The board of directors of Pegasus International Holdings announced that Ms. Wu Meng Lung ("Ms. Wu") has been appointed as an executive Director with effect from 28 March 2024. Ms. Wu, aged 40, holds a bachelor degree in International Business of Management department from National Taiwan University. Ms. Wu is a team head in a subsidiary of the Company since 2009 who is responsible for developing key strategy of the Company and
managing in-house brands and licensing of international brands. Prior to joining the Company, Ms. Wu worked as a consultant in Avery Dennison Corporation and The Boston Consulting Group in Taiwan. Ms. Wu is a daughter of Wu Jenn Tzong, Jackson, an executive Director, and the niece of Mr. Wu Chen San, Thomas and Mr. Wu Jenn Chang, Michael, both an executive Director. Pursuant to a service agreement dated 28 March 2024, Ms. Wu has been appointed as an executive Director of the Company for an initial term of three year commencing from 28 March 2024 and subject to retirement and will be eligible for re-election at the next annual general meeting of the Company, and the usual retirement by rotation and re-election at the subsequent annual general meetings of the Company in accordance with the bye-laws of the Company, and either party may early terminate the service contract by giving not less than one month's prior notice in writing to the other party. She will be entitled to receive a director's fee of RMB 240,000 per annum, which is determined with reference to her qualification, relevant duties and responsibilities within the Company and the prevailing market conditions, and approved by the Remuneration Committee of the Company.