The board of Tai Ping Carpets International Limited announces that Mr. Roderic Noel Anthony Sage ("Mr. Sage") will retire from the office by rotation at the forthcoming annual general meeting of the Company to be held on 9 December 2022 (the "AGM"). Mr. Sage informed the Company that he has decided not to offer himself for re-election and will retire as an independent non-executive Director and cease to be the chairman of the audit committee and the remuneration committee of the Company at the conclusion of the AGM. Mr. Sage has been the independent non-executive Director for over 16 years and has decided to retire and move overseas.