Noah Holdings Limited (the "Company" or "Noah"), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, announced changes to its board of directors (the "Board") and the composition of its Board committees.

Noah has appointed Ms. Tianjing Zhang as an independent director (a non-executive director for purposes of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules"), effective August 29, 2026. Ms. Cynthia Jinhong Meng will retire as an independent director upon the expiration of the independent director agreement entered into between her and the Company at the end of August 28, 2026, after three years of service. Ms. Meng's departure did not result from any disagreement with the Company and the Board expresses its sincere gratitude for her invaluable contribution during her tenure.

Mr. David Zhang has served as our independent director since June 2024 under applicable U.S. regulations, and, for purposes of the Hong Kong Listing Rules, a non-executive director. The Corporate Governance and Nominating Committee conducted a comprehensive assessment of the independence of Mr. David Zhang under Rule 3.13 of the Hong Kong Listing Rules, including the circumstances contemplated under Rules 3.13(3) and 3.13(7). In particular, they considered, among other matters, that the two-year cooling-off period contemplated under Rule 3.13(3) had expired before Mr. Zhang provided his confirmation of independence and that more than two and a half years had elapsed since he retired from Kirkland & Ellis in January 2024. They also considered that Mr. Zhang has not held any executive or management position within the Company or its subsidiaries and that his involvement has been limited to Board-level and Audit Committee oversight. After considering all relevant facts and circumstances and Mr. Zhang's confirmation of independence, the Board and the Corporate Governance and Nominating Committee are satisfied that he is independent for purposes of Rule 3.13 of the Hong Kong Listing Rules and he has been re-designated as an independent Director under the Hong Kong Listing Rules, with effect from August 29, 2026. The Board is confident that Mr. Zhang's expertise in cross-border securities offerings, U.S. and Hong Kong capital markets and dual-listed company governance will strengthen the Board's independent oversight and committee functions.

In connection with Ms. Meng's retirement and the appointment and/or re-designation described above, the Board has resolved to change the composition of its committees with effect from August 29, 2026. The Audit Committee shall comprise Ms. Xiangrong Li as Chairperson, Mr. David Zhang and Ms. Tianjing Zhang as members. The Compensation Committee shall comprise Ms. May Yihong Wu as Chairperson, Mr. Boquan He and Ms. Xiangrong Li as members. The Corporate Governance and Nominating Committee shall comprise Ms. Jingbo Wang as Chairperson, Ms. May Yihong Wu and Mr. David Zhang as members.

Ms. Tianjing Zhang has nearly two decades of experience in cross-border disputes, regulatory investigations, crisis management, compliance and international legal risk management. She has served as head of international business of HOZU Capital since May 2025, where she focuses on assessing and underwriting international arbitration and litigation matters and makes investment recommendations. From January 2012 to April 2025, Ms. Zhang practiced at Kirkland & Ellis International LLP and served as managing partner and chief representative of its Shanghai office before her resignation. During her tenure, she led the firm's China cross-border dispute resolution and government, regulatory and investigations practice, representing global clients in complex multi-jurisdictional litigation and government-led and internal investigations. Before joining Kirkland & Ellis International LLP, she practiced at Holland & Knight LLP in San Francisco from April 2008 to December 2011, and appeared before U.S. federal and state courts.

Ms. Zhang holds a Juris Doctor degree from The University of Texas School of Law, a Master of Arts degree in political science (international relations) from Georgetown University and a Bachelor of Laws degree in international law from China Foreign Affairs University. She is admitted to practice law in the State of California, U.S. Ms. Zhang was named "Leading Lawyer of the Year" at The Legal 500 China Awards 2023 and has also been recognized by The Legal 500 Asia Pacific, Chambers and Partners and Benchmark Litigation Asia-Pacific.

Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, "I would like to express my sincere gratitude to Ms. Meng for her contributions to Noah where her dedication and guidance was instrumental in strengthening our governance framework. I wish her all the best in her future endeavors. I'd also like to extend a warm welcome to Ms. Tianjing Zhang where I am confident her extensive legal and regulatory experience will prove invaluable in shaping our future strategic direction. I am also pleased that Mr. David Zhang has been re-designated as an independent director under the Hong Kong Listing Rules, reflecting the Board's confidence in his independence and expertise. These changes strengthen the Board's legal, regulatory, capital markets and corporate governance expertise, broaden its diversity of perspectives and reinforce our commitment to the highest standards of corporate governance."