The board of directors of Asia Standard Hotel Group Limited announced the following changes to the Board: Mr. Ip Chi Wai ("Mr. Ip") has resigned from his position as an independent non-executive Director, a member of the Audit Committee of the Company (the "Audit Committee") and the Remuneration Committee of the Company (the "Remuneration Committee") with effect from 21 April 2023 due to internal work re-allocation. Mr. Ip has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation which need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Mr. Koon Bok Ming, Alan ("Mr. Koon") has been appointed as an independent non-executive Director, a member of the Audit Committee and the Remuneration Committee with effect from 21 April 2023.

Mr. Koon, aged 82, is the Chief Executive Officer of a financial advisory firm and has over 30 years of experience in international banking and project and structured finance. He holds a Bachelor's degree in Economics and a Master's degree in Business Administration. Mr. Koon was an independent non-executive director, the chairman of the audit committee as well as a member of the remuneration committee of Asia Standard International Group Limited from 22 December 1999 to 21 April 2023.