The Board of Directors of Hang Seng Bank Limited announced the following changes to the Board composition of the Bank. Stepping down of Dr. John CHAN and Dr. Vincent LO Dr. John Chan will retire, and accordingly will step down from the Board, and cease to be the Bank's Independent Non-executive Director ("INED"), the Chairman of the Remuneration Committee and a member of the Nomination Committee, all with effect from the conclusion of the Bank's annual general meeting to be held in second quarter of 2022 ("2022 AGM"). Dr. Vincent Lo would like to spend more time pursuing his personal and business interests, and accordingly will step down from the Board and cease to be the Bank's Non-executive Director with effect from the conclusion of the Bank's 2022 AGM.

Both Dr. Chan and Dr. Lo have confirmed that they have no disagreement with the Board and that they are not aware of any matter relating to their stepping down from the Board that needs to be brought to the attention of the shareholders of the Bank. The Board announced that following a rigorous search, the Bank has identified four elite female professionals/executives for appointment as INEDs, adding to the diversity of the skills and experience spectrum of the Board. They are Ms. Cordelia CHUNG, Ms. Patricia LAM, Ms. Huey Ru LIN, and Ms. Xiao Bin WANG.

Having obtained the approval of the Hong Kong Monetary Authority of their appointments and to enable staggering refresh of the Board composition, the Board has resolved to appoint Ms. Chung and Ms. Wang as the Bank's INEDs with effect from 23 February 2022 and to appoint Ms. Lin and Ms. Lam as the Bank's INEDs with effect from 1 July 2022. According to the Bank's Articles of Association: The appointments of Ms. Chung and Ms. Wang, being effective on 23 February 2022, will expire at the Bank's 2022 AGM and subject to their election by the shareholders at the 2022 AGM, their terms of appointment as the Bank's Directors will be three years which will expire at the conclusion of the Bank's AGM in 2025. The appointments of Ms. Lin and Ms. Lam, being effective from 1 July 2022, will expire at the Bank's 2023 AGM and subject to their election by the shareholders at the 2023 AGM, their terms of appointment as the Bank's Directors will be three years which will expire at the conclusion of the Bank's AGM in 2026.