The board of directors (the Director(s)) of Fountain Set (Holdings) Limited (the Company, together with its subsidiaries, the Group) announced that with effect from 1 December 2023: Mr. ZHAO Yao ("Mr. ZHAO") will resign as an executive Director and senior consultant of the Company as he would like to spend more of his time on his personal and other business engagements; and Ms. ZHAO Jianli ("Ms. ZHAO") will be appointed as an executive Director of the Company. Ms. ZHAO Jianli, aged 46, will be appointed as an executive Director. She is a legal professional with legal professional qualification and corporate lawyer qualification* in China.

She has 21 years of experience in legal, strategic, and board management. Ms. ZHAO is serving as general manager assistant, general legal counsel, chief compliance officer and executive of the general managers' office, and general manager of the legal, safety and environmental protection department at Chinatex Corporation Limited* ("Chinatex"). She joined China National Textiles Import and Export Corporation* as a legal counsel of the legal department in 2002.

She served as a secretary to the president of the strategy department, an executive of the board of directors' office, an executive of the general managers' office, and a general manager assistant at Chinatex. Ms. ZHAO graduated with a Bachelor's degree in Laws and obtained her Master's degree in Laws from Peking University Law School in 1999 and 2002 respectively. Ms. ZHAO has entered into a service agreement with the Company with a term of three (3) years commencing from the 1 December 2023 (as amended from time to time, the "Service Agreement").

The Service Agreement is terminable by either the Company or Ms. ZHAO by giving no less than six months' advance notice in writing to each other. Ms. ZHAO is subject to retirement and re-appointment in accordance with the articles of association of the Company. Pursuant to the service agreement with Ms. ZHAO, she will not receive emoluments in her capacity as an executive Director.