Dah Sing Banking Group Limited announces the following changes in the composition of Board and Board Committees which will take effect from 2 January 2024: Mr. Cheung currently a member of the Board of Governors of World Green Organisation, a member of the Banking Industry Training Advisory Committee, a member of the Hong Kong Academy of Finance and a member of the Advisory Committee on Accounting and Finance of the Hong Kong Polytechnic University. He was a member of the Advisory Board of Hong Kong Export Credit Insurance Corporation from 2011 to 2016. Mr. Cheung holds a Bachelor of Social Sciences degree in Economics from the University of Hong Kong.

Mr. Paul Winkelmann will be appointed as an Independent Non-Executive Director and the chairman of the Audit Committee of DSBG with effect from 2 January 2024. Mr. Winkelmann, aged 68, is currently an Independent Non-Executive Director and a member of the Audit Committee of Dah Sing Financial Holdings Limited ("DSFH"), the holding company of the Company (will assume the role of chairman of the Audit Committee with effect from 1 January 2024). He is also an Independent Non-Executive Director, a member of the Audit Committee (will assume the role of chairman of the Audit Committee with effect from 1 January 2024) and a member of Risk Management and Compliance Committee of DSB.

Mr. Winkelmann joined PricewaterhouseCoopers ("PwC") in 1984 and was admitted to partnership in 1990 to become a member of the first group of partners to set up PwC's financial services practice in Hong Kong. He specialized in the audits of financial institutions, both local and international. He was partner-in-charge of PwC's risk and compliance matters for Greater China for 14 years up to June 2014.

He was also the leader of PwC's Greater China Risk and Quality function overseeing auditing and ethical standards within PwC. In 2001, he joined the governance Board of Partners of PwC in Hong Kong and subsequently was appointed to the Management Board of PwC China and Hong Kong. Following his retirement from PwC Hong Kong in June 2014, Mr. Winkelmann was engaged as a senior advisor of PwC in Hong Kong on risk and quality matters during the period from July 2014 to December 2015.

Mr. Winkelmann is currently an Independent Non-Executive Director and a Non-Industry Member of the General Committee of the Insurance Complaints Bureau. He is also the Non-IA Eligible DP Member of Disciplinary Panel Pool of the Insurance Authority. He was the Chairman of the Financial Reporting Standards Committee of the Hong Kong Institute of Certified Public Accountants ("HKICPA") from 2004 to 2009 and the President of HKICPA in 2009.

In 2005, he was appointed to the Standing Committee on Company Law Reform and served for a period of 6 years. Mr. Winkelmann was the Chief Executive Officer of Financial Reporting Council of Hong Kong (now known as the Accounting and Financial Reporting Council) from April 2016 to March 2019. He is a fellow member of the HKICPA.

He holds a Bachelor of Arts (Business) Degree from Trinity College, Dublin. After serving as a director of DSBG for more than 15 years, Mr. Seng-Lee Chan ("Mr. Chan") has decided to retire from the Boards of the Company and DSB to reduce his business commitments. Mr. Chan will be retiring as Independent Non-Executive Director of DSBG with effect from 2 January 2024.

Following his retirement, Mr. Chan also ceases to act as a member of the Audit Committee and the chairman of the Nomination and Remuneration Committee of DSBG. Save for the abovementioned appointments of Ms. Nancy Chan as a member of the Audit Committee and Mr. Paul Winkelmann as the chairman of the Audit Committee of DSBG, with effect from 2 January 2024, the composition of the following board committees will be changed as follows: Mr. Robert Tsai-To Sze will be appointed as the chairman of the Nomination and Remuneration Committee and remains as a member of the Audit Committee of DSBG. Mr. David Shou-Yeh Wong will step down as a member of the Nomination and Remuneration Committee of DSBG.

Mr. Gary Pak-Ling Wang and Mr. David Wai-Hung Tam will be appointed as members of the Nomination and Remuneration Committee of DSBG.