The board of directors of China Ocean Industry Group Limited announced that, with effect from 18 January 2023, Mr. Cao Yong ("Mr. Cao") and Mr. Xu Conghui ("Mr. Xu") have been appointed as executive Directors. Mr. Cao, aged 54, holds a bachelor's degree in English and a Bachelor's degree in Project Management from Jilin University Northeast Finance & Economy University and respectively, and has more than 30 years' work experience in shipbuilding industry. Prior to joining the Company, Mr. Cao served as vice general manager of XIAMEN ITG Shipbuilding IMP & EXP Co.

Ltd. Mr. Xu, aged 53, graduated from Zhenjiang Shipbuilding Institute majoring in machinery manufacturing, and has more than 30 years' work experience in shipbuilding industry. Prior to joining the Company, Mr. Xu has joined Jiangxi Jiangzhou Union Shipbuilding Co. Ltd. a wholly-owned subsidiary of the Company, since 1991, and currently serves as the chief engineer and deputy general manager, responsible for technology, quality inspection, procurement and business cooperation.