The board of directors of IPE Group Limited announces that the Board received a resignation letter from Mr. Mei Weiyi ("Mr. Mei") on 30 October 2022, pursuant to which he resigned from his positions as an independent non-executive director of the Company and a member of each of the Board's Audit Committee, Remuneration Committee, Nomination Committee and ESG Committee due to his focus on other business engagement. Mr. Mei has confirmed that he has no disagreement with the Board and the Company and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. the number of independent non-executive Directors on the Board would decrease from three to two, falling below the minimum number required under Rule 3.10(1) of the Listing Rules; and the number of members of the Audit Committee would decrease from three to two, falling below the minimum number as required under Rule 3.21 of the Listing Rules.

The Company will use its best endeavor to identify a suitable candidate to act as an independent non-executive Director to meet the requirement set out in Rules 3.10 and 3.21 of the Listing Rules as soon as practicable, and in any event within three months as required under Rules 3.11 and 3.23 of the Listing Rules, and will make further announcement as and when appropriate.