The board of directors of Far East Holdings International Limited announced below changes to the board and the composition of the audit committee of the company (the audit committee), the nomination committee of the company (the nomination committee) and the remuneration committee of the company (the remuneration committee). The board announced that Ms. Kwan Shan (Ms. Kwan) has tendered her resignation as an independent non-executive Director, the chairman of Audit Committee and a member of each of the nomination committee and the remuneration committee, with effect from 30 September 2022 due to her other personal engagements which require more of her time and dedication. The board announced that Mr. Lam Wai Hung (Mr. Lam) has been appointed as an independent non-executive Director, the chairman of audit committee and a member of each of the nomination committee and the remuneration committee, with effect from 30 September 2022.

Mr. Lam, aged 42, holds a Bachelor of Accounting and Finance Degree from Leeds Metropolitan University and is a member of the Association of Chartered Certified Accountants. He had been working in various companies listed on the Stock Exchange, and was responsible for works related to financial management, corporate finance, merger and acquisition, investor relationship and corporate governance. Mr. Lam is currently an independent non-executive director of Kin Shing Holdings Limited whose securities are listed on the Main Board of the Stock Exchange.

Mr. Lam is currently an independent non-executive director of Smart City Development Holdings Limited whose securities are listed on GEM of the Stock Exchange. Mr. Lam was an independent non-executive director of Jimu Group Limited for the period from 25 May 2021 to 14 January 2022 whose securities are listed on GEM of the Stock Exchange. Mr. Lam was an executive director of Ming Lam Holdings Limited (Ming Lam') for the period from 19 March 2015 to 4 September 2020 whose securities were previously listed on the Main Board of the Stock Exchange until 2 November 2021.

Mr. Lam was informed that Ming Lam was ordered to be wound up and an official receiver was appointed as the provisional liquidator by the High Court of Hong Kong on 31 August 2020. Mr. Lam confirmed that he was not a party of such winding up proceedings and is not aware of any actual or potential claim that has been or will be made against him as a result of the above. Mr. Lam has entered into a letter of appointment with the company for a term of one year commencing on 30 September 2022.

Mr. Lam is subject to (i) retirement from office and re- election at the next general meeting of the Company and (ii) retirement by rotation and re-election at least once every three years, in accordance with the articles of association of the Company and the Corporate Governance Code contained in Appendix 14 of the Rules Governing the Listing of Securities on the Stock Exchange. Mr. Lam is entitled to receive a monthly Director's fee of HKD 18,000 subject to further adjustment if additional appointments are made. Such fee is determined and subject to review by the board and the remuneration committee from time to time with reference to his duties and responsibilities with the company.