Public Financial Holdings Limited announced that given that Ms. Cheah Kim Ling ("Ms. Cheah") cannot fulfill the requirement of independence under Rule 3.13(7) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") following her re-designation from an Independent Non-Executive Director to a Non- Independent Non-Executive Director of Public Bank Berhad ("Public Bank"), a commercial bank listed on the Bursa Malaysia Securities Berhad and the holding company of the Company, on 29 April 2023, Ms. Cheah will be re-designated from an Independent Non- Executive Director to a Non-Executive Director of the Company with effect from 19 May 2023. Following her re-designation, Ms. Cheah will also cease to be the Chairman and member of the Audit Committee, and a member of the Nomination and Remuneration Committee with effect from 19 May 2023. Ms. Cheah, aged 65, has around 40 years of experience in banking industry in Malaysia.

She was appointed an Independent Non-Executive Director, the Chairman and member of the Audit Committee, and a member of the Nomination and Remuneration Committee of the Company in February 2022. Ms. Cheah is currently a Non-Independent Non-Executive Director of Public Bank, and she will be re-designated as a Non-Executive Director of Public Bank (Hong Kong) Limited ("Public Bank (Hong Kong)") and Public Finance Limited ("Public Finance"), the principal subsidiaries of the Company, with effect from 19 May 2023. Ms. Cheah will continue to be a member of the Bank Culture and Sustainability Committees of Public Bank (Hong Kong) and Public Finance.

She holds directorship in another company in the Public Bank Group. Save as disclosed above, Ms. Cheah did not The Board of the Company further announces that with effect from 19 May 2023, Ms. Phe Kheng Peng ("Ms. Phe") will be appointed as an Independent Non-Executive Director, the Chairman and member of the Audit Committee, and a member of the Nomination and Remuneration Committee of the Company. Ms. Phe, aged 53, holds a Bachelor of Commerce (Accounting and Finance) Degree from the University of New South Wales, Sydney and is a fellow of Certified Practising Accountant Australia.

Ms. Phe was appointed an Independent Non-Executive Director of Public Investment Bank Berhad ("Public Investment"), a wholly-owned subsidiary of Public Bank, on 1 July 2022. She is currently a member of the Risk Management Committee and Audit Committee of Public Investment.