The Board of Central Wealth Group Holdings Limited announces that with effect from 22 December 2022: (1) Mr. Liu Hongwei has tendered his resignation as an independent non-executive director and will cease to be a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company; and (2) Mr. Lin Guoyan has been appointed as an independent non-executive director of the Company, and a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company. The board of directors (the "Board") of Central Wealth Group Holdings Limited (the "Company") announces that with effect from 22 December 2022, Mr. Liu Hongwei ("Mr. Liu") has tendered his resignation as an independent non-executive director of the Company to pursue his other business commitments. Upon his resignation, Mr. Liu will cease to be a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company.

Mr. Liu has confirmed that he has no disagreement with the Board and is not aware of any matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Lin Guoyan (" Mr. Lin ") has been appointed as an independent non-executive director, and a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company with effect from 22 December 2022. Mr. Lin, aged 32, has been the investment director of Shantou Special Economic Zone Chongyao Real Estate Development Co.

Ltd. since November 2015, and has extensive experience in marketing coordination and management as well as project planning. Mr. Lin has not held other directorships in the last three years in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas. Pursuant to the letter of appointment issued by the Company, the initial term of office of Mr. Lin is one year commencing on 22 December 2022.

He is also subject to retirement and re-election in accordance with the Company's Bye-laws. Mr. Lin is entitled to receive a fixed director's fee of HKD 60,000 per annum. Except for the Company's share option scheme, Mr. Lin is not eligible to participate in any bonus schemes or other benefits of the kind available to executive directors of the Company.

The foregoing emolument of Mr. Lin is recommended by the Company's Remuneration Committee and approved by the Board with reference to his qualifications, experience and responsibilities with the Company.