The board of directors of Sino- Ocean Group Holding Limited announced the following change of Directors with effect from 31 March 2023: CHANGE OF DIRECTORS: Mr. WANG Zhifeng (``Mr. Wang'') has resigned as an independent non-executive Director in order to devote more time to his other commitments; and Mr. LYU Hongbin (``Mr. Lyu'') has been appointed as an independent non-executive Director. Mr. Wang has confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that needs to be brought to the attention of the shareholders of the Company. Mr. LYU Hongbin, aged 48, is currently the chairman of Beijing Tiancheng Ruiming Corporate Management Company Limited.

Mr. Lyu was a director of China Beijing Equity Exchange and Greatwall Life Insurance Co. Ltd., the deputy secretary of the Party Committee, the director and the general manager of Financial Street Holdings Co. Ltd. (``Financial Street'', a company listed on The Shenzhen Stock Exchange) from January 2017 to December 2021.

Mr. Lyu was also an executive director of Financial Street Guangzhou Real Estate Company Limited, the chairman of Financial Street Huizhou Real Estate Company Limited, the deputy general manager of Financial Street, the executive director of Financial Street (Shanghai) Investment Company Limited, the executive director, the general manager and the deputy general manager of Financial Street (Tianjin) Real Estate Company Limited (), and the project general manager of Tianjin World Financial Center. Mr. Lyu graduated from Hohai University with a double bachelor's degree major in Hydrogeology and Engineering Geology from College of Civil Engineering and Management Engineering from College of Management. Mr. Lyu graduated from Tsinghua University and obtained a degree in Executive Master of Business Administration (EMBA) in 2019.

Mr. Lyu is a senior engineer. CHANGE IN COMPOSITION OF BOARD COMMITTEES: The Board also announced that the following changes in composition of the Board committees with effect from 31 March 2023: Mr. WANG Zhifeng has also ceased to be a member of each of the nomination committee of the Company (the ``Nomination Committee'') and the Remuneration Committee upon his resignation; Mr. LYU Hongbin has been appointed as a member of each of the audit committee of the Company (the ``Audit Committee'') and the Remuneration Committee; and Mr. JIN Qingjun, an independent non-executive Director, has been appointed as a member of the Nomination Committee and has ceased to act as a member of the Audit Committee. Subsequent to the aforesaid changes, with effect from 31 March 2023, the Audit Committee comprises three independent non-executive Directors, Ms. LAM Sin Lai Judy, Mr. SUEN Man Tak and Mr. LYU Hongbin, and two non-executive Directors, Ms. HUANG Xiumei and Mr. ZHAO Peng; the Nomination Committee comprises one executive Director, Mr. LI Ming and two independent non-executive Directors, Mr. HAN Xiaojing and Mr. JIN Qingjun; and the Remuneration Committee comprises three independent non-executive Directors, Mr. HAN Xiaojing, Mr. SUEN Man Tak and Mr. LYU Hongbin.

The composition of the strategic and investment committee of the Company remains unchanged.