The Board of Green Economy Development Limited announces that with effect from 28 February 2023: Mr. Tam Tak Kei Raymond has resigned as an independent non-executive director of the Company and ceased to be (i) a member of the audit committee and nomination committee of the Company, and (ii) the chairman of the remuneration committee of the Company; Dr. Zhu Dashu has been appointed as an executive director of the Company; Mr. Zhu Kai has been appointed as an executive director of the Company; and Mr. Zhang Shengman has been appointed as an independent non-executive director of the Company and the chairman of the renumeration committee of the Company, as well as a member of the audit committee and nomination committee of the Company. The board of directors of Green Economy Development Limited announced that Mr. Tam Tak Kei Raymond has tendered his resignation as an independent non-executive Director of the Company with effect from 28 February 2023 due to his personal commitments which require more of his attention and dedication. Mr. Tam Tak Kei Raymond has confirmed to the Board that he has no disagreement with the Board and that he is not aware of any matters relating to his resignation that need to be brought to the attention of the shareholders of the Company.

The Board would also like to announce that, with effect from 28 February 2023, Dr. Zhu Dashu (``Dr. Zhu'') and Mr. Zhu Kai (``Mr. Zhu'') have been appointed as executive Directors. The biographical details and other information of Dr. Zhu and Mr. Zhu are set out below. Dr. Zhu Dashu, aged 61, has over 29 years of experience in the banking industry.

From 1994 to 2001, Dr. Zhu served various positions at the headquarter of Bank of China, where he was responsible for introducing foreign investment from foreign export credit agencies and foreign commercial banks and the business development and customer relationship for companies in sectors such as power, oil and gas, petrochemical and coal. Dr. Zhu completed his undergraduate degree in science (majoring in meteorology) at Peking University in July 1983, then obtained a master's degree in system engineering and a doctorate's degree in system engineering from the Xi'an Jiaotong University in June 1986 and October 1991 respectively.