The board of directors of Cowell e Holdings Inc. hereby announced that Mr. Seong Seokhoon ("Mr. Seong") has resigned as an executive Director, the chairman of the Board, the chairman of the nomination committee of the Company (the "Nomination Committee"), a member of the remuneration committee of the Company (the "Remuneration Committee") and the authorized representative of the Company (the "Authorized Representative"), with effect from March 26, 2020 in order to devote more time to his personal business. The Board further announces that Mr. Lee Dong Goo ("Mr. Lee") has resigned as an executive Director with effect from March 26, 2020 in order to focus on the new business development for the Company. He remains as the head of new business development of the Company. The Board announced that Mr. Kwak Jung Young ("Mr. Kwak") has been appointed as an executive Director, chairman of the Board and the chairman of the Nomination Committee with effect from March 26, 2020. The Board further announces that Mr. Cho Young Hoon ("Mr. Cho") has been appointed as an executive Director, a member of the Remuneration Committee and the Authorized Representative with effect from March 26, 2020. Mr. Kwak, aged 26, joined Cowell Optic Electronics Ltd. ("Cowell HK"), a wholly-owned subsidiary of the Company, in May 2017 as a manager overseeing new business development. He was appointed as a director of Cowell HK on May 2019. Mr. Cho, aged 43, is the chief financial officer of the Company. Mr. Cho joined Dongguan Cowell Optic Electronics Co. Ltd. ("Cowell China"), an indirect wholly-owned subsidiary of the Company, in July 2013 as a manager of strategic planning division and was responsible for supervising daily financial and sales operations of Cowell China.