The board of directors of K. Wah International Holdings Limited announced Mr. Cheung Kin Sang (Mr. Cheung) has been appointed as an independent non-executive director of the Company ("INED") with effect from 1 April 2023; Mr. Cheung, aged 64, holds a Bachelor of Social Sciences Degree in Economics from The University of Hong Kong. He has over 30 years of corporate and commercial banking experience with diversified industry, product and institutional exposure. Mr. Cheung worked with DBS Bank Ltd, Hong Kong Branch /DBS Bank (Hong Kong) Limited ("Bank") from July 2009 to December 2022 where he served as the managing director and the head of institutional banking group in Hong Kong from June 2011 until his retirement in December 2022.

He was also the alternate chief executive of DBS Bank (Hong Kong) Limited from December 2012 to December 2022. Mr. Cheung had been working for over 13 years in the Bank, during which, he was responsible for growing the Bank's franchise in the corporate and commercial banking businesses in Hong Kong. Prior to joining the Bank, he was the regional general manager of North East Asia and the general manager of Hong Kong Branch of OCBC Bank.

Prior to such appointments, Mr. Cheung held senior positions in corporate commercial banking and risk management with major international banks including Citibank, ABN-AMRO and Rabobank. Currently, Mr. Cheung is a member of The Hong Kong Academy of Finance, a member of Industry Training Advisory Committee of the Hong Kong Qualifications Framework for the banking industry, a member of the Board of Governors of World Green Organisation and a member of the Advisory Committee on Accounting and Finance of The Hong Kong Polytechnic University. He was a member of the Advisory Board and the Investment Committee to Hong Kong Export Credit Insurance Corporation from January 2011 to December 2016.

Save as disclosed above, Mr. Cheung did not hold any directorship in the three years preceding the date of this announcement in any public companies, the securities of which are listed on any securities markets in Hong Kong or overseas, or any major appointments and professional qualifications and he does not hold any other positions with the Company or any of its subsidiaries. Mr. Cheung's service contract with the Company provides for a fixed term of 3 years. The term of his service as an INED is subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the Bye-laws and the corporate governance practices of the Company.

Pursuant to the existing Bye-laws of the Company, Mr. Cheung will hold office until the 2023 AGM, at which time he will be eligible for re-election. The amount of emoluments payable to Mr. Cheung comprises an annual fee for acting as the INED which will be proposed by the Board for approval by the shareholders of the Company ("Shareholders") at the subsequent year's annual general meeting of the Company. The directors' fee (including Mr. Cheung's) for the year ending 31 December 2023 will be proposed by the Board for approval by the Shareholders at the annual general meeting of the Company in 2024.

His emoluments are determined by reference to his duties and responsibilities with the Company, the Company's performance and profitability, the Company's remuneration policy and the market pay-level for the same position. As disclosed in the Company's 2021 annual report, the proposed directors' fee paid for each member of the Board for the year ended 31 December 2021 was HKD 200,000 per annum which was approved by the Shareholders at the 2022 annual general meeting of the Company. As at the date of this announcement, Mr. Cheung has no interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong.