GCL New Energy Holdings Limited announce the following changes of the members of the Board, Board committees, the Chairman, the Vice Chairman, the President and the senior management of the Company with effect from 9 September 2022: Mr. Zhu Gongshan has been appointed as executive Director, Chairman of the Board and chairman of the Nomination Committee of the Company; Mr. Zhu Yufeng has ceased to act as Chairman of the Board, President and chairman of the Nomination Committee of the Company. He is re-designated as Vice Chairman of the Board and remains as an executive Director, chairman of the Risk Assessment Committee and the Corporate Governance Committee and a member of the Remuneration Committee of the Company; Mr. Wang Dong has been appointed as the executive Director, the President and a member of the Risk Assessment Committee and the Corporate Governance Committee of the Company; Mr. Cai Xianhe has been appointed as independent non-executive Director; and a member of the Audit Committee and the Corporate Governance Committee of the Company; Mr. Liu Genyu has tendered his resignation as the executive Director and Vice Chairman of the Board of the Company; Mr. Xu Songda has tendered his resignation as independent non-executive Director and a member of the Audit Committee, the Nomination Committee and the Corporate Governance Committee of the Company; and Mr. Li Jianjun has been appointed as the Chief Operating Officer and Chief Engineer of the Company. Mr. Zhu Gongshan, aged 64, is the founder, an executive director and the chairman of GCL Technology Holdings Limited ("GCL Technology"), a company with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 3800).

Mr. Zhu Gongshan is also a director of GCL System Integration Technology Co. Ltd.and a director of GCL Energy Technology Co. Ltd. ("GCL Energy Technology"), a company with its shares listed on the Shenzhen Stock Exchange (Stock Code: 002015).

Mr. Zhu Gongshan was an executive Director of the Company from April 2014 to May 2016 and the honorary chairman of the Board of the Company from May 2014 to May 2016. Mr. Zhu Yufeng, aged 41, an executive Director, the Vice Chairman, the chairman of the Risk Assessment Committee and the Corporate Governance Committee and a member of the Remuneration Committee and a director of several subsidiaries of the Company. He acted as the Chairman and chairman of the Nomination Committee from December 2015 to September 2022 and the President from December 2020 to September 2022.

He also acted as a non-executive Director and the Vice Chairman of the Company from February 2015 to December 2015. Mr. Wang Dong, aged 57, is currently the executive president of GCL Group Limited and a director of a subsidiary of the Company. Mr. Wang Dong acted as the chief operating officer of GCL Technology from January 2006 to May 2009, the chief operating officer of the Company from May 2016 to August 2016, and a director of GCL Energy Technology from June 2019 to February 2021.

He was also the general manager of Peixian Mine-site Environmental Cogen-power Co. Ltd.*), the general manager of Xuzhou Longgu Minesite Gangue Power Generation Co. Ltd., the general manager of China Resources Golden Concord (Beijing) Co-generation Power Co., Ltd, the vice president of Golden Concord Power Group Limited and a director of GCL Intelligent Energy (Suzhou) Co.

Ltd. Mr. Wang Dong obtained an Executive Master degree of Business and Administration (EMBA) from the China Europe International Business School. Mr. Cai Xianhe, age 68, is currently the chief executive officer and chairman of Beijing Zhongtian Huahai Energy Technology Co. Ltd. He acted as the general manager of China Offshore Oil (Singapore) International Pte.

Ltd. from November 1996 to May 1999, held various senior positions at CNOOC Gas and Power Group Co., Limited from 1994 to 2013, the vice president (deputy bureau level) of Bejing Petroleum Exchange from October 1993 to May 1994, served as geologist and assistant manager and manager of various departments of China Offshore Oil Naihai West Corporation from June 1983 to October 1993. Mr. Cai Xianhe has extensive experience in international LNG resources procurement and domestic LNG sales. Mr. Cai Xianhe has obtained a Master's degree Mr. Li Jianjun, aged 54, was the Chief Operating Officer of South West Energy (Hong Kong) Limited from October 2011 to December 2020.

He was mainly responsible for oil exploration work in various areas of Ethiopia and was fully responsible for the exploration and development of four exploration blocks in the Ogaden Basin in eastern Ethiopia and the Gambella Basin in western Ethiopia. Mr. Li Jianjun was also the project manager and national manager of Sinopec Zhongyuan Oilfield from September 1990 to October 2011, where he was responsible for the overall management of project engineering services. Mr. Li Jianjun graduated from China University of Geosciences with a major in geophysics and has 30 years of extensive work experience in the petroleum industry.