On February 23, 2024, Michael Faber tendered his resignation as a director of Capitalworks Emerging Markets Acquisition Corp, effective immediately. As a result of his resignation, Mr. Faber no longer serves as a member of each of the audit committee and the compensation committee of the board of directors of the Company. Mr. Faber?s resignation was not due to any disagreement with the Company.

Prior to his resignation, Mr. Faber was nominated for re-appointment as a Class I Director until the 2027 annual general meeting of the Company, which re-appointment will be submitted to the sole holder of the Company?s Class B ordinary share for approval at the upcoming extraordinary meeting in lieu of an annual general meeting of shareholders to be held on February 29, 2024 (the ?Meeting?). Because of Mr. Faber?s resignation, the sole holder of the Company?s Class B ordinary share will only consider the re-appointment of Whitney Baker as a Class I Director at the Meeting.