The board of directors of Fountain Set (Holdings) Limited announced that, with effect from 1 April 2022: 1. Mr. ZHAO Yao ("Mr. ZHAO") will no longer act as chairman of the Board (the "Chairman") and chairman of the nomination committee of the Company (the "Nomination Committee"), and will remain as an executive Director; 2. Mr. LIU Xianfu ("Mr. LIU") will be re-designated from a non-executive Director to an executive Director and will be appointed as the Chairman and chairman of the Nomination Committee; and 3. Mr. TAO Yongming ("Mr. TAO") will be re-designated from an executive Director to a non- executive Director, and will remain as a member of the remuneration committee of the Company (the "Remuneration Committee").