The board of directors of FAR International Holdings Group Company Limited announces that with effect immediately from the conclusion of the annual general meeting of the Company to be held on 31 May 2024, Ms. Zhang Min will retire from her position as an executive Director and will not stand for re-election at the AGM, and at the same time cease to be the chief executive officer of the Company, due to retirement. The Board also announced that following the cessation of Ms. Zhang as the Chief Executive Officer, Mr. Wang Quan ("Mr. Wang") will be appointed as the Chief Executive Officer with effect immediately from the conclusion of the AGM. Mr. Wang will also continue to serve as an executive Director, the chairman of the Board (the "Chairman"), the chairman of the Nomination Committee and a member of the Remuneration Committee.

Mr. Wang, aged 47, is an executive Director, Chairman and one of the controlling shareholders (as defined under the Listing Rules) of the Company. Mr. Wang is the chairman of the Nomination Committee and a member of the Remuneration Committee. He was appointed as a Director on 24 November 2022 and redesignated as an executive Director and the Chairman on 24 February 2023.

He is responsible for overall strategic planning and business direction of the Group. Mr. Wang is also a director of Hangzhou FAR International Logistics Co. Ltd. ("Hangzhou FAR"), Shenzhen Global Link Logistics Services Limited, HK FAR Logistics Investments Limited, ZY Logistics Company Limited, Global Link Logistics Services Limited, Sure Link Holdings Limited, Novel Harbour Holdings Limited and Easygo Holdings Limited, as well as the director and general manager of Hangzhou Heguang Tongchen Logistics Co.

Ltd. and Hangzhou Feiyue Supply Chain Management Co. Ltd. Mr. Wang has over 27 years of experience in cross-border logistics industry. Mr. Wang was a manager of Zhejiang Property International Freight Company Limited, a subsidiary of Zhejiang Materials Industry Group Corporation state-owned company in which its issued shares are listed on the Shanghai Stock Exchange from July 1997 to December 2000.

He was also a manager of Hangzhou Longhang Freight Forwarding Company Limited, one of the founding members of Hangzhou FAR from January 2001 to July 2004. Mr. Wang was the deputy general manager since the establishment of Hangzhou FAR in August 2004 until he was promoted as the executive director and general manager in May 2015. He was the chairman and general manager of Hangzhou FAR during the period from August 2015 to July 2021 and remains as the chairman of Hangzhou FAR since July 2021 up to the present date.

Mr. Wang obtained a Bachelor Degree in International Trade from Ningbo University in June 1997.