The Board of Directors Pak Fah Yeow International Limited announces that with effect from 30 September 2022, (1) Ms. Wong Ying Kay, Ada and Mr. Ip Tin Chee, Arnold both resigned as independent non-executive directors of the Company and members of audit committee, remuneration committee and nomination committee of the Company due to expiration of their term of service as independent non-executive directors on 30 September 2022 and their length of tenure as independent non-executive directors of the Company for more than nine years with reference to the Appendix 14 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules"); and (2) Mr. Chan Chi Chung, Simon ("Mr. Chan") and Mr. Dell'Orto Renato ("Mr. Dell'Orto") have been appointed as independent non-executive directors of the Company and members of audit committee, remuneration committee and nomination committee of the Company. Mr. Chan Chi Chung, Simon, aged 45, obtained his Bachelor of Laws degree and Postgraduate Certificate in Laws from the University of Hong Kong in 1999 and 2000 respectively. Mr. Chan was admitted as a solicitor in Hong Kong in November 2002.

He is currently a consultant at Messrs. Chungs Lawyers, a firm of solicitors in Hong Kong. Prior to his role at Chungs Lawyers, Mr. Chan has worked in different sectors of the legal industry including serving as a legal officer for the Intellectual Property Department of the Hong Kong Special Administrative Region Government, in-house counsel of a multinational entertainment corporation and a partner of a major Hong Kong law firm.

His practice focuses on contentious and non-contentious commercial, intellectual property, personal data privacy, and employment matters. Since September 2021, Mr. Chan has been serving as an Adviser of the Scout Performing Arts Committee of the Scout Association of Hong Kong. Mr. Chan has entered into a letter of appointment with the Company for a period of three years commencing from 30 September 2022 and he is subject to retirement by rotation and re-election at the general meeting in accordance with the bye-laws of the Company.

Mr. Chan is entitled to receive an annual director's fee of HKD 144,900 which was recommended by the remuneration committee of the Company and determined by the Board with reference to his skills, experience and qualification as well as the prevailing market practices.