·        Li Yong will take over asKraussMaffei Group CEO on January 1, 2023.

·        Previous CEO, Dr. Michael Ruf, isleaving at his own request to take on new challenges.

·        Majority shareholder Sinochem thanksDr. Ruf for his work and reaffirms its confidence in the company's future.

(Munich,November 29, 2022) – At its November 29 meeting, the KraussMaffei Group (KMG) SupervisoryBoard acknowledged with approval CEO Dr. Michael Ruf's personal request not toextend his contract, which expires at the end of March 2023, and named Mr. LiYong as his successor. Since 2018, KraussMaffei Group GmbH has been part ofKraussMaffei Company Limited, a stock corporation listed on the Shanghai StockExchange. Majority shareholder is Sinochem, one of the world’s leading chemicalconglomerates.

Ruf will remain KMG Management Board Chairman andCEO until December 31, 2022, with his responsibilities transferred to Li onJanuary 1. Until his contract's expiration on March 31, 2023, Ruf will continueto work to ensure a comprehensive handover and a smooth transition. He will alsoremain involved in some ongoing projects.

Ruf has been a member of the KMG Management Boardsince April 2019, initially as Chief Operating Officer and, since April 2020,as CEO for KMG and for KraussMaffei Company Limited.

New CEO Li Yong has been with Sinochem for nearlytwo decades in a variety of executive, operational and project managementpositions. Having spent a third of his career abroad, he has intensiveintercultural cooperation experience. He has already been involved inKraussMaffei's business since June 2022.

Supervisory Board Chairman Bai Xinping said"Dr. Ruf has successfully steered KraussMaffei with a sure hand through someunprecedented challenges in recent years. He has also significantly developedthe company and comprehensively modernized its processes, technology, strategyand site development. His committment to KraussMaffei's future is greatlyappreciated. The shareholders and the Supervisory Board thank Dr. Ruf for hiscommitment and wish him all the best for the future."

"After four eventful years with KraussMaffei,now is the right time to pass the baton onto my successor," said Ruf."I am very proud that together with the shareholders we have succeeded inpositioning KraussMaffei for a better future. I would like to thank theemployees for their contribution and their representatives from the workscouncil for their trust during the transformation. And I would like to thank mycolleagues for the time we spent together, as well as the Supervisory Board andthe shareholders for their support." 

SupervisoryBoard Chairman Bai Xinping said, "I have great confidence in the futureand in KraussMaffei's competitiveness. With his international experience anddeep knowledge of the Asian growth markets in particular, Li Yong is exactlythe right person to continue the company transformation already initiated andto return KraussMaffei to its former strength."

Mr. Li said, "I am very much looking forward tomy new role at KraussMaffei and to working with my new colleagues. Dr. Ruf hasdecisively driven KraussMaffei's transformation and set an important course forthe future, for which I am very grateful. Together with our main shareholderSinochem, KraussMaffei is now ready for the next step. We will expandKraussMaffei's technological lead and continue to drive forward the company's internationalization.I am convinced that with our teams' commitment, together we will write the nextchapter in the company's distinguished history."