China Vered Financial Holding Corporation Limited announces that with effect from 5 December 2022, Mr. Tan Zhenyu has been appointed as an executive director, chairman of the Board and the chairman of the nomination committee of the Company; Mr. Tomohiko Watanabe has resigned as an executive director, the chairman of the Board and the chairman of the Nomination Committee but will remain as a representative director and the chief executive officer of JBC Holdings Co. Ltd. (a non-wholly owned subsidiary of the Company); Ms. Li Wei has resigned as an executive director of the Company but will remain as the acting chief executive officer of the Company; and Mr. Tan will replace Mr. Watanabe as the authorised representative of the Company. Mr. Tan has been serving as the Executive Vice President of Vered Holdings Corporation since September 2018 and has been appointed as a director of Vered Holdings since July 2020.

Before joining Vered Holdings, Mr. Tan acted as the president of Huayun Finance Leasing Company Limited from April 2015 to July 2015. Prior to this, Mr. Tan served as the general manager of the wholesale banking medium-sized enterprises department of China Bohai Bankfrom August 2007 to April 2009 and served as the general manager of the small and medium-sized enterprises loan center credit management department of Bohai Bank from April 2009 to June 2009. Mr. Tan has extensive experience and valuable expertise in the financial industry.

Mr. Tan obtained a bachelor's degree in economics majoring in finance from the Hunan Institute of Finance and Economics in June 1997. Mr. Tan is expected to enter into a service agreement with the Company for his role as executive director of the Company for a term of three years with effect from 5 December 2022, provided that either party may terminate such service contract at any time by giving at least three months' notice in writing. Mr. Tan is entitled to receive an annual remuneration of HKD 250,000.

The remuneration package of Mr. Tan was determined by the remuneration committee of the Board (the ``Remuneration Committee'') and approved by the Board, with reference to his duties, responsibilities, experience, time commitment, performance of the Group as well as the market benchmark and the prevailing market conditions and shall be reviewed by the Remuneration Committee from time to time. In accordance with the Company's articles of association, Mr. Tan's appointment as an executive director is subject to retirement by rotation and re-election at the Company's general meeting. As a result of Mr. Watanabe's resignation, Mr. Tan will be appointed as the chairman of the nomination committee of the Company, with effect from 5 December 2022.

The Board announces that with effect from 5 December 2022, Mr. Watanabe has resigned as an executive director of the Company, the chairman of the Board and the chairman of the Nomination Committee due to his personal reasons. After his resignation, Mr. Watanabe will remain as a representative director and the chief executive of JBC Holdings Co. Ltd. (a non- wholly owned subsidiary of the Company).

The Board announces that with effect from 5 December 2022, Ms. Li has resigned as an executive director of the Company due to her personal reasons. After her resignation, Ms. Li will remain as the acting chief executive officer of the Company.