The board of directors of Everbright Grand China Assets Limited announced that Ms. Yu Pauline Wah Ling ("Ms. Yu") has resigned as an independent non-executive Director with effect from 26 August 2022 due to her personal commitment. The board announced that Mr. Wang Cheung Yue ("Mr. Wang") has been appointed as independent non-executive Director with effect from 26 August 2022. Mr. Wang, aged 78, has been appointed as an independent non-executive Director with effect from 26 August 2022. Mr. Wang has been the chairman and director of Salon Films (Hong Kong) Limited since its incorporation in 1969. Since 2017, Mr. Wang has been an independent non-executive director of Hailiang International Holdings Limited (stock code: 2336). Mr. Wang is a director of The Hong Kong International Film Festival Society Limited, a member of the Hong Kong Advisory Board of British Academy of Film and Television Arts, an honorary consultant to the Academy of Film of Hong Kong Baptist University, a member of advisory committee of School of Film and Television of The Hong
Kong Academy for Performing Arts, the co-founder of Asia Content Business Summit, a director of Asian Film Awards Academy Limited, a director of Salon Media Lab Limited
and a director of Education Innovation Research Institute in the Greater Bay Area Limited. Mr. Wang has also been appointed as an advisor for the Project of Moral Community of the
Kingdom of Thailand Ministry of Culture. Mr. Wang obtained a bachelor of arts degree in business administration from Whittier College, California in 1972. Following the resignation of Ms. Yu, Mr. Wang, the independent non-executive Director, has been appointed as a member of the remuneration committee and investment committee of the Company to take the place of Ms. Yu with effect from 26 August 2022.