Tianjin Tianbao Energy Co., Ltd. reference is made to the announcement of the Company dated October 10, 2019 in relation to the resignation of Mr. Gao Hongxin as an executive Director and the chairman of the Board and the Nomination Committee. As disclosed in the announcement, the resignation of Mr. Gao Hongxin will not become effective until the date on which the proposed appointment of a new executive Director is approved by the Shareholders, prior to which Mr. Gao Hongxin will continue to perform his duties as an executive Director and the chairman of the Board and the Nomination Committee pursuant to the Articles of Association and other relevant laws and regulations. Following the approval by the Shareholders at the EGM, Mr. Zhou Shanzhong has been appointed as an executive Director of the first session of the Board. With effect from December 9, 2019, being the date on which the appointment of Mr. Zhou Shanzhong became effective, Mr. Gao Hongxin ceased to be an executive Director and the chairman of the Board and the Nomination Committee. Mr. Gao Hongxin has confirmed that he has no disagreement with the Board and there is no matter that needs to be brought to the attention of the Shareholders. Mr. Gao Hongxin has also confirmed that he does not have any action or claim, existing or pending, against the Company. The Board has also approved the appointment of Mr. Zhou Shanzhong as the chairman of the Board and the Nomination Committee since his appointment as an executive Director takes effect.