The Board of Yuzhou Group Holdings Company Limited like to take this opportunity to express its sincere gratitude to Dr. Zhai for his valuable contributions to the Company during his tenure of office. The Board announced that on 24 June 2022, Mr. Yu Shangyou appointed as an independent non-executive Director and a member of the Audit Committee with immediate effect. The biographical details of Mr. Yu is set out as follows: Yu Shangyou, aged 63, has over 32 years of experience in wealth and financial management.

From April 1988 to June 1993, Mr. Yu was a project manager for overseas investment at the Asia-America & Pacific investment management department of China Heilongjiang International Economic and Technical Cooperation Corporation company primarily engaged in local and foreign construction projects of economic and technical cooperation. From 1993 to October 2020, he held various directorship and senior management positions in China Overseas Group including being (1) a director of China Overseas Holdings Limited a vice chairman and general manager of China Overseas Finance Investment, Company Limited. Mr. Yu was a director of CSCEC Capital (Hong Kong) Limited a subsidiary of China State Construction Capital (Hong Kong) Co.

Ltd. which is a company listed on the Shanghai Stock Exchange during such period, he was responsible for the business management of the company. From 2009 to 2013 and from 2016 to 2021, Mr. Yu acted as a director of Anhui Guoyuan Trust Co. Ltd. a company primarily engaged in trust and fund management.

From 2014 to 2017, Mr. Yu also acted as a director of China Overseas Insurance Limited Mr. Yu has been recognized as a senior economist by China State Construction Company in the PRC since May 1996. Mr. Yu obtained his Bachelor's degree in finance from Jilin University of Finance and Economics the PRC in July 1983. He also obtained his Master's degree from the Center for International Studies from The Ohio University in the United States in August 1987.

Mr. Yu was a director of the following companies which were incorporated by the China Overseas Group in Hong Kong and had been dissolved: China Overseas Investments Limited the principal business of which was investment holding prior to its dissolution in March 2011 China Overseas Logistics International Limited the principal business of which was transport and logistics prior to its dissolution in December 2011 China Overseas Material Technology Company Limited the principal business of which was technological development on construction materials prior to its dissolution in January 2011 Star Leader Investment Limited principal business of which was investment holding prior to its dissolution in January 2011; Core I Limited, the principal business of which was investment holding prior to its dissolution in January 2014; and Charmly Development Limited the principal business of which was investment holding prior to its dissolution in June 2011. The Board would like to extend its warm welcome to Mr. Yu on joining the Group. Following the Resignation of Mr. Lam, the Re-designation of Mr. Lam, the resignation of Dr. Zhai, the Appointment of Ms. Kwok and the Appointment of Mr. Yu above, the compositions of the Audit Committee, the Remuneration Committee, the Nomination Committee and the Sustainability Committee have been changed with effect from 24 June 2022.