The board of directors of Fosun Tourism Group announced that with effect from 7 November, 2022, the following changes in the composition of the Board have been made: MR. QIAN JIANNONG: Mr. Qian has been appointed as the honorary chairman of the Board for life and was re-designated as a non-executive Director. Mr. Qian will continue to provide strategy and business consulting and external relations expertise to the Company. The biographical details and other information of Mr. Qian are set out below: Mr. Qian Jiannong, aged 60, served as chief executive officer of the Group from October 2009 to November 2022, the chairman of the Board from 30 September 2016 to 7 November 2022 and an executive Director from 17 August 2018 to 7 November 2022.

Due to other business commitments, Mr. Qian has tendered his resignation as the chairman of the Board, chief executive officer of the Group and the chairman of Club Med Holding, a non-wholly owned subsidiary of the Company. Mr. Qian has also tendered his resignation as the chairman of the nomination committee and strategy committee of the Board. Mr. Qian has over 20 years of experience in the tourism and retail industries.

He joined the Group in October 2009 and was primarily responsible for developing and implementing Fosun International Limited. He has since led the Group in accomplishing a series of investments in the tourism industry, such as Club Med SAS (``Club Med''), Vigor Kobo Co. Ltd. and Thomas Cook Group plc.

Mr. Qian currently serves as a global partner and a co-director of Great Happiness Industry Operation Committee of Fosun International. He will be promoted from senior vice president to executive president of Fosun International. He has been a director of Club Med Holding since February 2015 and a director of Hainan Atlantis Business and Tourism Development Co.

Ltd. since May 2013. He was a director of Shanghai Yuyuan Tourist Mart Co. Ltd. from June 2010 to December 2013, a non-executive director of Folli Follie from May 2011 to June 2018, and a director of Grupo Osborne, S.A. from June 2014 to November 2016.

From September 2006 to August 2009, Mr. Qian also served as the chief executive officer and the executive director of Nepstar Chain Drugstore Ltd. Mr. Qian obtained a bachelor's degree in economics from Shandong University in July 1983. He received a master's degree in economics from the University of Essen (subsequently reorganized as the University of Duisburg-Essen) in Germany in July 1992 and was enrolled in the doctoral program in economics in the University of Essen from 1993 to 1997. MR. XU XIAOLIANG: Mr. Xu has been appointed as the chairman of the Board, the chairman of Club Med Holding and the chairman of the nomination committee and strategy committee of the Board, and was re-designated as an executive Director.

Mr. Xu will be responsible for formulating business strategies of the Group. The biographical details and other information of Mr. Xu are set out below: Mr. Xu Xiaoliang, aged 49, served as a non-executive Director from August 2021 to 7 November 2022. He is an executive director and co-chief executive officer of Fosun International, a non-executive director of Shanghai Fosun Pharmaceutical (Group) Co.

Ltd., a non-independent director of Hainan Mining Co. Ltd., a director of Shanghai Yuyuan Tourist Mart Co. Ltd., a director of Shanghai Foyo Culture & Entertainment Co.

Ltd., a director and general manager of Shanghai Fosun High Technology (Group) Co. Ltd. and a director of Hainan Atlantis Commerce and Tourism Development Co. Ltd. Mr. Xu was a non-executive director and vice chairman of Zhaojin Mining Industry Company Limited and a director of Shanghai Resource Property Consulting Co.

Ltd. He was a director of Shanghai Qijin Investment Management Co. Ltd. from February 2013 to August 2022. Mr. Xu obtained his master's degree in business administration from East China Normal University in the PRC in 2002 and his master's degree in EMBA from Fudan University in the PRC in 2019.

MR. XU BINGBIN: Mr. Xu Bingbin has been appointed as the co-president of the Group. Mr. Xu Bingbin will be primarily responsible for formulating business plans, strategies and major decisions of the Group and driving strategy planning, project implementation and Club Med China business growth. He has served as an executive Director since March 2021.