Centenary United Holdings Limited at its AGM, held on may 25, 2023, appointed Mr. Chen Huaquan as an executive Director. Following the appointment of Mr. Chen as an executive Director, Mr. Chen was also appointed as a member of the remuneration committee (the Remuneration Committee) of the Company. Mr. Chen Huaquan, aged 44, was appointed as vice president of operation of the Group in January 2022.

He is primarily responsible for the brand management, sales and marketing of all the new energy vehicle dealerships of the Group, and the operation and management of the Group's insurance segment and used car segment. He is the director of certain subsidiaries of the Group. Mr. Chen has over 20 years of experience in the automobile sales and distribution industry.

He joined the Group in August 2001 and served as secretary to the chief executive officer, sales manager of New Century Toyota, general manager of New Century Nissan and co-operation head of the Group. Mr. Chen obtained a bachelor degree in mechanical design, manufacturing and automation from Zhuzhou College of Engineering in July 2001. Mr. Chen was awarded the Occupational Qualification Certificate of Second Level Technician for car maintenance by the Human Resources and Social Security Department of Guangdong Province in October 2014.

Mr. Chen will assist the chairman of the Board in the formulation and development of corporate strategies. It is believed that his experience in automobile sales and distribution industry, business management, professional expertise and relationship will supplement the skill sets of the existing executive directors, forming a more balanced and versatile leadership team of the Group and enhancing the corporate social responsibilities of the Group as well. As disclosed in the Circular, Mr. Chen Shaoxing shall retire from the Board with effect from the conclusion of the AGM.

Mr. Chen Shaoxing has confirmed that his resignation was due to his intention to pursue other career development opportunities. Accordingly, Mr. Chen Shaoxing ceased to be a member of the Remuneration Committee. The Company confirms that there is no change to the information in relation to Mr. Chen Shaoxing's retirement as disclosed in the Circular.

Mr. Chen Shaoxing has confirmed that he has no disagreement with the Board and there are no matters that need to be brought to the attention of the shareholders of the Company in relation to his retirement.