The board of directors of Coastal Greenland Limited announced that Mr. Xia Xianglong has tendered his resignation as an executive Director and the chairman of the investment committee of the Board with effect from 23 May 2022 due to his other business commitments. Following the resignation of Mr. Xia, the Board, with the recommendation of the nomination committee of the Board, has resolved to appoint Dr. Li Ting, an executive Director and a member of the Investment Committee, to be the chairman of the Investment Committee with effect from 23 May 2022. With effect from 23 May 2022, Mr. Jiang Ming, an executive Director, has ceased to be a member of the remuneration committee of the Board in order to focus on the Group's overall management, strategic planning and business development.

Mr. Jiang will continue to be an executive Director, the chairman of the Board, the managing Director and the chairman of the Nomination Committee after his cessation as a member of the Remuneration Committee. The Board announced that Ms. Tong Xinhua has been appointed as an executive Director, a member of the Remuneration Committee and a member of the Investment Committee with effect from 23 May 2022.