Convenience Retail Asia Limited announces the following changes of the composition of the Board and Audit Committee with effect from 1 September 2023. Mr. Godfrey Ernest SCOTCHBROOK has resigned as Non-executive Director of the Company due to the need to devote more time to his other personal commitments. Mr. Scotchbrook has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

The Board would like to express its sincere gratitude to Mr. Scotchbrook for his invaluable contribution to the Board, the Company and the Shareholders during his tenure of office. Ms Tiffany Daisy LEE Pei Ming has been appointed as Non-executive Director of the Company. Biographical details of Ms Lee are as follows: Ms Tiffany Daisy LEE Pei Ming, aged 43, niece of Dr. William FUNG Kwok Lun (Chairman of the Board and substantial Shareholder) and cousin of Ms. Sabrina FUNG Wing Yee (Non-executive Director of the Company) and Mr. Terence FUNG Yue Ming (Non-executive Director of the Company), has 20 years of experience in retail, food and beverage, and consumer products industries.

Ms. Lee previously served as Managing Director of Wellcome Hong Kong and Macau. She also held various leadership roles at Café de Coral, Starbucks Coffee Asia Pacific, McDonald's Restaurants (Hong Kong), and Saint Honore Cake Shop. Prior to that, Ms Lee was a financial analyst at Credit Suisse Securities and a management consultant at McKinsey & Company.

She holds a Master's degree in Business Administration from Harvard Business School and a Bachelor of Arts degree from Harvard College. As at the date of this announcement, Ms Lee 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, Ms Lee had not entered into any service contract with the Company nor any of its subsidiaries.

Appointment as 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, Ms Lee will hold office until the first annual general meeting of Shareholders after her appointment and shall then be eligible for re-election.