The board of directors of Weihai City Commercial Bank Co., Ltd. announced that the Board has received a letter of resignation from Ms. ZHAO Yue, who is to resign as the Bank's non-executive Director and member of the Related Party Transactions Control Committee and the Consumer Rights Protection Committee of the Board due to work adjustment. Her resignation will come into effect from the date on which a non-executive Director is elected by the Bank to succeed her and have his/her qualifications approved by the China Banking and Insurance Regulatory Commission Shandong Office (the "CBIRC Shandong Office"). During this period, Ms. Zhao will continue to perform her duties as the Bank's non-executive Director and member of relevant special committees of the Board.

Ms. Zhao has confirmed that she has no disagreement with the Board on any matter and has no matters in relation to her resignation that need to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders and creditors of the Bank. On April 28, 2022, the Bank convened an employees' representative meeting to elect Ms. LI Jie as an employees' representative to serve as a non-executive Director of the eighth session of the Board of the Bank, to fill the vacancy following the resignation of Ms. Zhao. Pursuant to Article 142 of the Articles of Association of the Bank, an employees' representative of the Board shall directly become part of the Board upon his/her election by the employees of the Company via the employees' representative meeting, the employee meeting or other democratic means.

Hence, the term of Ms. Li shall be effective from the date on which her qualification for directorship is approved by the CBIRC Shandong Office to the date on which the term of the eighth session of the Board expires. Ms. LI Jie has served as the head of the Board Office of the Bank since March 2013, after serving as its deputy head from November 2011 to March 2013.