The board (the "Board") of directors of Planetree International Development Limited announce that Dr. Chuang, Henry Yueheng ("Dr. Chuang") has been appointed as a non-executive Director and the Chairman of the Company with effect from 1 February 2024. Dr. Chuang, aged 68, holds Master Degrees in Petroleum Engineering and Business
Administration from the University of Southern California. Dr. Chuang received an Honorary Doctorate degree from Dubna University of Russia in 2007 in recognition
of his achievements in the field of petroleum engineering. Dr. Chuang studied under the late Professor George Chilingar ("Dr. Chilingar), one of the foremost experts in
the field of petroleum engineering, and was his assistant for many years. Dr. Chuang assisted in the research and editing of many books authored by Dr. Chilingar, several
of which were dedicated to Dr. Chuang. In addition to years of field experience in the energy industry, Dr. Chuang also has more than 25 years of experience in
corporate finance and development. Dr. Chuang is the brother-in-law of the controlling shareholder of the Company, Ms.Lo Ki Yan Karen. Save as aforesaid, he does not have any relationship with any of the Directors, senior management or substantial shareholders or controlling shareholders of the Company. The Board announce that Mr. Cheung Ting Kee ("Mr. Cheung"), an executive Director, has been redesignated from the Acting Chairman to the Managing Director of the Company with effect from 1 February 2024. Mr. Cheung, aged 54, has over 28 years of working experience in the securities industry including equity research, equity sales, fund management and corporate finance. Mr. Cheung is currently the sole director and a responsible officer of Akron Corporate Finance Limited, an indirect wholly-owned subsidiary of the Company, which is a Hong Kong company licensed to carry out type 6 (advising on corporate finance) regulated activity under the SFO. Mr. Cheung is a holder of a Bachelor Degree of Business Administration and a Master Degree in Professional Accounting. He is a fellow member of the Institute of Certified Management Accountants, Australia. Mr. Cheung is an independent non-executive director of Yue Da International Holdings Limited.