The board of directors of Pan Asia Environmental Protection Group Limited announced that Mr. Fan Yajun ("Mr. Fan") has resigned as a non-executive director of the Company ("Non-executive Director") with effect from 16 March 2023 due to his decision to devote more time to other business commitments. Following the resignation of Mr. Fan, Mr. Guo Jiannan ("Mr. Guo") has been appointed as an Executive Director of the Company ("Executive Director"), in each case with effect from 16 March 2023 (the "Appointment"). Mr. Guo, aged 47, is currently a director of Guangzhou DSQ Capital Co.

Ltd. and a researcher of Peking University. He obtained a bachelor's degree of economic in business administration and master's degree of economic in statistics from Peking University in July 1998 and July 2002 respectively. He further obtained a doctorate degree of philosophy in economics from The University of Warwick in April 2008.

He passed the Shenzhen Stock Exchange Independent Director Qualification Training for Listed Company in December 2016. Mr. Guo is an expert in industrial economics and industrial finance. He was a researcher at The University of Warwick from September 2002 to July 2006, a lecturer at The London School of Economics and Political Science from September 2006 to April 2008, an associate professor and supervisor of doctoral students at Southwestern University of Finance and Economics from April 2008 to August 2015.

Mr. Guo served as a consultant of Sichuan Provincial Government and Industrial Fund for a long time, and has a deep understanding of the industrial development and strategic layout, as well as strong capital operation and resource integration capabilities. He served as an expert member of investment review committee of JinTai Property & Casualty Insurance Co., LTD, an expert member of professional committee of Financing Guarantee Association of Sichuan and a director of Chengdu CST XingChuang Equity Investment Management Co.,Ltd. since May 2009, May 2010 and May 2016 respectively. In addition, Mr. Guo was an independent director of Huaren Pharmaceutical Co.

Ltd. He is an professional member of investment review committee of Chengdu B-ray Media Co.,ltd. and an independent director of Wells Advanced Materials (Shanghai) Co.,Ltd. since October 2020 and September 2021 respectively.