The Board of Directors (the "Board") of the Public Financial Holdings Limited announces that Mr. Lai Wan ("Mr. Lai") has been re-designated from the Non-Executive Co-Chairman to the Non-Executive Chairman of the Company with effect from 18 January 2023. Mr. Lai, aged 79, has 49 years of experience in the banking and finance related industries. He was appointed an Independent Non-Executive Director of the Company in December 2013, became the Independent Non-Executive Co-Chairman in July 2015 and was re-designated as the Non-Executive Co-Chairman in June 2021.

He is a member of the Audit Committee and the Nomination and Remuneration Committee. Mr. Lai is currently the Non-Independent Non-Executive Chairman of Public Bank Berhad ("Public Bank"), a commercial bank listed on the Malaysian stock exchange and the holding company of the Company, and he has also been re-designated as the Non-Executive Chairman of Public Bank (Hong Kong) Limited ("Public Bank (Hong Kong)"), the principal subsidiary of the Company, with effect from 18 January 2023. Mr. Lai is also a Non-Executive Director of Public Finance Limited ("Public Finance"), another principal subsidiary of the Company, and a member of various Board Committees of Public Bank (Hong Kong) and Public Finance.

He holds directorship in another company in the Public Bank Group. Save as disclosed above, Mr. Lai did not hold any directorship in other listed public companies in last three years; and he also does not hold any other position with the Company and other members of the Group. Mr. Lai graduated with a Bachelor of Arts (Honours) Degree in Economics from the University of Malaya and is an Associate of the Asian Institute of Chartered Bankers.

He had served Bank Negara Malaysia for 20 years up to 1985 and had working experience in three finance companies from 1985 to 1994 where he had held senior management positions. Mr. Lai was appointed the President/Chief Executive Officer of a Malaysian bank in 1997 until his retirement on 31 December 2000. There is no service contract signed between Mr. Lai and the Company.

His appointment as a director with the Company has no fixed term of service, but is subject to retirement by rotation and re-election at annual general meeting pursuant to the Bye-laws of the Company. Mr. Lai will receive a director's emolument of HKD 510,000 for the year ended 31 December 2022, which is determined with reference to his duties and responsibilities with the Group and in line with the remuneration policy of the Group.