replace Ms. Huang as a member of the Strategy Committee.

Mr. Ye has confirmed that he has no disagreement on such nomination. Mr. Ye Xiaofeng aged 35, graduated with a bachelor's degree in engineering, from Zhejiang Gongshang University in June 2010 and was accredited as an intermediate software design engineer by the Zhejiang Provincial Department of Human Resources and Social Security in May 2009. Mr. Ye has served as: a staff of Culture, Radio, Television, Tourism and Sports Bureau of Luqiao district, Taizhou city from September 2010 to May 2012; and (ii) the head of Information Department of the Office of Chinese Communist Party Taizhou Luqiao District Committee from May 2012 to May 2021.

Since June 2021, Mr. Ye has been serving as the party committee member and deputy general manager of Taizhou Luqiao Public Assets Investment Management Group Co., Ltd. a substantial shareholder of the Company. Since August 2021, he has been serving as a director of Taizhou Luqiao District State-owned Assets Investment Holding Co., Ltd. Save as disclosed above, Mr. Ye confirmed that, he does not hold any other positions in the Company or any of its subsidiaries and also has not served as a director nor a supervisor in any other listed companies in the past three years; he does not have any relationship with any other directors, supervisors, senior management or substantial or controlling shareholders of the Company or any of its subsidiaries; and he does not have any interest in any shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance as at the date of this announcement.