The board (the "Board") of directors (the "Directors") of China Ocean Group Development Limited (the "Company") announced that Mr. Cai Haipeng ("Mr. Cai") has been re-designated from non- executive director to executive director of the company with effect from 9 September 2022. Mr. Cai, aged 36, graduated from Shenzhen University with a bachelor's degree in communication engineering. He is currently a director of Shenzhen Mingren Holding Group Co.

Ltd. Mr. Cai has served as a director of a China joint-stock securities company, responsible for operations and risk control compliance matters. He has held management positions in various companies in China since 2011 and has extensive experience in corporate management. Mr. Cai is the brother of Mr. Cai Haiming, a non- executive director of the Company.