On August 3, 2023, the Board of Directors of East West Bancorp, Inc. appointed Mark Hutchins as a director of the Company. Mr. Hutchins was also appointed to the Board of Directors of the Company's wholly-owned subsidiary, East West Bank. The appointment is effective August 14, 2023.

Mr. Hutchins will be a member of the Audit Committee of both the Company and East West Bank. With this appointment, the Company will have eleven directors, ten of whom are independent, including Mr. Hutchins. Mr. Hutchins will receive cash and equity compensation in accordance with the Company?s non-employee director compensation program described in the definitive proxy statement for the Company?s 2023 Annual Meeting of Shareholders, which was filed with the U.S. Securities and Exchange Commission on April 10, 2023, the amount of which will be prorated from the date of his appointment.