The board of directors of CHK Oil Limited announced that Ms. Liu Gui Feng ("Ms. Liu") has tendered her resignation as the chairlady of the Board (the "Chairlady") and an executive Director of the Company due to her age and health reasons with effect from 3 June 2021. Ms. Liu has confirmed that she has no disagreement with the Board and there are no matters in relation to her resignation that needs to be brought to the attention of the shareholders of the company or The Stock Exchange of Hong Kong Limited. With effect from 3 June 2021, Mr. Yu Jiyuan, an executive Director, the vice chairman of the Board and the chief executive officer, will be re-designated from the Vice Chairman of the Board to the chairman of the Board (the "Chairman"). Mr. Yu Jiyuan confirmed that he has no disagreement with the Board and there is no matter relating to his redesignation that needs to be brought to the attention of the Shareholders or the Stock Exchange. Mr. Yu Jiyuan, aged 28, the son of Mr. Yu Zhibo who is a substantial shareholder and a non-executive Director of the Company. Since January 2018, Mr. Yu Jiyuan has been the chairman of Tianjin Yingde Coldchain Technology Co. Ltd. Since November 2018, Mr. Yu Jiyuan has been working as the chairman of (Tianjin Binglixuleng Technology Co. Ltd. Mr. Yu Jiyuan was appointed as an executive Director on 15 July 2019 and appointed as the Vice Chairman of the Board and the CEO of the Company on 21 September 2020. Currently, Mr. Yu Jiyuan is also a member of the Nomination Committee and a member of Remuneration Committee. With effect from 3 June 2021, Mr. Yu Zhibo, a non-executive Director, will be appointed as the Vice Chairman of the Board. Mr. Yu Zhibo, aged 58, was appointed as an executive Director on 29 June 2020 and was re-designated as a non-executive Director on 21 September 2020. Mr. Yu Zhibo has more than 10 years of experience in the petrochemical industry.