The Board of Directors of the C&N Holdings Limited announced that with effect from 1 July 2023, Ms. Lo Suet Lai (``Ms. Lo'') has resigned as an independent non-executive Director, the Chairwoman of the nomination committee of the Board (the ``Nomination Committee''), a member of each of the remuneration committee of the Board (the ``Remuneration Committee'') and the audit committee of the Board (the ``Audit Committee'') as she would like to devote more time to her own profession and business. The Board announced the appointment of Ms. Wong Ching Wan (``Ms. Wong'') to the following offices, all effective from 1 July 2023: an independent non-executive Director; the Chairwoman of the Nomination Committee; a member of the Remuneration Committee; and a member of the Audit Committee. Ms. Wong, aged 60, has over 30 years of management experience in construction and human resources industries.

She is currently serving as a director at a sizeable human resources consultancy firm. The Company has entered into a letter of appointment with Ms. Wong in relation to her appointment as an independent non-executive Director of the Company for a term of one (1) year commencing on 1 July 2023 which is determinable by either party serving on the other not less than one month's written notice, subject to retirement by rotation and re-election in accordance with the articles of association of the Company and the GEM Listing Rules. Ms. Wong will be entitled to a Director's fee of HKD 60,000 per annum, which was recommended by the Remuneration Committee and has been determined with reference to the prevailing market conditions and her roles and responsibilities in the Group, subject to review by the Board and the Remuneration Committee from time to time.

She has not entered into nor proposed to enter into any service contracts, which fall within the meanings of Rule 17.90 of the GEM Listing Rules requiring the prior approval of shareholders of the Company at general meetings, with the Company.