Tianjin Tianbao Energy : RESIGNATION OF EXECUTIVE DIRECTOR, CHIEF FINANCIAL OFFICER AND AUTHORISED REPRESENTATIVE

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Tianjin Tianbao Energy Co., Ltd.*

天 津 天 保 能 源 股 份 有 限 公 司

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1671)

RESIGNATION OF EXECUTIVE DIRECTOR, CHIEF FINANCIAL

OFFICER AND AUTHORISED REPRESENTATIVE

The board (the "Board") of directors (the "Directors") of Tianjin Tianbao Energy Co., Ltd.* (the "Company") hereby announces that due to job arrangements, Mr. Peng Chong ("Mr. Peng") has tendered his resignation as the executive Director, chief financial officer and the authorised representative (the "Authorised Representative") under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") of the Company and will no longer carry out the duties of the secretary to the Board with effect upon the completion of the Board meeting on August 28, 2020.

During Mr. Peng's tenure of service, he was responsible for investment management, information disclosure, capital operations, three committees operation, budget management, fund management, asset management and procurement and bidding management. He also assisted the chairman of the Board in handling daily affairs of the Board and was in charge of the investment securities department, financial asset department and resources management department. The Company and the Board would like to express their sincere gratitude to Mr. Peng for his valuable contributions during his tenure of service.

Mr. Peng has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation as the executive Director, chief financial officer and the Authorised Representative of the Company and his cessation to carry out the duties of the secretary to the Board that needs to be brought to the attention of the Stock Exchange and the shareholders of the Company. Mr. Peng has also confirmed that he does not have any action or claim, existing or pending, against the Company.

According to Article 133 of the articles of association ("Articles of Association") of the Company, the Board shall consist of nine Directors. Following the resignation of Mr. Peng as an executive Director, the Company fails to comply with the provisions set out in Article 133 of the Articles of Association. However, the resignation of Mr. Peng has not resulted in the number of members of the Board falling below the statutory quorum as required under the Company Law of the People's Republic of China ("PRC") and will not affect the operation of the Board in compliance with the applicable rules and regulations of the PRC. The Company will appoint a new director according to the relevant rules and regulations of the PRC and the relevant election procedures under the Articles of Association.

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The Company is in the process of identifying suitable candidates to fill in the positions of the executive Director, chief financial officer, secretary to the Board and the Authorised Representative. Further announcement will be made by the Company in relation to such appointments as and when appropriate.

By order of the Board

Tianjin Tianbao Energy Co., Ltd.*

Zhou Shanzhong

Chairman

Tianjin, the People's Republic of China, August 14, 2020

As of the date of this announcement, the Board comprises Mr. Zhou Shanzhong, Mr. Xing Cheng, Mr. Mao Yongming and Mr. Peng Chong as executive directors; Mr. Wang Xiaotong and Ms. Dong Guangpei as non-executive directors; and Mr. Chan Wai Dune, Mr. Han Xiaoping and Ms. Yang Ying as independent non-executive directors.

• For identification purpose only

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