The board of directors of Convenience Retail Asia Limited announced the following changes of the composition of the Board, Audit Committee, Remuneration Committee and Nomination Committee with effect from the conclusion of the annual general meeting of the Company held on 26 May 2022: Mr. ZHANG Hongyi has retired as Independent Non-executive Director of the Company due to the need to devote more time to his other personal commitments. Mr. Terrence TSANG Diao-Long has been appointed as Independent Non-executive Director of the Company. Biographical details of Mr. Tsang are as follows: Mr. Terrence Tsang Diao-Long, aged 46, has over 25 years of experience in the hospitality and food and beverage industry.

Mr. Tsang is the Founder and Managing Partner of Quality Quotient Solutions Limited, a hospitality consulting company based in Hong Kong. Previously, Mr. Tsang served as Director of Project Analysis and Corporate Director of Food and Beverage of Langham Hospitality Group. Prior to that, Mr. Tsang spent 12 years with the Four Seasons Hotel in Hong Kong and New York and also 2 years with the St.

Regis Hotel in New York. Mr. Tsang holds a Master of Business Administration, Executive Program from the J.L. Kellogg Graduate School of Management, Northwestern University in the United States and The Hong Kong University of Science and Technology. He also holds a Bachelor's degree in Hospitality Management from the University of New Hampshire in the United States.

As at the date of this announcement, Mr. Tsang does not have any interests in the securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance. As at the date of this announcement, Mr. Tsang had not entered into any service contract with the Company nor any of its subsidiaries. Appointment as Independent Non-executive Director has no specific term but will be subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the Articles of Association of the Company.

Pursuant to Article 86 of the Company's Articles of Association, Mr. Tsang will hold office until the first general meeting of Shareholders after his appointment and be subject to re-election at such general meeting. Each Director is entitled to receive a director's fee of HKD 200,000 per annum and an additional fee of HKD 50,000 and HKD 70,000 per annum for serving as a member of each of (1) Remuneration Committee or Nomination Committee and (2) Audit Committee respectively. Chairman of each of (1) Remuneration Committee or Nomination Committee and (2) Audit Committee will also be paid an additional fee of HKD 60,000 and HKD 70,000 respectively.

The director's fees are determined by the Board and approved by the Shareholders from time to time with reference to the range of remuneration of other companies listed on The Stock Exchange of Hong Kong Limited with similar business nature and market capitalisation, pro rata to the period during which he/she has held office. Changes of Composition of Audit Committee, Remuneration Committee and Nomination Committee: Subsequent to the retirement of Mr. Zhang as Director, he has also ceased to be a member of each of the Audit Committee, Remuneration Committee and Nomination Committee of the Company while Mr. Tsang has been appointed as a member of each of the Audit Committee, Remuneration Committee and Nomination Committee of the Company. After the changes, the respective Board Committee comprises the following members: Audit Committee: Mr. Anthony LO Kai Yiu – Chairman; Mr. Godfrey Ernest SCOTCHBROOK – Member; Mr. Benedict CHANG Yew Teck – Member; Dr. Sarah Mary LIAO Sau Tung – Member; Mr. Terrence TSANG Diao-Long – Member.

Remuneration Committee: Dr. Sarah Mary LIAO Sau Tung – Chairman; Dr. William FUNG Kwok Lun – Member; Mr. Terrence TSANG Diao-Long – Member. Nomination Committee: Dr. William FUNG Kwok Lun – Chairman; Mr. Anthony LO Kai Yiu – Member; Dr. Sarah Mary LIAO Sau Tung – Member; Mr. Terence FUNG Yue Ming – Member; Mr. Terrence TSANG Diao-Long – Member.