The board of directors of Poly Culture Group Corporation Limited received the written resignation from Mr. Zhang Xi the chairman of the Company. Due to age reason, Mr. Zhang applied to resign as the chairman of the Company and the chairman of the strategy committee of the Board with effect from 9 September 2022. Meanwhile, Mr. Zhang applied to resign as the executive director of the Company, which will take effect on the date of approval of the appointment of new executive director at the shareholders' general meeting of the Company.

The Board announces that Mr. Wang Bo has been appointed by the Board as the chairman of the fourth session of the Board and the chairman of the strategy committee of the Board on 9 September 2022. His appointment took effect from the date of approval at the Board meeting by way of resolution to the date of expiry of the term of office of the fourth session of the Board. Mr. Wang Bo, aged 39, has served as the secretary of the Party Committee of the Company since August 2021 and served as the general manager of the Company from August 2021 to September 2022.

Mr. Wang joined Poly Group Corporation Limited in July 2014 and has successively served as the deputy secretary of the Discipline Inspection Commission of Poly Group and the secretary of the Party Committee and the director of Poly Energy Holdings Co. Ltd., the member of Management Committee, the deputy secretary of the Party Committee, the director and the general manager of China Silk Corporation, the secretary of the Party Committee and the chairman of China Silk Group and the assistant to general manager of Poly Group. Mr. Wang holds a bachelor's degree in journalism and a master's degree in ideological and political education.

He holds a senior title of chief reporter. Mr. Wang is a member of the Standing Committee of All China Youth Federation and the vice chairman of China Chamber of International Commerce. Mr. Wang Bo, the general manager of the Company, ceased to be the general manager of the Company due to work arrangement.

Mr. Guo Wenpeng has been appointed by the Board as the general manager of the Company on 9 September 2022 with a tenure of three years, with effect from the date of approval at the Board meeting by way of resolution. Mr. Guo Wenpeng, aged 53, joined the Company in December 2003 and has served as the vice general manager of the Company since August 2015. Mr. Guo has served as the chairman of Beijing Poly Theatre Management Corporation Limited since December 2018.

He has successively served in various positions including the financial manager of Poly Plaza Co. Ltd., the vice general manager and the general manager of Beijing Poly Theatre Management Corporation Limited and the assistant to general manager of the Company. Mr. Guo graduated from the School of Economics of Nankai University with a major in international economics and obtained a master's degree in economics.