CIMC Enric Holdings Limited announced that, with effect from 30 September 2022, the term of appointment of Mr. Zhang Xueqian has expired and he has ceased to be an independent non-executive director of the Company, and ceased to be a member of each of the audit committee, remuneration committee and nomination committee of the Company; Mr. Yang Lei has been appointed as an independent non-executive director, and a member of each of the audit committee, remuneration committee and nomination committee of the Company. Mr. Yang, aged 48, graduated from Northwest University with a Bachelor's degree in Petroleum Geology in 1995, and obtained a Master's degree in Sedimentology from the Department of Geology of Northwest University in 1998 and a Doctor of Philosophy degree in Mineral Survey and Exploration from China University of Petroleum (Beijing) in 2002. Mr. Yang is currently the Vice President and a research professor of the Institute of Energy of Peking University, and the Chairman of the Coordination Committee of the International Gas Union.

Mr. Yang had held various positions at the National Development and Reform Commission and the National Energy Administration from July 2002 to April 2016. Mr. Yang had served as the first Senior Advisor from China to the Executive Director of the International Energy Agency from May 2016 to May 2019. Mr. Yang has nearly 25 years of extensive experience in strategic research and practical experience in the energy industry, and has dedicated himself to promote clean energy transition, market-oriented energy reform and global energy governance research.

The Institute of Energy of Peking University, which was co-founded by Mr. Yang, has played a significant role in promoting energy transition and carbon neutrality domestically and abroad. Mr. Yang has entered into a letter of appointment with the Company, pursuant to which he has been appointed as an independent non-executive director for the period commencing from 30 September 2022 to 29 September 2025, subject to certain early termination clauses of the letter. The Appointment is subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the Company's articles of association.

Pursuant to the letter of appointment, Mr. Yang is entitled to an annual director's fee of HKD 320,000, which was determined by the Board with reference to the recommendation of the remuneration committee of the Company and his duties and responsibilities in the Company.