The board (the "Board") of directors of Taizhou Water Group Co., Ltd. hereby announced that Mr. Wang Haiping ("Mr. Wang") has tendered his resignation as a non-executive Director and a member of the audit committee of the Board (the "Audit Committee") on 5 August 2022 due to retirement. The resignation of Mr. Wang will take effect from the date of the next general meeting (the "General Meeting") of the shareholders of the Company (the "Shareholders") to approve the appointment of Mr. Lin Genman ("Mr. Lin") as a non-executive Director. The Board proposed to elect Mr. Lin as a non-executive Director for a term commencing from the date of the General Meeting until the expiration of the term of the fifth session of the Board, and if his appointment is approved by the Shareholders at the General Meeting, he will replace Mr. Wang as a member of the Audit Committee.

Mr. Lin has confirmed that he has no disagreement on such nomination. Mr. Lin Genman, aged 49, graduated with a bachelor's degree in accounting from Zhejiang University of Finance & Economics (formerly known as Zhejiang College of Finance & Economics* in June 2004 and was accredited as a senior accountant by the Zhejiang Provincial Department of Human Resources and Social Security in April 2012. Mr. Lin has served as: (i) the chief accountant of Yuhuan County Foreign Economic and Trade Cooperation Bureau from September 1993 to February 1999; (ii) the chief accountant of Taizhou Urban Construction and Investment Development Group Co., Ltd. (formerly known as Taizhou Infrastructure Construction Investment Group Co., Ltd., a substantial shareholder of the Company ("Taizhou Urban Construction"), from February 1999 to July 2011; (iii) the deputy manager of the planning and finance department of Taizhou Urban Construction from July 2011 to September 2017; (iv) the manager of the investment management department of Taizhou Urban Construction from September 2017 to May 2019; (v) the founder of the investment development department of Taizhou Urban Construction from May 2019 to November 2019; (vi) the manager of the planning and finance department of Taizhou Urban Construction from November 2019 to March 2022; and (vii) the manager of the finance and treasury department of Taizhou Urban Construction since April 2022.

Mr. Lin has also served as (i) the manager and executive director of Taizhou Asset Management Co., Ltd., a wholly-owned subsidiary of Taizhou Urban Construction, from September 2017 to December 2019; (ii) the chairman of the board of directors of Universal Car Sharing Taizhou Car Rental Co., Ltd., a non-wholly owned subsidiary of Taizhou Urban Construction from December 2017 to November 2018; and (iii) the chairman of the board of directors and manager of Taizhou Luda Investment Co., Ltd. since June 2018. Mr. Lin was the manager, executive director and legal representative of Taizhou Yuanlu Highway Construction and Development Co., Ltd. ("Taizhou Yuanlu") from December 2019 to January 2022, prior to its dissolution in January 2022. Taizhou Yuanlu was a limited liability company established in the PRC and its principal activity was road tolling.

It was dissolved by way of liquidation by its shareholders on 21 January 2022 due to cessation of business as the relevant government has cancelled toll charges for the relevant areas. Mr. Lin confirmed that, to the best of his information and belief after making reasonable enquiries, Taizhou Yuanlu was solvent and had ceased operations at the time of its dissolution.