Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Stock code: 11)

Changes to Board Composition

The (the “Board”) of Limited (the “Bank”) announces the following prospective changes to the Board composition of the Bank.

Retirement of Dr Eric Ka Cheung LI

Dr Eric Ka Cheung Li will retire as Independent Non-executive Director (“INED”) of the Bank and will cease to be the Chairman of the Audit Committee and a Risk Committee member, all with effect from 27 May 2021, in order to devote more time to his other commitments and areas of interest.

Dr Li has confirmed that he has no disagreement with the Board and that he is not aware of any matter relating to his stepping down from the Board that needs to be brought to the attention of the shareholders of the Bank.

The Board is grateful to Dr Li for his 21 years of sterling service to the Bank, particularly his wise counsel and invaluable contributions in engineering a robust system for the oversight of the Bank’s financial reporting and internal controls. The Board wishes him all the best in the future.

Appointment of Mr Clement King Man KWOK as Chairman of the Audit Committee

Mr Clement King Man Kwok, Managing Director and Chief Executive Officer of The Hongkong and Shanghai Hotels, Limited, will be appointed as an INED, and the Chairman of the Audit Committee of the Bank, both with effect from 27 May 2021.

According to the Articles of Association of the Bank, Mr Kwok’s appointment will expire at the Bank’s 2022 Annual General Meeting (“AGM”) and he will be eligible for re-election as an INED for a term of 3 years which would expire at the conclusion of the Bank’s AGM in 2025.

Particulars of Mr Kwok are set out in the note below.

Save as disclosed herein, Mr Kwok does not currently hold any other position with the Bank or its subsidiaries, and has no relationship with any Directors, senior management or substantial or controlling shareholders of the Bank. He does not have any interests in the shares of the Bank within the meaning of Part XV of the Securities and Futures Ordinance. There is no other matter in relation to his appointment which needs to be brought to the attention of the shareholders of the Bank, and there is no information which needs to be disclosed pursuant to any of the requirements set out in paragraphs 13.51(2)(h) to (v) of the Listing Rules.

1 Mr Kwok will receive a Director’s fee in the amount approved from time to time by shareholders at AGMs of the Bank, currently being HK$660,000 per annum. Further, Mr Kwok will also receive a fee of currently HK$400,000 per annum for being the Chairman of the Audit Committee of the Bank. No service contract has been signed between the Bank and Mr Kwok.

As at the date hereof, the Board of Directors of the Bank comprises Dr Raymond K F Ch’ien* (Chairman), Ms Louisa Cheang (Vice-Chairman and Chief Executive), Dr John C C Chan*, Ms L Y Chiang*, Ms Kathleen C H Gan#, Ms Margaret W H Kwan (Acting Chief Executive), Ms Irene Y L Lee*, Dr Eric K C Li*, Dr Vincent H S Lo#, Mr Kenneth S Y Ng#, Mr Peter T S Wong# and Mr Michael W K Wu*.

# Non-executive Directors * Independent Non-executive Directors

By Order of the Board C C Li Secretary

Hong Kong, 24 May 2021

Note:

Mr KWOK King Man, Clement

Aged 61

Major appointments ^ The Hongkong and Shanghai Hotels, Limited – Managing Director and Chief Executive Officer International Advisory Council of the Faculty of Business and Economics of The University of Hong Kong – Member World Travel & Tourism Council – Council Member

Past major positions Financial Reporting Council – Honorary Adviser (2017 – 2021) ^ Orient Overseas (International) Limited – Independent Non-executive Director (2015 – 2018) ^ Swire Pacific Limited – Independent Non-executive Director (2002 – 2015) Harbourfront Commission – Non-official member (Individuals) (2010 – 2013) Securities and Futures Appeals Tribunal – Member (2003 – 2009) Takeovers and Mergers Panel, Securities and Futures Commission – Member (2003 – 2009) Interpretations Committee, International Accounting Standards Board – Member (2002 – 2007) ^ MTR Corporation – Finance Director (1996 – 2002) Advisory Committee, Hang Seng Indexes Company Limited – Member (1997 – 2000) Listing Committee, The Stock Exchange of Hong Kong Limited – Member (1994 – 1996) Schroders Asia – Director and Head of Corporate Finance (1986 – 1996) Barclays de Zoete Wedd Limited, United Kingdom – Manager, Corporate Finance Division (1984 – 1986) PricewaterhouseCoopers, United Kingdom – Chartered Accountant (1980 – 1984)

2 Qualifications Fellow – The Hong Kong Management Association Member – Institute of Chartered Accountants in England and Wales Member – Hong Kong Institute of Certified Public Accountants Bachelor of Science in Economics – The School of Economics

Major awards Chevalier de l’Ordre National de la Légion d’Honneur

^ The securities of these companies are listed on a securities market in Hong Kong or overseas.

Save as disclosed aforesaid, Mr Kwok has not held any directorships in any other publicly listed companies, whether in Hong Kong or overseas, during the last three years.

恒生銀行有限公司 Hang Seng Bank Limited Incorporated in Hong Kong with limited liability Registered Office and Head Office: 83 Des Voeux Road Central, Hong Kong

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