The board (the " Board ") of directors (the " Directors ") of Palinda Group Holdings Limited (the "Company") announces that with effect from 8 September 2022: Mr. Lee Lap Keung ("Mr. Lee") has resigned from his office as an independent non-executive Director, chairman of the Audit Committee and member of the Remuneration Committee and the Nomination Committee due to his personal business development; Mr. Wu Chi King ("Mr. Wu") has been appointed as an independent non-executive Director, chairman of the Audit Committee and member of the Remuneration Committee and the Nomination Committee; Mr. Lee has confirmed that he has no disagreement with the Board and there is no other matter which needs to be brought to the attention of the shareholders (the "Shareholders") of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") in relation to his resignation. The Board wishes to express its appreciation to Mr. Lee for his valuable contributions to the Company during his tenure of office. Set out below are the biographical details of Mr. Wu: Mr. Wu Chi King (" Mr. Wu "), aged 40, received a Bachelor of Computer Science from Monash University and is a Certified Practising Accountant (CPA) of Certified Practising Accountant Australia.

He has accumulated extensive experience in finance and accounting by working in various listed and sizable companies in Hong Kong. Mr. Wu is currently the Finance Controller of Hang Heung Cake Shop Company Limited, a private company incorporated in Hong Kong with limited liability which is a food product manufacturer. Mr. Wu is also an independent non-executive director of Wan Cheng Metal Packaging Company Limited, a company whose shares are listed on GEM of the Stock Exchange (Stock Code: 8291) and Mansion International Holdings Limited, a company whose shares are listed on GEM of the Stock Exchange (Stock Code: 8456) since June 2020 and June 2021 respectively.

Mr. Wu is appointed by way of a letter of appointment with an initial term of one year and the appointment can be terminated by either the Company or Mr. Wu giving to the other party not less than one month's prior written notice. The Company and Mr. Wu shall discuss whether to renew the term of appointment prior to the expiration of the relevant term of appointment. If either party disagrees with the renewal of the term of appointment, such party shall notify the other party in writing at least two months prior to the expiration of the relevant term of appointment.

Subject to the consent of both parties, the term of appointment may be renewed automatically for one year on expiry of the initial term and for successive terms of one year each commencing on expiry of the then current term. The appointment is also subject to the retirement by rotation and re-election at general meeting of the Company in accordance with the articles of association of the Company. Mr. Wu is entitled to an annual director's fee of HKD 120,000 without any discretionary bonus, which is determined after arm's length negotiation between Mr. Wu and the Company with reference to his duties, responsibilities and the prevailing market conditions.

Such fee has been approved by the Board and the Remuneration Committee and will be reviewed by the Board and the Remuneration Committee on an annual basis.