The supervisory board of Tianjin Tianbao Energy Co., Ltd. was notified by Mr. Peng Chong that he will cease to be a supervisor representing the shareholders of the Company and the chairperson of the Supervisory Board of the Company due to adjustment of work arrangements. Upon the resignation of Mr. Peng, the number of the Supervisory Board members will fall below the statutory requirements. As such, Mr. Peng will continue to perform his duties as a Shareholder Representative Supervisor and his resignation will take effect on the date of approval by the Shareholders for the appointment of a new Supervisor.