The board of directors of Kinetic Development Group Limited announced the following changes to the composition of the Board with effect from 16 June 2022. The Board has appointed Mr. Ju Wenzhong ("Mr. Ju"), currently the chief executive officer of the Group (the "CEO") and an executive Director, as the chairman of the Board as well as chairman and a member of the nomination committee. At the same time, Mr. Ju will step down as the CEO.

All of the above changes relating to Mr. Ju took effect from 16 June 2022. The Board further announces that Mr. Li Bo ("Mr. Li"), an executive Director, has been appointed as the CEO in place of Mr. Ju with effect from 16 June 2022. Mr. Ju, aged 53, has joined the Group since September 2010, and has been an executive Director and the chief executive officer of the Company since 28 May 2020.

Mr. Ju is fully responsible for leading the production and sales of the Group. He serves in important positions in various companies in the Group. He obtained a professional qualification in precision machinery from the Department of Mechanical Engineering, Shenzhen University in July 1990.

Prior to joining Group in September 2010, Mr. Ju served as a senior management and director in several companies. He served as the deputy general manager and media sales director of Guangdong One Generation Advertising Co. Ltd. from January 2000 to December 2002, and was mainly responsible for media sales in Shenzhen and Guangzhou, China.

In addition, Mr. Ju served as the general manager of Guangzhou Frasar Advertising Co. Ltd. during the period from January 2003 to September 2006. He was the general manager and executive director of Guangzhou Universal Networks Co.

Ltd. from October 2006 to August 2010. Mr. Li, age 40, is the vice president of the Group and the chairman of Inner Mongolia Zhunge'er Kinetic Coal Limited and is mainly responsible for the comprehensive planning and the management of the overall operations of the Group's Dafanpu Coal Mine. After joining the Group in October 2006, he held a number of roles as manager and various management positions in the Group.

He graduated from the University of Science and Technology Beijing in 2004 with a bachelor's degree in management, and obtained a professional certificate of mining engineering from China University of Mining and Technology in 2016. Mr. Li obtained the title of Intermediate Registered Safety Engineer in November 2020 and the title of Senior Economist in December 2021.