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Changes to Board Composition

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Changes to Board Composition Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong 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 As announced by the Board of Directors (the “Board”) of Hang Seng Bank Limited (the “Bank”) on 4 January 2021 and 24 May 2021, all the following changes to the Board composition of the Bank have taken effect from 27 May 2021. Retirement of Dr Raymond K F CH’IEN and Dr Eric K C LI Dr Raymond K F Ch’ien has retired as an Independent Non-executive Director (“INED”) of the Bank and ceased to be the Chairman of the Board and Nomination Committee, and a member of the Remuneration Committee. Dr Eric K C Li has also retired as an INED of the Bank and ceased to be the Chairman of the Audit Committee and a member of the Risk Committee. Dr Ch’ien and Dr Li have retired as INEDs of the Bank in order to devote more time to their other commitments and areas of interest. Each of them has confirmed that he has no disagreement with the Board and that he is not aware of any matter relating to his retirement that needs to be brought to the attention of the shareholders of the Bank. The Board would like to thank Dr Ch’ien for his outstanding contributions, wise counsel, his dynamic and outstanding leadership and his tireless dedication since his appointment in 2007 that have helped to steer the Bank during these ever-changing and challenging economic and operating environments, including the global financial crisis in 2008 and the COVID-19 pandemic since early 2020. The Board wishes Dr Ch’ien every happiness, good health and success for the future. 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 Ms Irene Y L LEE as Chairman of the Board Ms Irene Y L Lee, currently an INED of the Bank, has succeeded Dr Ch’ien as the Chairman of the Board and Nomination Committee, and a member of the Remuneration Committee of the Bank, all with effect from 27 May 2021. Simultaneously, she has been re-designated as a member of the Risk Committee and remains a member of the Audit Committee. 1 According to the Bank’s Articles of Association, Ms Lee was re-elected as a Director by the shareholders at the Bank’s 2021 Annual General Meeting (“AGM”) and her term of appointment as a Director of the Bank is for three years, which will expire at the conclusion of the Bank’s AGM in 2024. Particulars of Ms Lee are set out in the note below. Save as disclosed herein, Ms Lee does not currently hold any other position with the Bank or its subsidiaries. Save that she is also Independent Non-executive Director of The Hongkong and Shanghai Banking Corporation Limited, and HSBC Holdings plc, being immediate and ultimate holding companies of the Bank respectively, she has no relationship with any Directors, senior management or substantial or controlling shareholders of the Bank. She 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 her 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. Ms Lee will receive the Chairman’s fee in the amount approved from time to time by shareholders at AGMs of the Bank, currently being HK$860,000 per annum. Further, she will receive the Nomination Committee Chairman fee, currently being HK$400,000 per annum, the Audit Committee member fee and Risk Committee member fee, both currently being HK$ 280,000 per annum each and the Remuneration Committee member fee, currently being HK$200,000 per annum, as approved by the Board from time to time. No service contract has been signed between the Bank and Ms Lee. Appointment of Mr Clement K M KWOK as INED and Chairman of the Audit Committee Mr Clement K M Kwok, Managing Director and Chief Executive Officer of The Hongkong and Shanghai Hotels, Limited, has been appointed as an INED, and the Chairman of the Audit Committee of the Bank. According to the Bank’s Articles of Association, Mr Kwok’s appointment will expire at the Bank’s 2022 AGM and subject to his election by the shareholders at the 2022 AGM, his term of appointment as a Director will be 3 years which will 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. 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 receive a fee of currently HK$500,000 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. 2 As at the date hereof, the Board of Directors of the Bank comprises Ms Irene Y L Lee* (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), Mr Clement K M Kwok*, 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, 27 May 2021 Note: Ms Irene LEE Yun Lien Independent Non-executive Chairman Aged 67 Joined the Board since May 2014 Other positions held within Hang Seng Group ^ Hang Seng Bank Limited – Chairman of Nomination Committee; Member of Audit Committee; Member of Risk Committee; Member of Remuneration Committee Other major appointments Hong Kong Monetary Authority – Member of The Exchange Fund Advisory Committee ^ Hysan Development Company Limited – Executive Chairman; Chairman of Nomination Committee ^ HSBC Holdings plc – Independent Non-executive Director; Member of Chairman’s Committee; Member of Group Remuneration Committee; Member of Nomination & Corporate Governance Committee The Hongkong and Shanghai Banking Corporation Limited – Independent Non-executive Director; Chairman of Remuneration Committee; Member of Audit Committee; Member of Risk Committee 30% Club HK - Chairman Past major appointments ^ Cathay Pacific Airways Limited – Independent Non-executive Director (2010 – 2019) Chairman of Audit Committee (2015 – 2019) Chairman of Remuneration Committee (2012 – 2019) ^ CLP Holdings Limited – Independent Non-executive Director; Member of Audit Committee; Member of Finance and General Committee (2012 – 2018) Member of Sustainability Committee (2014 – 2018) 3 ^ Noble Group Limited – Independent Non-executive Director; Member of Audit Committee; Member of Investment and Capital Markets Committee (2012 – 2017) Member of Nominating Committee (2013 – 2017) Member of Risk Committee (2014 – 2017) JP Morgan Australia – Member of Advisory Council (2005 – 2013) ^ QBE Insurance Group Limited – Non-executive Director (2002 – 2013) ^ Keybridge Capital Limited – Non-executive Chairman (2009 – 2012) Executive Chairman (2006 – 2009) The Myer Family Company Pty Limited – Non-executive Director (2009 – 2011) ING Bank (Australia) Limited – Non-executive Director (2005 – 2011) Australian Government Takeovers Panel – Member (2001 – 2010) Sealcorp Holdings Limited – Chief Executive Officer (1998 – 1999) ^ Commonwealth Bank of Australia – Head of Corporate Finance (1993 – 1998) Citicorp Investment Bank Limited in New York, London and Sydney – Executive Director (1977 – 1987) Qualifications Bachelor of Arts Degree – Smith College, USA Barrister-at-Law in England and Wales Member – The Honourable Society of Gray’s Inn, UK Save as disclosed aforesaid, Ms Lee has not held any directorships in any other publicly listed companies, whether in Hong Kong or overseas, during the last three years. Mr KWOK King Man, Clement Independent Non-executive Director Aged 61 Joined the Board on 27 May 2021 Other positions held within Hang Seng Group ^ Hang Seng Bank Limited – Chairman of Audit Committee; Other 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
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