500.com Limited announced that Mr. Jeffrey R. Williams has been appointed as a new independent director, effective November 22, 2014. Mr. Williams will also serve as a member of the Audit committee of the Board of Directors. Mr. Williams currently serves as president of Shenzhen Development Bank.

Mr. Williams formerly served as the chairman of the American Chamber of Commerce in Taipei and the chairman of Taipei American School. In addition, current directors Mr. Jiepin Fu, Mr. Min Fan and Mr. Jinping Ma have stepped down from the Board of Directors of the company effective November 22, 2014 following the expiration of their one-year terms. In a separate development, Mr. Yu Wei has appointed as a member of the Strategy Committee and Mr. Honghui Deng as a member of the Nominating and Corporate Governance Committee of the Board of Directors of the company.