IRICO Group New Energy Company Limited announced that due to work adjustment, (i) Mr. Jiang Lei ("Mr. Jiang") ceased to serve as an executive director and a member of the strategy committee of the Company; (ii) Mr. Huang Weihong ("Mr. Haung") ceased to serve as a non-executive director and a member of the nomination committee of the Company; and (iii) Mr. Ni Huadong ("Mr. Ni") ceased to serve as a non-executive director and a member of the strategy committee of the Company. The cessation of their roles shall take effect upon the appointment of the new executive director and non-executive directors re-elected at the EGM. Mr. Jiang, Mr. Huang and Mr. Ni have confirmed that they have no disagreement with the Board and there is no matter concerning their cessations that needs to be brought to the attention of the Shareholders.

The Board would like to take this opportunity to express its sincere gratitude to Mr. Jiang, Mr. Huang and Mr. Ni for their contributions to the Company during their term of office.