Dr. William Yip Shue Lam is due to retire by rotation and for re-election at the forthcoming annual general meeting of the Company, to be held on 7 June 2023 in accordance with the existing Bye-laws of the Company. Dr. Yip will however not stand for re-election at the 2023 AGM and he will retire from acting as an INED and cease to be the chairman of each of the Audit Committee of the Company ("Audit Committee") and the Remuneration Committee of the Company ("Remuneration Committee") and a member of the Nomination Committee of the Company ("Nomination Committee"), with effect from the conclusion of the 2023 AGM. The Board announces that Dr. Yip, having served on the Board for more than 14 years, will retire by rotation and not stand for re-election at the 2023 AGM in order to allocate more time for his personal affairs.

Dr. Yip is due to retire by rotation and for re-election at the 2023 AGM in accordance with the existing Bye-laws of the Company. Dr. Yip will however not stand for re-election at the 2023 AGM and he will retire from acting as an INED with effect from the conclusion of the 2023 AGM. Upon his retirement, with effect from the conclusion of the 2023 AGM, Dr. Yip will cease to be the chairman of each of the Audit Committee and the Remuneration Committee and a member of the Nomination Committee.

Dr. Yip has confirmed that he has no disagreement with the Board and that he is not aware of any matter relating to his retirement that needs to be brought to the attention of the Shareholders. The Board would like to express its sincere gratitude to Dr. Yip for his valuable advice, contribution and service to the Company during his tenure of office. In connection with the retirement of Dr. Yip, the Board further announces the following changes to the composition of the board committees of the Company, with effect from the conclusion of the 2023 AGM: Mr. Nip Yun Wing ("Mr. Nip"), an INED, will be appointed as the chairman of the Audit Committee and a member of the Remuneration Committee.

Mr. Nip is an existing member of the Audit Committee; Mr. Wong Kwai Lam ("Mr. Wong"), an INED, will be appointed as the chairman of the Remuneration Committee. Mr. Wong is an existing member of each of the Remuneration Committee and the Nomination Committee; and Mr. Cheung will be appointed as a member of each of the Audit Committee and the Nomination Committee.