Zhongyu Energy Holdings Limited announced executive changes with effect from August 21, 2023. The company announced that Dr. Luo Yongtai has tendered his resignation as an independent non-executive director of the Company with effect from August 21, 2023 and accordingly will cease to be a member of each of the audit committee, the nomination committee and the remuneration committee of the board of directors of the Company from August 21, 2023. Dr. Luo has reached the age of 77 and decided to retire.

With effect from 21 August 2023, Dr. Key Ke Liu has been appointed as an independent non-executive director of the Company and a member of each of the audit committee, the nomination committee and the remuneration committee of the board of directors of the Company. Dr. Liu, aged 59, is an active and internationally well-known scientist in the field of energy. Having worked at multinational companies such as Exxon-Mobil, Hydrogen Source Ltd. (a joint venture formed between United Technologies Corp.

(UTC) and Shell) and General Electric for more than 20 years, Dr. Liu spearheaded the development of multiple revolutionary technologies in relation to energy transformation and clean energy. Since 2010, Dr. Liu returned to China from the United States and has been devoted to the development of energy-related technology in China. In 2015, Dr. Liu was selected to be a foreign fellow of the Australian Academy of Technology and Engineering (ATSE).

Dr. Liu is now the chair professor, the dean of School of Innovation and Entrepreneurship and the dean of Clean Energy Institute at the Southern University of Science and Technology in Shenzhen, China. Dr. Liu holds a bachelor of science in chemical engineering and master's degree in biochemical engineering from Northwestern University in Xian, China, a master's degree and Ph.D in chemical engineering from City University of New York and a master's degree in management from Rensselaer Polytechnic Institute. Dr. Liu is an independent director of Shenzhen Hifuture Information Technology Company Limited, Shenzhen Agricultural Power Group Company Limited and Winner Medicial Co.

Ltd. He was an independent director of Ningbo Jiangfeng Electron Material Company Limited, from April 2015 to December 2020. Save as aforesaid, Dr. Liu has not held any directorship in the last three years in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas.