The board of directors of Golden Eagle Retail Group Limited announce that Mr. Tan Jianlin ("Mr. Tan") has been appointed as an executive Director and the chief executive officer of the Company, and Mr. Wang Hung Roger has tendered his resignation as the chief executive officer, both with effect from 18 August 2022. Mr. Tan, aged 58, has long been engaged in business operation and management work with 35 years of experience holding managerial roles in the fields of information technology, merchandising, and operations management. From 2013 to February 2022, Mr. Tan worked in Nanjing Central Emporium (Group) Stocks Company Limited and served as the vice president, president, chief executive officer of the Central Group and was a director of the Central Group from 29 April 2019 to 2 June 2022. During Mr. Tan's office, he continued to optimise and adjust Central
Group's department store chain portfolio and to promote the upgrading and transformation of these stores. He strengthened the managerial functions of the Central Group's merchandising and operation departments, and continued to promote the Central Group's integrated and
standardised management in terms of department store positioning, target brand management, marketing and promotion and merchandising management. Simultaneously, Mr. Tan encouraged innovative marketing strategies and the diversion and conversion of online customers to increase offline sales. The Central Group successfully established its omni- channel strategies by focusing on online and offline multi-format scenery experience in combination with digital and technological advancements. From 2012 to 2013, Mr. Tan joined Suning Universal Company Limited as the general manager of the group's retail operation segment. From 2007 to 2012, Mr. Tan joined Nanjing Global Era Group Co. Ltd. as the general manager of the group's retail operation segment. From 2001 to 2007, he joined Nanjing New City Commercial Real Estate Company Limited as general manager. From 1995 to 2001, Mr. Tan served the Group's wholly-owned subsidiary, Golden Eagle International Retail Group (China) Co. Ltd. He served as the general manager of the information technology department and the store manager of the Group's Nanjing Xinjiekou Store. From 1988 to 1995, Mr. Tan also participated in Jiangsu Computing Technology Research Center Company Limited as a software engineer. Mr. Tan graduated from the Department of Computer Science and Technology, Southeast University, for both undergraduate and postgraduate studies with a master's degree in engineering. Mr. Tan has entered into a service contract with the Company and the contract can be terminated by either party giving one-month prior notice to the other in writing. Mr. Tan is entitled to an annual remuneration of RMB1,200,000, and a discretionary bonus as determined by the remuneration committee of the Company. Such remuneration is determined with reference to Mr. Tan's roles, duties, and responsibilities in the Group.