Up Energy Development : Announcements and Notices - Resignation of An Independent Non-executive Director

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(In Provisional Liquidation (For Restructuring Purposes))

(Incorporated in Bermuda with limited liability)

(Stock code: 307)

RESIGNATION OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR

The Joint Provisional Liquidators (the "JPLs") of Up Energy Development Group Limited (In Provisional Liquidation (For Restructuring Purposes)) (the "Company") hereby announce that on 27 September 2018 the JPLs of the Company received a letter of resignation from Mr Chui Man Lung, Everett ("Mr Chui") dated 31 August 2018 who has resigned from his position as independent non-executive director with effect from 31 August 2018 due to his other business engagements.

Mr Chui has confirmed that he has no disagreement with the Board of Directors of the Company and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

CONTINUED SUSPENSION OF TRADING

At the request of the Company, trading in the shares of the Company on the Stock Exchange has been halted with effect from 9:00 a.m. on 30 June 2016. Trading in the Shares will remain suspended until further notice.

For and on behalf of

Up Energy Development Group Limited

(In Provisional Liquidation

(For Restructuring Purposes))

Osman Mohammed Arab

Roy Bailey

Lai Wing Lun Provisional Liquidators who act without personal liability

Hong Kong, 3 October 2018

As at the date of this announcement, the Board of Directors comprises Mr Wang Chuan, Mr Zhang Li and Mr Zheng Yuan as Executive Directors; and Mr Li Bao Guo, Mr Liu Yongshun, and Mr Wu Yanfeng as Independent Non-executive Directors. The names of the

* For identification purposes only

Board members referred hereto are based on the latest register of directors of the Company.

For the avoidance of doubt, the composition of the Board is a matter in dispute as Mr Gao Shufang (subsequently resigned with effect from 30 September 2017) and Mr Ji Lianming claimed themselves being appointed as Executive Directors whereas Mr Chan Ming Sun Jonathan, Mr Lee Chi Hwa, Joshua and Mr Mak Yiu Tong claimed themselves to be appointed as Independent Non-executive Directors in replacement of the entire Board members (inter alia including Mr Chui Man Lung, Everett) in a SGM held on 25 April 2017.

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