Magnus Concordia Group Limited announced at its AGM held on 31 August 2022 that the re-election of the retiring Director, Mr. Ho Man (``Mr. Ho''), as an independent non-executive Director, was not passed at the AGM. Accordingly, Mr. Ho retired as an independent non-executive Director with effect from the conclusion of the AGM (the ``Retirement''). The Board is not aware of any other matter relating to the Retirement that needs to be brought to the attention of the Shareholders and The Stock Exchange of Hong Kong Limited.

Following the Retirement, Mr. Ho also ceased to be the chairman of the audit committee of the Company (the ``Audit Committee''), and a member of each of the remuneration committee of the Company and the nomination committee of the Company. Following the Retirement, the Company only has two independent non-executive Directors, namely Mr. Xu Jianfeng (``Mr. Xu'') and Mr. Wang Zhengjun (``Mr. Wang'').