The board of directors ("Board") of Lai Sun Development Company Limited ("Company") announces that with effect from 1 August 2023: (1) Mr. Cheung Sum, Sam ("Mr. Cheung") will be appointed an executive director of the Company ("Executive Director"); and (2) Mr. Luk Hon Man ("Mr. Luk") will be appointed an independent non-executive director
of the Company ("INED"). The Board announced that Mr. Cheung will be appointed an Executive Director with effect from 1 August 2023. Mr. Cheung, aged 59, joined the Company as Group Chief Financial Officer on 13 July 2023. He was the chief financial officer of FTLife Insurance Company Limited ("FTLife", a wholly-owned subsidiary of NWS Holdings Limited) from September 2019 to November 2020, the chief financial officer and vice president of Agile Group Holdings Limited from July 2013 to May 2019, an executive director of eSun Holdings Limited ("eSun") from March 2011 to August 2012, and an executive director of each of Lai Fung Holdings Limited ("LFH") and the Company from March 2011 to August 2012 and from June 2007 to October 2009. Save for FTLife, the issued shares of all the aforesaid companies are listed and traded on The Stock Exchange of Hong Kong Limited ("Stock Exchange"). Mr. Cheung has not held any directorships in listed public companies in Hong Kong or overseas in the last three years. Prior to joining the Lai Sun Group in 2006, Mr. Cheung worked for a number of other listed companies and international investment banks in Hong Kong. He has extensive experience in capital markets and financial management. Mr. Cheung graduated from the London School of Economics and Political Science, University of London with a Bachelor of Science (Economics) degree in Accounting and Finance. He is a fellow member of the Association of Chartered Certified Accountants in the United Kingdom and the Hong Kong Institute of Certified Public Accountants. Further, Mr. Cheung will be appointed an executive director of each of Lai Sun Garment (International) Limited ("LSG"), eSun and LFH with effect from 1 August 2023. LSG is the ultimate holding company of the Company while the Company is the intermediate holding company of eSun and LFH. Apart from the aforesaid, Mr. Cheung does not have any relationship with any directors, senior management or substantial or controlling shareholders of the Company. Mr. Luk Hon Man, aged 39, is a seasoned strategic advisor with twenty years of experience spanning across the public affairs and business sectors. Mr. Luk is currently serving as a Member of the Legislative Council of the Hong Kong Special Administrative Region. He was also the Chief Strategy Officer of the Chairman's Office of Lai Sun Group. Mr. Luk holds a Bachelor of Education (Honours) in Languages from The Hong Kong Institute of Education (now known as the Education University of Hong Kong) and a Master of Public Administration degree from the University of Hong Kong.