The board of directors of China Primary Energy Holdings Limited (the "Company", together with its subsidiaries as the "Group") hereby announces the following changes in independent non-executive directors (INED) and composition of Board Committees: Mr. Wang Xiao Bing (Mr. Wang) has tendered his resignation as an INED of the Company and ceased to be a member of each of the audit committee (the "Audit Committee"), remuneration committee (the "Remuneration Committee") and nomination committee (the "Nomination Committee") of the Company with effect from 1 March 2023 due to his other personal commitments. Mr. Sung Ren Keh (Mr. Sung) has been appointed as an INED of the Company and a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee with effect from 1 March 2023. Mr. Sung, aged 59, holds a master degree of engineering in manufacturing management from University of South Australia and a bachelor degree in mechanical engineering from Chung Cheng Institute of Technology, Taiwan.

He has over 18 years of management and operating experience in new energy and wireless communication domain from companies in the People's Republic of China (the "PRC"), USA and Taiwan. He was the vice chairman of Ningbo Shanshan Bada Power Train Co. Ltd., and was a manufacturing consultant of 24M technologies Inc., USA for semi-solid Li battery factory design in the PRC.

A letter of appointment will be entered into between the Company and Mr. Sung for a fixed term of two years commencing on 1 March 2023. His appointment is also subject to retirement by rotation and re-election at the forthcoming annual general meeting of the Company in accordance with the articles of association of the Company. He is entitled to receive a director's fee of HKD 165,600 per annum, which is determined with reference to his duties, responsibility and experience, and to prevailing market conditions.

Mr. Sung will also be entitled to discretionary bonus to be determined by the Board based on his performance.