The Board of Madison Holdings Group Limited announced that Ms. Fan Wei retired by rotation from the office of independent non-executive Director in accordance with the articles of association of the Company (the "Article(s)") with effect from the conclusion of the AGM, and did not offer herself for re-election at the AGM as she would like to devote more time to her other endeavours. Upon her retirement, Ms. Fan also ceased to act as the chairlady of the remuneration committee (the "Remuneration Committee") of the Company and a member of each of the nomination and corporate governance committee (the " Nomination and Corporate Governance Committee") and the audit committee (the "Audit Committee") of the Company. Ms. Fan has confirmed that she has no disagreement with the Board and there are no matters that need to be brought to the attention of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") or the Shareholders in respect of her retirement.

The Board would like to express its deepest gratitude to Ms. Fan for her valuable contributions during her tenure of office. The Board announced that with effect from 9 August 2022, Mr. Zhou Leo has been appointed as an independent non-executive Director to fill the vacancy arising from the retirement of Ms. Fan. Mr. Zhou, aged 56, obtained a Bachelor of Science in Computer Science from Zhejiang University in 1986 and a Master of Science from Michigan State University in Computer Science in 1991.

From 1991 to 2000, Mr. Zhou worked at Microsoft Corporation as a software engineer and subsequently a technical director. Since 2000, Mr. Zhou became an entrepreneur and started several information technology and internet companies in the People's Republic of China (the "PRC"). During the period from 2009 to 2014, Mr. Zhou had also served as the chief executive officer of Shanghai Wicresoft Co.

Ltd. After leaving Shanghai Wicresoft Co. Ltd. in 2014, Mr. Zhou became heavily involved in investment and mergers and acquisition activities, mostly related to new technologies. The Board further announced that with effect from 9 August 2022, Mr. Zhou will be appointed to act as the chairman of the Remuneration Committee and a member of each of the Nomination and Corporate Governance Committee and the Audit Committee.