The board of directors of Yunnan Energy International Co. Limited announced that Mr. Ke Kasheng has tendered his resignation as an independent non-executive director, a member of the audit committee of the company, a member of the remuneration committee of the Company, and a member of the nomination committee of the company with effect from 29 November 2019, due to his intention to focus on his own business development. Mr. Ke has confirmed that there is no disagreement with the Board in any respect and there are no matters which need to be brought to the attention of the shareholders of the Company or the Stock Exchange in relation to his resignation as independent non-executive director of the Company.

The Board announced that Mr. Liu Zongliu has been appointed as an independent non-executive director, a member of the Audit Committee, a member of the Remuneration Committee, and a member of the Nomination Committee with effect from 29 November 2019 in replacement of Mr. Ke. The brief biographical particulars of Mr. Liu. The Board announced the appointment of Mr. Yan Jiong as an executive director of the Company, a member of the Remuneration Committee and a member of the Nomination Committee with effect from 29 November 2019.

Mr. Yan, aged 46, has been appointed as the Deputy Director of the Department of Foreign Economic Affairs of Yunnan Provincial Department of Commerce from January 2007 to January 2016. Mr. Yan has over 20 years of experience in the international trading business. Mr. Yan will hold office as an executive director until the next annual general meeting of the Company and if re-elected by the shareholders thereat, will be subject to retirement by rotation and re-election in future annual general meetings at least once every three years in accordance with the Bye-laws of the Company.

Mr. Yan has entered into a service agreement with the Company for acting as an executive director for a term of 3 years commencing on 29 November 2019 with a remuneration package, including a monthly salary of HK$Nil. Such remuneration package has been determined by the Board on the recommendation of the independent directors of the Remuneration Committee by reference to his qualifications and experience, the duties and responsibilities undertaken by him and the prevailing market conditions. As at the date of this announcement, Mr. Yan has not held any other directorship in the last three years in any public companies whose securities are listed on any securities market in Hong Kong or overseas.

Mr. Zhang Jincan ("Mr. Zhang") has resigned as the chief executive officer of the Company with effect from 29 November 2019 in order to enhance the corporate governance standard of the Group and comply with Code Provision A.2.1 of the Corporate Governance Code (the "Code") as set out in Appendix 14 to the Listing Rules. Mr. Zhang has confirmed that there is no disagreement with the Board in any respect and there are no matters which need to be brought to the attention of the shareholders of the Company or the Stock Exchange in relation to his resignation as the chief executive officer of the Company. The Board is also pleased to announce that Mr. Yan has been appointed as the chief executive officer with effect from 29 November 2019 in replacement of Mr. Zhang.

The brief biographical particulars of Mr. Yan are set out above. The Board further announces that Ms. Zhao Na has been appointed as the financial controller of the Company with effect from 29 November 2019. Ms. Zhao was employed in the financial management department of various entities of the YEI Group since 2013, including and Yunnan Energy Investment (HK) Co.

Limited. Ms. Zhao is currently an executive director and the director of finance at Yunnan Energy Investment (HK) Co. Limited, respectively.