Capital Environment Holdings Limited announced that, Mr. Cao Fuguo has been appointed as an independent non-executive director of the Company, with effect from 23 May 2023. Mr. Cao Fuguo, aged 56, holds a doctorate degree in civil and commercial law from Tsinghua University. Mr. Cao is currently a professor of the School of Law, the dean of the PPP Governance Research Institute and a member of the Faculty of Law of the Eighth Academic Committee of Central University of Finance and Economics, the director of the China Public Procurement Research Institute, and the director of the Energy Transformation, Low Carbon and Sustainable Procurement Research Center of the Guangdong-Hong Kong-Macao Greater Bay Area (Whampoa) Research Institute.

He is the host and chief expert of the major projects of the National Social Science Fund, a new century excellent talent of the Ministry of Education, and a Fulbright visiting scholar. Mr. Cao is also concurrently the legal advisor of the Ministry of Finance, the vice president of the Energy Law Research Association of China Law Society, a member of the Beijing Major Construction Project Advisory Committee, an evaluation expert and leader of the evaluation team for the PPP demonstration project of the Ministry of Finance, a member of the International Advisory Committee of the Faculty of Business Administration of AIMST University, Malaysia, an independent director of both of Bloomage Biotechnology Co. Ltd. and Huaxin Investment Management Co.

Ltd., a fund manager of National Integrated Circuit Investment Industry. Mr. Cao served as a member of the expert group as well as the consultant of the working group of the Chinese government delegation for two law revision projects, namely "Public Procurement Model Law" and "PPP Legislative Model Provisions" of the United Nations Commission on International Trade Law, the president-elect of the International Public Procurement Conference (IPPC), co-chairman of the Ninth International Conference on Public Procurement. He has also participated in the research and drafting of "Chinese Government and Social Capital Cooperation Law", "Chinese Government Procurement Law", "China Tendering and Bidding Law", "Beijing Urban Infrastructure Franchising Regulations" and "China Energy Law" .

Mr. Cao has presided over 50 scientific research projects including major projects of the National Social Science Fund, published more than ten books (including monographs, editor-in-chief, and translations), and published more than 70 papers in important domestic and foreign journals such as "Chinese Law", "Law Science", "Journal of the National Academy of Administration", "Chinese Administration", "Fiscal Research", "Urban Development Research", and SSCI/SCI searching journals. Mr. Cao's main research and teaching fields are commercial law (bilingual teaching of corporate law), fiscal law (public procurement law/PPP law, etc.), economic law, climate change and energy law (Rule of law in energy transition), health law, corporate governance, corporate social responsibility and common prosperity. He has extensive legal knowledge, outstanding research results and teaching experience, covering legal fields such as commercial law, fiscal law and health law, etc, as well as environmental, social and economic fields such as climate change, energy transition, procurement theory and policy, etc.

Mr. Cao will enter into a service contract with the Company for a term of three years commencing from 23 May 2023. However, his appointment is subject to retirement by rotation and/or re-election in accordance with the articles of association of the Company. Mr. Cao is entitled to a fixed monthly remuneration of HKD 29,000.