The board of directors of China Overseas Grand Oceans Group Limited announced that Mr. Lo Yiu Ching, Dantes, due to his retirement, has resigned as independent non-executive director of the Company, chairman of Nomination Committee, and member of Audit Committee and Remuneration Committee of the Company with effect from the conclusion of the Board meeting of the Company held on 27 March 2023. Mr. Lo confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the shareholders of the Company. The Board also announces that, at the recommendation of the Nomination Committee of the Company, Mr. Fan Chun Wah, Andrew ("Mr. Fan") has been appointed as independent non- executive director of the Company, chairman of Nomination Committee, and member of Audit Committee and Remuneration Committee of the Company with effect from the conclusion of the Board meeting of the Company held on 27 March 2023.

Mr. Fan, aged 44, is a practicing certified public accountant in Hong Kong with over 16 years of experience. He holds a Bachelor Degree of Business Administration (Accounting and Finance) from The University of Hong Kong and a Bachelor Degree in Laws from the University of London. Mr. Fan is a fellow member of the Association of Chartered Certified Accountants in the United Kingdom and a fellow member of the Hong Kong Institute of Certified Public Accountants.

He is a member of the fourteenth National Committee of the Chinese People's Political Consultative Conference, the Vice Chairman of the tenth and eleventh committee of Zhejiang Province United Young Association, and a member and standing committee member of the eleventh to thirteenth committee of All-China Youth Federation. He was also a member of the tenth to twelfth committee of the Chinese People's Political Consultative Conference of the Zhejiang Province, a member of the fourth and fifth committee of the Chinese People's Political Consultative Conference of Shenzhen, and a member and standing committee member of the tenth committee of the Shanghai United Young Association. Mr. Fan is currently an independent non-executive director of Chuang's China Investments Limited (stock code: 298), Culturecom Holdings Limited (stock code: 343), Nameson Holdings Limited (stock code: 1982), Sing Tao News Corporation Limited (stock code: 1105) and China Aircraft Leasing Group Holdings Limited (stock code: 1848), shares of which are listed on the Main Board of the Stock Exchange.

Mr. Fan had been an independent non- executive director of Fulum Group Holdings Limited from October 2014 to May 2021 (stock code: 1443), Sinomax Group Limited from March 2014 to June 2020 (stock code: 1418), Universal Star (Holdings) Limited from May 2019 to September 2020 (stock code: 2346) and Space Group Holdings Limited from January 2018 to August 2022 (stock code: 2448), shares of which are listed on the Main Board of the Stock Exchange, and CNC Holdings Limited from January 2018 to August 2020 (stock code: 8356) and Omnibridge Holdings Limited from July 2017 to November 2020 (stock code: 8462), shares of which are listed on the GEM of the Stock Exchange.