DreamEast : APPOINTMENT OF EXECUTIVE DIRECTOR AND CHANGE OF CHIEF EXECUTIVE OFFICER

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DREAMEAST GROUP LIMITED

夢東方集團有限公司

(Incorporated in Bermuda with limited liability and

carrying on business in Hong Kong as "DreamEast Cultural Entertainment")

(Stock Code: 593)

APPOINTMENT OF EXECUTIVE DIRECTOR AND CHANGE OF CHIEF EXECUTIVE OFFICER

The board of directors (the "Board") of DreamEast Group Limited (the "Company", together with its subsidiaries, the "Group") announces that Mr. Zhou Zheng ("Mr. Zhou") has resigned as the Chief Executive Officer of the Company effect from 2 January 2020. Mr. Zhou will remain as an executive Director, the chairman and the authorised representative of the Company.

The Board is pleased to announce that Ms. Zhou Jin（周金）("Ms. Zhou") has been appointed as an executive director of the Company with effect from 2 January 2020. Ms. Zhou has also been appointed as the Chief Executive Officer in replacement of Mr. Zhou with effect from 2 January 2020.

Ms. Zhou, aged 47, is currently the vice president of SkyOcean Group Holdings Co., Ltd. （天洋控股集團有限公司）. She served as an executive Director of the Company from 6 January 2014 to 9 January 2015. She has over 25 years of working experience in the property development and commercial retail industries in the People's Republic of China. Ms. Zhou is the younger sister of Mr. Zhou. Ms. Zhou did not hold any other directorship in listed public companies in Hong Kong or overseas for the past three years.

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As at the date of this announcement, Ms. Zhou has entered into a letter of appointment with the Company for an initial term of three years commencing from 2 January 2020. Ms. Zhou shall hold office until the next general meeting of the Company after her appointment and shall then be eligible for re-election at that meeting. She is subject to the retirement by rotation and re-election at the annual general meetings of the Company in accordance with the memorandum of association and bye-laws of the Company. Ms. Zhou is entitled to an annual director fee of HKD120,000 which is determined with reference to her duties and level of responsibilities and the remuneration policy of the Company and the prevailing market conditions.

Save as disclosed in this announcement, as at the date hereof, Ms. Zhou does not (i) hold any other position with the Company or its subsidiaries; (ii) have any relationship with any other directors of the Company, senior management or substantial or controlling shareholders of the Company (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")).

Ms. Zhou has a 20% effective interest in SkyOcean Investment Holdings Limited, the immediate holding company of the Company. Save as disclosed above, Ms. Zhou does not have any interest in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above, there is no other information relating to Ms. Zhou's appointment which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules and there are no other matters that need to be brought to the attention of the holders of securities of the Company.

By order of the Board of

DreamEast Group Limited

Chan Tak Kwong

Company Secretary

Hong Kong, 2 January 2020

As at the date of this announcement, the Board comprises Mr. Zhou Zheng (Chairman), Ms. Zhou Jin (Chief Executive Officer) and Mr. Yang Lei being the executive Directors, and Dr. Chen Guanglei, Dr. Meng Xiaosu, Mr. Yang Buting and Mr. Zhao Daxin being the independent non-executive Directors.

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