The board of directors of Binhai Investment Company Limited announced that Mr. ZUO Zhi Min ("Mr. Zuo") has tendered his resignation as the Vice Chairman of the Board and an executive director of the Company with effect from 19 July 2023 due to his having reached the age suitable for retirement. The Board announced that Mr. WANG Xin ("Mr. Wang") has been appointed as the Vice Chairman of the Board and an executive director of the Company with effect from 19 July 2023. Mr. Wang, aged 48, graduated from the China University of Petroleum, Beijing in Management with a bachelor's degree in Engineering and a professional master's degree in Engineering.

He possesses the professional qualification of a PRC Senior Economist. Mr. Wang has served various positions in China Petroleum & Chemical Corporation Shengli Oilfield Sales Company, Oilfield Business Department, China Petroleum & Chemical Corporation Natural Gas Branch Company ("Sinopec Gas"). Mr. Wang is currently the deputy general manager of Sinopec Gas, Sinopec Natural Gas Limited Company and Sinopec Great Wall Gas Investment Co.

Ltd. respectively, which are branch company or subsidiaries of China Petroleum & Chemical Corporation (a substantial shareholder of the Company). Prior to being appointed as the Vice Chairman of the Board and an executive director of the Company, Mr. Wang has not held any other positions with the Company and its subsidiaries. Mr. Wang has not held any directorships in this last three years in other public companies the securities of which are listed on any securities market in Hong Kong or overseas.

The Board also announced that Dr. Tang Lai Wah ("Dr. Tang"), an independent non-executive director of the Company who was appointed at the annual general meeting of the Company held on 12 May 2023, has been appointed as a member of the Audit Committee, the Nomination Committee, the Remuneration Committee and the Risk Committee respectively of the Company with effect from 19 July 2023. Following the above appointment of Dr. Tang, the compositions of the Audit Committee, the Nomination Committee, the Remuneration Committee and the Risk Committee respectively of the Company are as follows: the Audit Committee comprises four independent non-executive directors of the Company namely, Mr. Lau Siu Ki, Kevin (Chairman), Mr. Ip Shing Hing, B.B.S., J.P., Professor Japhet Sebastian Law and Dr. Tang; the Nomination Committee comprises four independent non-executive directors of the Company namely, Mr. Ip Shing Hing, B.B.S., J.P. (Chairman), Mr. Lau Siu Ki, Kevin, Professor Japhet Sebastian Law and Dr. Tang, and an executive director of the Company, Mr. Gao Liang; the Remuneration Committee comprises four independent non-executive directors of the Company namely, Professor Japhet Sebastian Law (Chairman), Mr. Ip Shing Hing, B.B.S., J.P., Mr. Lau Siu Ki, Kevin and Dr. Tang; the Risk Committee comprises four independent non-executive directors of the Company namely, Mr. Ip Shing Hing, B.B.S., J.P. (Chairman), Mr. Lau Siu Ki, Kevin, Professor Japhet Sebastian Law and Dr. Tang, and an executive director of the Company, Mr. Gao Liang.