The board of directors of Walnut Capital Limited announced that with effect from 17 October 2022: Dr. Ng Kit Chong ("Dr. Ng") has been appointed as a non-executive Director and a co- chairman (each a "Co-Chairman") of the Board; and Mr. Mung Kin Keung ("Mr. Mung") has been re-designated from the chairman of the Board to a Co-chairman, and will continue to serve as an executive Director and a member of each of the nomination committee and remuneration committee of the Company. Dr. Ng, aged 48, has been appointed as a non-executive Director and a Co-chairman with effect from 17 October 2022. He has over 23 years of experience in information technology.

Dr. Ng is the founder and chairman of Goldford Business Inc., which principally engages in technology, media and telecommunication, education and creative industries. He is currently an executive director of Oriental Payment Group Holdings Limited (stock code: 8613) and an independent non- executive director of Chuang's China Investments Limited (stock code: 298), whose shares are listed on GEM and the Main Board of The Stock Exchange of Hong Kong Limited respectively. He is also an adjunct professor in the Department of Industrial and System Engineering of The Hong Kong Polytechnic University.

Dr. Ng is a member of the Hong Kong Art Development Council, Private Columbaria Licensing Board and Employees Retraining Board. He is a convener of the Hong Kong Youth Synergy Foundation, a founding convener of the Young Professionals Alliance, and a committee member of each of the Chinese People's Political Consultative Conference and the Guangdong-People's Political Consultative Committee. Dr. Ng is also currently a member of the Legislative Council of Hong Kong.

Dr. Ng obtained a bachelor's degree and Ph.D. in Engineering in Manufacturing Engineering from The Hong Kong Polytechnic University in 1996 and 2002, respectively and completed post-doctorate research in Computer Science and Technology at Tsinghua University in 2006. Upon the appointment of Dr. Ng as a Co-chairman, the Company will have more than one chairman, and accordingly, Mr. Mung has been re-designated from the Chairman to a Co- chairman, pursuant to the bye-laws of the Company. Mr. Mung will continue to serve as an executive Director and a member of each of the Nomination Committee and Remuneration Committee.

Following the re-designation, Mr. Mung will primarily be responsible for advising on the formulation of the Group's general business model, development strategies and major business matters as well as leading the Board together with Dr. Ng. Dr. Ng as a Co-chairman will be responsible for formulating the overall strategies and assessing the performance of the Group as well as leading the Board together with Mr. Mung. Mr. Mung and Dr. Ng will jointly undertake and perform the roles of the chairman for the purposes of the Corporate Governance Code (as set out in Appendix 14 to the Listing Rules) and the Listing Rules.