Tibet Water Resources Ltd. announces that Mr. YAN Qingjiang has tendered his resignation as an executive Director with effect from 21 July 2023. Following his resignation, Mr. YAN also ceased to be the Authorised Representative, the chairman of the Risk Management Committee and a member of the Nomination Committee and the Remuneration Committee with effect from 21 July 2023. Mr. YAN has also tendered a written notice of termination of his authorization as the Process Agent on 21 July 2023 and will cease to be the Process Agent with effect from the expiration of 21 days after the necessary filing with the Companies Registry in Hong Kong has been made.

The Board further announces the following appointment of executive Director and change of Authorised Representative, Process Agent and composition of Board committees with effect from 21 July 2023: Mr. YUE Zhiqiang has been appointed as an executive Director; Mr. CHOW Wai Kit, an Executive Director, has been appointed as a member of the Nomination Committee and the Remuneration Committee and the Process Agent; and Mr. CHENG Gwan Sing an Executive Director, has been appointed an Authorised Representative and the chairman of the Risk Management Committee. Mr. YUE, aged 58, was an executive Director from 1 March 2011 to 30 June 2021. Mr. YUE has over 30 years of experience in mechanical engineering and manufacturing plant operation, and was the chairman of major subsidiary company, Tibet Glacier Mineral Water Co.

Ltd. Mr. YUE studied machinery production at Shandong University of Technology (now combined into Shandong University and obtained a bachelor's degree. Mr. YUE also serves as a director of a subsidiary and an associated company of the Company. Mr. CHOW Wai Kit ("Mr. CHOW"), an executive Director, company secretary of the Company and Authorized Representative, has been appointed as a member of the Nomination Committee and the Remuneration Committee and the Process Agent with effect from 21 July 2023; and Mr. CHENG Gwan Sing an executive Director, has been appointed as an Authorised Representative and the chairman of the Risk Management Committee with effect from 21 July 2023.

Apart from his remuneration under his service contract with the Company, Mr. CHENG is also entitled to an additional fee of HKD 20,000 per annum as the chairman of the Risk Management Committee.