Bank of East Asia : Resignation of Director and Changes of Members of Board Committees and Rule 3.10A of The Listing Rules

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.

The Bank of East Asia, Limited

東亞銀行有限公司

(Incorporated in Hong Kong with limited liability in 1918) (Stock Code: 23)

RESIGNATION OF DIRECTOR AND

CHANGES OF MEMBERS OF BOARD COMMITTEES

AND RULE 3.10A OF THE LISTING RULES

The Hon. CHAN Kin-por has tendered his resignation as an Independent Non-executive Director and will cease as the Chairman of the Risk Committee and a Member of the Audit Committee of the Bank with effect from 1stJune, 2019.

Dr. the Hon. Henry TANG Ying-yen has been appointed as the Chairman of the Risk Committee with effect from 1stJune, 2019.

The Bank of East Asia, Limited (the "Bank") announces the following resignation of Director and Changes of Members of Board Committees of the Bank.

Resignation of Director

The Hon. CHAN Kin-por ("Mr. Chan") has tendered his resignation as an Independent Non-executive Director ("INED") of the Bank with effect from 1stJune, 2019. Accordingly, he will also cease as the Chairman of the Risk Committee ("RIC") and a Member of the Audit Committee (the "AC") of the Bank on the same date.

Mr. Chan has informed the Bank that he has been appointed as the Chief Executive of an insurance group effective 1stJune, 2019. To avoid a possible conflict of interest, he has decided to step down as an INED of the Bank, the Chairman of the RIC and a Member of the AC.

Mr. Chan has confirmed that he has no disagreement with the Board and that he is not aware of any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Bank.

Mr. Chan was appointed a Director of the Bank in March 2017. The Board would like to extend its gratitude to Mr. Chan for his wise counsel and invaluable contribution to the Board and the Bank during his tenure of service on the Board and wish him every happiness, good health and success for the future.

- 1 -

Appointment of Chairman of the Risk Committee

Dr. the Hon. Henry TANG Ying-yen, being an INED and a Member of the AC, the Nomination Committee and the Remuneration Committee of the Bank, has been appointed as the Chairman of the RIC of the Bank with effect from 1stJune, 2019.

Compliance with Rule 3.10A of the Listing Rules

Pursuant to Rule 3.10A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), an issuer must appoint independent non-executive directors representing at least one-third of the board.

Upon the resignation of Mr. Chan as an INED as at 1stJune, 2019, the Board of Directors of the Bank (the "Board") will comprise 16 members including 3 Executive Directors, 8 Non-executive Directors and 5 INEDs. As a result, the number of INEDs of the Board will fall below the minimum number prescribed under Rule 3.10A of the Listing Rules.

The Bank is identifying a suitable candidate to fill the vacancy in order to comply with Rule 3.10A and Rule 3.11 of the Listing Rules as soon as practicable, and will make further announcement(s) as and when appropriate.

By Order of the Board

David LI Kwok-po

Chairman & Chief Executive

Hong Kong, 31stMay, 2019

As at the date of this announcement, the Board of Directors of the Bank comprises Dr. the Hon. Sir David LI Kwok-po#(Chairman & Chief Executive), Professor Arthur LI Kwok-cheung* (Deputy Chairman), Dr. Allan WONG Chi-yun** (Deputy Chairman), Mr. Aubrey LI Kwok-sing*, Mr. Winston LO Yau-lai*, Mr. Stephen Charles LI Kwok-sze*, Dr. Isidro FAINÉ CASAS*, Dr. Peter LEE Ka-kit*, Mr. Adrian David LI Man-kiu#(Deputy Chief Executive), Mr. Brian David LI Man-bun#(Deputy Chief Executive), Dr. Daryl NG Win-kong*, Mr. Masayuki OKU*, Dr. the Hon. Rita FAN HSU Lai-tai**, Mr. Meocre LI Kwok-wing**, Dr. the Hon. Henry TANG Ying- yen**, The Hon. CHAN Kin-por** and Dr. Delman LEE**.

• Executive Director

• Non-executiveDirector
• IndependentNon-executive Director

- 2 -