The board of directors of CNQC International Holdings Limited announce that a construction contract has been awarded by The Lutheran Church -- Hong Kong Synod to an indirect wholly-owned subsidiary of the Company, for the design and build contract works of a transitional housing project in Yuen Long, Hong Kong on 24 August 2022 and another construction contract has been awarded by Tung Wah Group of Hospitals to an indirect wholly-owned subsidiary of the Company, for the main contract works of a transitional housing project in Ma On Shan, Hong Kong on 6 September 2022 (the ``Contracts''). The total contract sums of the two Contracts are expected to be approximately HKD 496 million and the Contracts are expected to be completed within one year after commencement of the constructions. The Board is of the view that the adoption of the Modular Integrated Construction method on these transitional housing projects would further consolidate its leading position in the construction industry and is in the best interests of the Company and its shareholders.

The Board wishes to state that no forecast or prediction of the profits of the Group has been made with regard to the award of the Contracts.