Pao Yi Announces Full Board Renewal at 115th Annual Shareholders Meeting

1. Date of Change: 115/06/24

2. Category of Appointed or Changed Personnel (please select from: corporate director, corporate supervisor, independent director, individual director, or individual supervisor): corporate director, independent director, individual director

3. Former Position and Name: - Position: Director, Name: Zeng Guohao (representative of Jizhi Investment Co., Ltd.) - Position: Director, Name: Hu Shuxian - Position: Director, Name: Cai Meili - Position: Director, Name: Lin Gaoshun (representative of Jiaxi Co., Ltd.) - Position: Independent Director, Name: Su Qingyang - Position: Independent Director, Name: Huang Mingong - Position: Independent Director, Name: Lu Wenxiang - Position: Independent Director, Name: Li Ding'an

4. Former Resume: - Position: Director, Name: Zeng Guohao (representative of Jizhi Investment Co., Ltd.), Resume: Chairman of Jizhi Investment Co., Ltd. - Position: Director, Name: Hu Shuxian, Resume: Independent Director at Zhulong Precision Machinery Co., Ltd. - Position: Director, Name: Cai Meili, Resume: Director and General Manager at Ouhua Investment Development Co., Ltd. - Position: Director, Name: Lin Gaoshun (representative of Jiaxi Co., Ltd.), Resume: Chairman and General Manager at Wenmai Co., Ltd. - Position: Independent Director, Name: Su Qingyang, Resume: Independent Director at Rui Zhi Precision Co., Ltd. - Position: Independent Director, Name: Huang Mingong, Resume: Executive Director of the 21st Century Foundation - Position: Independent Director, Name: Lu Wenxiang, Resume: Principal Attorney at Lu Wenxiang Law Firm - Position: Independent Director, Name: Li Ding'an, Resume: Certified Public Accountant at Jiancheng United Accounting Firm

5. New Position and Name: - Position: Director, Name: Zeng Guohao (representative of Jizhi Investment Co., Ltd.) - Position: Director, Name: Hu Shuxian - Position: Director, Name: Cai Meili - Position: Director, Name: Lin Gaoshun (representative of Jiaxi Co., Ltd.) - Position: Independent Director, Name: Su Qingyang - Position: Independent Director, Name: Huang Mingong - Position: Independent Director, Name: Lu Wenxiang - Position: Independent Director, Name: Li Ding'an

6. New Resume: - Position: Director, Name: Zeng Guohao (representative of Jizhi Investment Co., Ltd.), Resume: Chairman of Jizhi Investment Co., Ltd. - Position: Director, Name: Hu Shuxian, Resume: Independent Director at Zhulong Precision Machinery Co., Ltd. - Position: Director, Name: Cai Meili, Resume: Director and General Manager at Ouhua Investment Development Co., Ltd. - Position: Director, Name: Lin Gaoshun (representative of Jiaxi Co., Ltd.), Resume: Chairman and General Manager at Wenmai Co., Ltd. - Position: Independent Director, Name: Su Qingyang, Resume: Independent Director at Rui Zhi Precision Co., Ltd. - Position: Independent Director, Name: Huang Mingong, Resume: Executive Director of the 21st Century Foundation - Position: Independent Director, Name: Lu Wenxiang, Resume: Principal Attorney at Lu Wenxiang Law Firm - Position: Independent Director, Name: Li Ding'an, Resume: Certified Public Accountant at Jiancheng United Accounting Firm

7. Nature of Change (please enter 'resignation', 'removal', 'term expiration', 'death', or 'new appointment'): term expiration

8. Reason for Change: Full board renewal due to term expiration

9. Number of Shares Held at Time of Appointment: - Position: Director, Name: Zeng Guohao (representative of Jizhi Investment Co., Ltd.), Shares: 6,102,869 - Position: Director, Name: Hu Shuxian, Shares: 380,000 - Position: Director, Name: Cai Meili, Shares: 0 - Position: Director, Name: Lin Gaoshun (representative of Jiaxi Co., Ltd.), Shares: 2,172,000 - Position: Independent Director, Name: Su Qingyang, Shares: 0 - Position: Independent Director, Name: Huang Mingong, Shares: 0 - Position: Independent Director, Name: Lu Wenxiang, Shares: 0 - Position: Independent Director, Name: Li Ding'an, Shares: 0

10. Previous Term (e.g., xx/xx/xx ~ xx/xx/xx): 112/06/28 ~ 115/06/27

11. Effective Date of New Appointment: 115/06/24 ~ 118/06/23

12. Director Turnover Rate During Same Term: Not applicable

13. Independent Director Turnover Rate During Same Term: Not applicable

14. Supervisor Turnover Rate During Same Term: Not applicable

15. Is the change affecting one-third or more of the directors? (yes/no): no

16. Other Matters to be Disclosed (if the subject is a publicly listed company, this announcement also qualifies as a material event under Article 7, Paragraph 6 of the Enforcement Rules of the Securities and Exchange Act that significantly affects shareholders' rights or stock prices): none