DreamEast : (1) CHANGE OF EXECUTIVE DIRECTOR AND CHAIRMAN OF THE BOARD, (2) CHANGE OF AUTHORISED REPRESENTATIVE AND (3) CHANGE OF COMPOSITION OF A BOARD COMMITTEE

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

DREAMEAST GROUP LIMITED ྫྷ؇˙ණྠϞࠢʮ̡

(Incorporated in Bermuda with limited liability and carrying on business in Hong Kong as "DreamEast Cultural Entertainment")

(Stock Code: 593)

(1) CHANGE OF EXECUTIVE DIRECTOR AND

CHAIRMAN OF THE BOARD,

(2) CHANGE OF AUTHORISED REPRESENTATIVE

AND

(3) CHANGE OF COMPOSITION OF A BOARD COMMITTEE

The Board announces that with effect from 5 March 2021:

• (1) Mr. Cao Rucang resigned as an executive Director, the Chairman of the Board, and chairman of the Nomination Committee of the Company;

• (2) Mr. Yang Lei resigned as the authorised representative of the Company; and

• (3) Ms. Zhou Jin has been appointed as an executive Director, the Chairman of the Board, the authorised representative and the chairman of the Nomination Committee of the Company.

RESIGNATION OF EXECUTIVE DIRECTOR AND CHAIRMAN OF THE BOARD

The board (the "Board") of directors (the "Director(s)") of DreamEast Group Limited (the "Company") announces that Mr. Cao Rucang ("Mr. Cao") tendered his resignation as an executive Director with effect from 5 March 2021, as he needs to devote more time to his other engagements. Following his resignation, Mr. Cao will also cease to be the Chairman of the Board and the chairman of the Nomination Committee of the Company with effect from 5 March 2021.

Mr. Cao has confirmed that he has no disagreement with the Board and that there are no other matters in relation to his resignation that needs to be brought to the attention of the shareholders of the Company (the "Shareholders") and The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to extend its appreciation to Mr. Cao for his valuable contribution during his tenure of office in the Company.

RESIGNATION OF AUTHORISED REPRESENTATIVE

With effect from 5 March 2021, Mr. Yang Lei resigned as the authorised representative of the Company but shall remain as an executive Director of the Company.

APPOINTMENT OF EXECUTIVE DIRECTOR, CHAIRMAN OF THE BOARD AND AUTHORISED REPRESENTATIVE

The Company further announces that Ms. Zhou Jin, ("Ms. Zhou") has been appointed as an executive Director, the Chairman of the Board and the authorised representative of the Company with effect from 5 March 2021.

Ms. Zhou, aged 48, is currently the president and legal representative of SkyOcean Group Holdings Co., Ltd. (˂ݱછٰණྠϞࠢʮ̡). She served as an executive Director of the Company from 2 January 2020 to 12 October 2020 and from 6 January 2014 to 9 January 2015. She has over 25 years of working experience in the property development and commercial retail industries in the People's Republic of China. Save as disclosed above, Ms. Zhou did not hold any other directorship in listed public companies in Hong Kong or overseas for the past three years.

As at the date of this announcement, Ms. Zhou has entered into a letter of appointment with the Company for an initial term of three years commencing from 5 March 2021. Ms. Zhou shall hold office until the next general meeting of the Company after her appointment and shall then be eligible for re-election at that meeting. She is subject to the retirement by rotation and re-election at the annual general meetings of the Company in accordance with the memorandum of association and bye-laws of the Company. Ms. Zhou is entitled to an annual director fee of HKD120,000 which is determined with reference to her duties and level of responsibilities and the remuneration policy of the Company and the prevailing market conditions. There is no additional remuneration payable to Ms. Zhou for acting as the Chairman of the Board, and the authorised representative of the Company.

Save as disclosed in this announcement, as at the date hereof, Ms. Zhou does not (i) hold any other position with the Company or its subsidiaries; (ii) have any relationship with any other directors of the Company, senior management or substantial or controlling shareholders of the Company (as defined in the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules")).

Ms. Zhou has a 20% effective interest in SkyOcean Investment Holdings Limited, the immediate holding company of the Company holding 205,182,287 shares of the Company (representing approximately 71.87% of the issued share capital of the Company) as at the date of this announcement. Save as disclosed above, Ms. Zhou does not have any interest in the shares or underlying shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above, there is no other information relating to Ms. Zhou's appointment which is required to be disclosed pursuant to Rules 13.51(2)(h) to 13.51(2)(v) of the Listing Rules and there are no other matters that need to be brought to the attention of the holders of securities of the Company.

The Board would like to extend a warm welcome to Ms. Zhou for joining the Board.

CHANGE OF COMPOSITION OF A BOARD COMMITTEE

Following Mr. Cao's resignation, Ms. Zhou will replace Mr. Cao as the chairman of the Nomination Committee of the Company with effect from 5 March 2021.

By order of the Board of DreamEast Group Limited

Chan Tak Kwong Company Secretary

Hong Kong, 5 March 2021

As at the date of this announcement, the Board comprises Ms. Zhou Jin (Chairman) and Mr. Yang Lei being the executive Directors, and Dr. Chen Guanglei, Dr. Meng Xiaosu, Mr. Yang Buting and Mr. Zhao Daxin being the independent non-executive Directors.