Asia Financial Holdings Limited announced changes of independent non-executive director, non-executive director and committees' members with effect from the conclusion of the Company's annual general meeting held on 19 May 2023. Mrs. LAI KO Wing Yee Rebecca has retired as an INDEPENDENT NON-EXECUTIVE DIRECTOR of the Company and ceased as the chairperson of the Remuneration Committee and the Risk Committee, and a member of the Nomination Committee, the Compliance Committee and the Audit Committee of the Company. Mrs. Lai, after joining the Company for more than 10 years, has decided to give time to her personal priorities and not to offer herself for re-election as INDEPENDENT NON-EXECUTIVE DIRECTOR of the Company, upon the expiration of her current term; Mr. OGURA Satoru has resig Non-Executive Director as a NON-EXECUTIVE DIRECTOR of the Company due to his recent job relocation; Mr. LI Lu Jen Laurence has been elected in the 2023 AGM as an INDEPENDENT NON-EXECUTIVE DIRECTOR of the Company and also been appointed as the chairperson of the Remuneration Committee and the Risk Committee, and a member of the Nomination Committee, the Compliance Committee and the Audit Committee of the Company; and Mr. TATEGAMI Susumu has been elected in the 2023 AGM as a NON-EXECUTIVE DIRECTOR of the Company.

Mr. LI Lu Jen Laurence, S.C., J.P., aged 52, is a barrister. He was called to the Hong Kong Bar in 2006 and appointed Senior Counsel in 2019. Mr. Li practices commercial litigation with an emphasis on matters involving the financial markets and financial services.

He regularly acts for banks, investors, listed companies, their directors, shareholders, accounting firms, valuers, the Government, and the regulators. Mr. Li also often acts in Mainland-related cases both in court and in arbitration. Prior to being called to the Hong Kong Bar, Mr. Li served in several positions in the Securities and Futures Commission in Hong Kong and, before that, worked in a law firm in New York.

Mr. Li is currently the Chairperson of the Financial Services Development Council, the Chairperson of the Pay Trend Survey Committee, a director of the Airport Authority, a member of the Standing Commission on Civil Service Salaries and Conditions of Service, and a member of the ICAC Complaints Committee. He is a Judge of the Regulatory Tribunal of the Qatar International Court in Qatar. Mr. Li also serves as director on the boards of BE Reinsurance Limited, SVHK Foundation Limited, SVHK Capital Limited, Light Be Foundation Limited, Light Be (Social Realty) Company Limited, Light Be (Sham Tseng Social Housing) Company Limited, Light Be (Tin Shui Wai Social Housing) Company Limited and Esperanza Limited.

Mr. Li obta Independent Non-Executive Director his Bachelor of Arts degree from Yale University and his Juris Doctor degree from Harvard Law School. He is a Fellow of The Hong Kong Polytechnic University, an Honorary Fellow of the Asian Institute of International Financial Law at The University of Hong Kong, and a Senior Fellow of the Centre for Financial Regulation and Economic Development at The Chinese University of Hong Kong. Other than above, Mr. Li has also been elected in the annual general meeting of Asia Insurance Company, Limited ("Asia Insurance"), the Company's wholly ow Non-Executive Director subsidiary, as its INDEPENDENT NON-EXECUTIVE DIRECTOR, which appointment has been approved by the Insurance Authority and took effect from the conclusion of the annual general meeting of Asia Insurance held on 19 May 2023.

Besides, Mr. Li has also been appointed the chairperson of the Risk Committee and a member of the Audit Committee of Asia Insurance which also took effect from the conclusion of the annual general meeting of Asia Insurance held on 19 May 2023. Mr. TATEGAMI Susumu ("Mr. Tategami"), aged 49, is currently the General Manager of Global Business Department of Aioi Nissay Dowa Insurance Company, Limited ("Aioi Nissay Dowa"). Mr. Tategami graduated from Rikkyo University, Bachelor of Arts in Law and Politics in 1996 and in the same year he jo Independent Non-Executive Director Aioi Nissay Dowa.

Mr. Tategami had served as the Managing Director & Head of Asian Strategic Unit of Aioi Nissay Dowa Services Asia, Singapore since 2018 upto March 2023, running data analytics business in Southeast Asia and India, developing new technology and know-how as R&D, and managing the company as CEO. He was also the Deputy General Manager of Telematics Solutions group, H.Q. of Aioi Nissay Dowa from 2015 to 2017, proceeding telematics business globally, especially in Southeast Asia, and creating new market such as Ride-sharing where telematics can be used effectively. Mr. Tategami had been an Executive Advisor of Retail Business Centre of Ping An P&C Insurance Company of China (as a seconded staff), Shenzhen, China from 2010 to 2015, developed the SUBARU and Mazda insurance market in China, and expanded Toyota insurance market in China.

Aioi Nissay Dowa currently holds approximately 5.61% shareholding in the Company's issued share capital.