BOC Hong Kong (Holdings) Limited announced that Mr. TUNG Savio Wai-Hok retired as an Independent Non-executive Director of the Company and its principal operating subsidiary, Bank of China (Hong Kong) Limited with effect from the conclusion of the respective annual general meetings held on 29 June 2023 and ceased to be the chairman of Audit Committee and a member of each of Nomination and Remuneration Committee, Risk Committee, Strategy and Budget Committee as well as Sustainability Committee of the Company and the Bank. The company also announced that Mr. KOH Beng Seng retired as an Independent Non-executive Director of the Company and the Bank with effect from the conclusion of the respective annual general meetings held on 29 June 2023 and ceased to be the chairman of Risk Committee and a member of each of Audit Committee, Nomination and Remuneration Committee as well as Sustainability Committee of the Company and the Bank. The company announced that Mr. LIP Sai Wo has been appointed as Independent Non-executive Director, the chairman of Audit Committee and a member of each of Risk Committee, Strategy and Budget Committee as well as Sustainability Committee of the Company and the Bank with effect following the conclusion of the respective companies' annual general meetings held on 29 June 2023.

Mr. LIP Sai Wo, aged 63, had been working with Deloitte for about 40 years and has extensive experience in accounting and auditing. Prior to retirement as partner of Deloitte China in May 2022, Mr. LIP had previously served as audit managing partner, reputation and risk managing partner and chief quality and ethics officer as well as member of management committee of Deloitte China. Mr. LIP obtained his Bachelor's degree in Business Administration from The Chinese University of Hong Kong in 1983.

He is a fellow member of Hong Kong Institute of Certified Public Accountants and a fellow member of The Association of Chartered Certified Accountants. In accordance with the Articles of Association of the Company, Mr. LIP will hold office until the next following general meeting of the Company and shall then be eligible for re-election by the shareholders for a term of approximately three years. Mr. LIP has not entered into any service contract with the Company and yet formal letter of appointment of independent non-executive director is in place to set out the key terms and conditions in relation to his appointment.

He has not held any directorships in other listed public companies during the last three years and does not hold any other positions with the Company or any of its subsidiaries. As at the date of this announcement, Mr. LIP has a personal interest in 201,000 H shares of Bank of China Limited, which is a controlling shareholder of the Company owning approximately 66.06% of the Company's issued shares. Save as aforesaid, Mr. LIP does not have any interests in the shares of the Company or any of its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance.

Mr. LIP has met the independence guideline as set out in Rule 3.13 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Immediately following the changes of Independent Non-executive Directors of the Company and the Bank, Madam FUNG Yuen Mei Anita and Mr. LEE Sunny Wai Kwong have been appointed as members of Nomination and Remuneration Committee and Madam FUNG Yuen Mei Anita has been appointed as the chairman of Risk Committee with effect following the conclusion of the annual general meetings of the Company and the Bank held on 29 June 2023.