The board of directors of Cathay Media and Education Group Inc. announced that Mr. Yan Xiang ("Mr. Yan") has tendered his resignation from an executive Director with effect from 27 June 2023 due to his desire to devote more time to the teaching duties and responsibilities of the Group's university, Communication University of China, Nanjing ("CUCN"). Mr. Yan will continue to serve as a professor at CUCN. Mr. Yan confirmed that he has no disagreement with the Board, and that he is not aware of any matter relating to his resignation as executive Director that needs to be brought to the attention of the shareholders of the Company (the "Shareholders").

Following the resignation of Mr. Yan, the Board announced that Ms. Jacqueline Luo ("Ms. Luo") has been appointed as an executive Director with effect from 27 June 2023. Ms. Luo is primarily responsible for strategic formulation and implementation of the Group's business plan and overall supervision on the development of the Group's livestreaming e-commerce business. She is the chairperson and a director of Huaxia Youpin (Beijing) Culture Communication Co.

Ltd. (“Huaxia Youpin ") and a director of each of Nanjing Meiya Education Investment Co. Ltd. ("Nanjing Meiya") and CUCN. Huaxia Youpin, Nanjing Meiya and CUCN are consolidated affiliated entities of the Company.

Ms. Luo, aged 43, has more than 14 years of management experience in media, entertainment, television/film production and education businesses. She has served as a vice president of Huaxia Audio-Visual Global Media (Beijing) Holdings Co. Ltd. since joining the Group in 2015 and a vice president of the Company since January 2017.

Prior to joining the Group, Ms. Luo held a management position responsible for business strategy, sales and marketing in a private entertainment company. Ms. Luo graduated from California University, Fullerton, with a bachelor's degree in international business administration. Ms. Luo is the spouse of Mr. Pu Shulin ("Mr. Pu"), the founder of the Group, the chairperson of the Board, an executive Director and the chief executive officer of the Company.