The board of directors of Prosper Construction Holdings Limited announced that, as stated in the circular of the Company dated 31 May 2022, Mr. Wang Xuejun, Mr. Ding Hongbin and Mr. Jiang Shuang did not offer themselves for re-election as Directors at the annual general meeting of the Company held on 28 June 2022 (the "AGM") as they wished to allocate more time to their other work commitments; accordingly, each of them has retired as executive Director with effect from conclusion of the AGM. The Board further announced that the resolutions for appointment of Mr. Jiang Hongchang as executive Director and chairman of the Board, and the appointment of each of Mr. Liu Yutao and Mr. Ni Chuchen as executive Director, have been passed at the AGM with immediate effect. The Board has further resolved to appoint Mr. Liu Yutao as chief operating officer of the Group.

Mr. Jiang Hongchang, aged 45, holds a bachelor's degree in civil engineering from Shandong University of Technology in the People's Republic of China and is qualified as a senior engineer. Mr. Jiang is currently a Party Committee member, deputy general manager and chief engineer of Qingdao Haifa State-owned Capital Investment and Operation Group Company Limited, and is also serving as either chairman or director of Qingdao Xifa Properties Limited, Qingdao Haifa Asset Management Co. Ltd. and Qingdao Haifa Healthcare Group Co.

Ltd. Mr. Jiang has over 22 years of experience in professional construction engineering management. From May 2014 to September 2016, he served as the minister of development and construction department, assistant general manager and minister of development and construction department and Party Committee member of Qingdao Haifa State-owned Capital Investment and Operation Group Company Limited; from July 2007 to May 2014, he worked as staff member and principal staff member of the Port and Maritime Administration Bureau of the Qingdao Municipal Transport Commission, during which he simultaneously served as the head and minister of development and construction department of Qingdao West Coast Development Group Limited from March 2012 to May 2014; from July 1999 to July 2007, he worked in Shandong Provincial Port Engineering Corporation where his final position was project manager. Mr. Liu Yutao, aged 47, holds a bachelor's degree in computer and application from China University of Petroleum in the People's Republic of China and is qualified as a senior engineer.

Mr. Liu is currently the vice chairman and general manager of Qingdao Dongjie Construction Group Co. Ltd. and a director of Qingdao Honghai Curtain Wall Co. Ltd., and is also serving as the vice chairman of Qingdao Haifa Asset Management Co.

Ltd. Mr. Liu has over 26 years of experience in professional construction engineering management. From September 2021 to January 2022, he served as the general manager of Qingdao West Coast Construction & Development (Group) Co. Ltd.; from November 2019 to September 2021, he served as the general manager of Qingdao Xifa Cangmashan Construction Limited; from August 2019 to November 2019, he served as the deputy officer of Qingdao Public Works Development Center; from January 2013 to August 2019, he served as the deputy director of Qingdao Construction Works Bureau; from March 2006 to January 2013, he served as an engineer and deputy head of Qingdao Construction Committee Key Projects Coordination Office; from July 1996 to March 2006, he served as an engineer of Qingdao Key Projects Command Office.

Mr. Ni Chuchen, aged 40, holds a master' s degree in fine arts from Peking University and a bachelor's degree in economics from Qingdao University in the People's Republic of China. Mr. Ni has over 16 years of experience in business management, real estate development, corporate governance and cross-cultural communication. From March 2018 to December 2021, he served as a director and general manager of China AI Media & Entertainment Technology Co.

Ltd.; from October 2014 to March 2018, he served as an assistant general manager and deputy general manager of Qingdao West Coast Holding Development Limited; from August 2012 to October 2014, he worked for Qingdao West Coast Development (Group) Limited where his last position was assistant to minister; from August 2010 to August 2012, he served as the deputy minister of Qingdao Port Investment and Construction (Group) Company Limited; from August 2007 to July 2010, he served as an assistant general manager of Dubai Limitless LLC; from August 2005 to July 2007, he served as a staff member of the Foreign Affairs Office of the Qingdao Municipal Government. The Board further announced that, Mr. Cui Qi has been re-designated from an executive Director to a non-executive Director with effect from 28 June 2022 in order to allocate more time to his other work commitment. Mr. Cui has also been re-designated as a member of the Board's risk management committee and taken up the position of honorary president with effect from 28 June 2022.

Mr. Cui Qi, aged 59, is one of the founders of the Group and has been a Director since October 2015 and is also a director of all key operating subsidiaries of the Group in Hong Kong and Macao. Mr. Cui holds a bachelor's degree in naval port engineering from Hohai University and a master's degree in construction economics and management from Tongji University. Mr. Cui was admitted as a senior engineer from the Ministry of Transport (previously known as the Ministry of Communications) of the PRC in October 1995.

He was then admitted as a registered Project Manager (1st Class) in the PRC from the Ministry of Constructions in July 1997. Mr. Cui was admitted as member of the Hong Kong Institute of Construction Managers in February 2000. He was then admitted as a Member of The Chartered Institute of Building in February 2006 and a registered Constructor (1st Class) in the PRC in January 2007.

Mr. Cui was admitted as a Fellow Member of the Chartered Institution of Civil Engineering Surveyors in January 2015 and a Fellow of the Institution of Civil Engineers in January 2019. Mr. Cui has over 30 years of experience in the marine construction industry and served as the managing director of China Harbour Engineering Company Hong Kong Branch ("CHECHK"), and a director of C&P Myanmar Pte Ltd. and China Infra-Structure Investment Ltd., which were two joint venture companies formed by CHEC and other partners. After he left CHECHK and its joint venture companies in January 1998, Mr. Cui became the director of China Geo-engineering (Singapore) Pte Ltd, between June 1999 and April 2003.

Mr. Cui was, at various time from April 2005 until present, a director of Shenzhen Changsheng Marine Engineering Limited and a director of China State Construction Port Engineering Group Corporation Limited since December 2009.