The Board of Directors of CWT International Limited announced that based on the Company's needs and the focus of personal's job duty shifted to the operating entities of the Company (i.e. CWT Pte. Limited), Mr. Wu Jinfeng (‘Mr. Wu') has resigned as an executive Director of the Company effect from 29 July 2022, and he ceased to act as a member of each of the executive committee of the Board (the ‘Executive Committee') and the investment committee of the Board (the ‘Investment Committee'), and an alternate authorized representative of the Company. The Board further announced that Ms. Yan Shen (‘Ms. Yan') has been appointed as an Executive Director as well as a member of each of the Executive Committee and the Investment Committee, and an Alternate Authorized Representative to Mr. Wang Kan, all with effect from 29 July 2022.

Ms. Yan, aged 36, holds a bachelor's degree in accounting from Sichuan University and a master's degree in business administration from Peking University's Guanghua School of Management. She is also a member of the Association of Chartered Certified Accountants. Ms. Yan joined HNA Group Co Ltd. (‘HNA Group'), a substantial shareholder of the Company pursuant to Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the ‘SFO'), in 2008 and has served several senior positions for its certain companies.

She joined the finance department of the Company in 2015 and is currently the general manager of that department. Ms. Yan also acts as directors of a number of subsidiaries of the Company. She is also currently a director of Avolon Holdings Limited.

Ms. Yan has extensive management knowledge and working experience in the fields of financial management and investment. With effect from 29 July 2022, the members of the Board and the membership of the five committees of the Board are as follows: Members of the Board - Executive Directors: Wang Kan (Chairman and Chief Executive Officer); Zhao Quan; Peng Biao; Yan Shen. Members of the Board - Independent Non-executive Directors: Leung Shun Sang, Tony; Liem Chi Kit, Kevin; Lam Kin Fung, Jeffrey.

Audit Committee: Liem Chi Kit, Kevin as Chairman, Leung Shun Sang, Tony and Lam Kin Fung, Jeffrey as Members. Executive Committee: Wang Kan as Chairman, Peng Biao and Yan Shen as Members. Investment Committee: Wang Kan as Chairman, Peng Biao, Yan Shen, Leung Shun Sang, Tony, and Liem Chi Kit, Kevin as Members.

Nomination Committee: Wang Kan as Chairman, Leung Shun Sang, Tony, Liem Chi Kit, Kevin, and Lam Kin Fung, Jeffrey as Members. Remuneration Committee: Liem Chi Kit, Kevin as Chairman, Leung Shun Sang, Tony and Lam Kin Fung, Jeffrey, Wang Kan as Members.