Lai Fung Holdings Limited announce that Dr. Lam will be appointed an Executive Director with effect from 2 June 2023. Dr. Lam, aged 65, was an Executive Director from 28 November 1997 to 31 October 2012, and the Chairman of the Board from 28 November 1997 to 3 September 2002 and from 25 April 2005 to 31 October 2012. Dr. Lam is currently a director of a number of subsidiaries of the Company.

He is also the chairman and an executive director of each of Lai Sun Garment (International) Limited ("LSG") and Lai Sun Development Company Limited ("LSD") as well as an executive director of Crocodile Garments Limited ("CGL"). Dr. Lam has extensive experience in the property development and investment business, hospitality as well as media and entertainment business. Dr. Lam was conferred an Honorary Doctorate by The Hong Kong Academy for Performing Arts in June 2011.

Dr. Lam received the Gold Bauhinia Star awarded from the Government of the Hong Kong Special Administrative Region ("HKSAR") on 1 July 2015. He also received the Grand Bauhinia Medal awarded from the Government of the HKSAR on 27 July 2022. Currently, Dr. Lam is the chairman of the Hong Kong Trade Development Council.

He is also a standing committee member of the 14th National Committee of the Chinese People's Political Consultative Conference. In addition, Dr. Lam is the chairman of Hong Kong Chamber of Films Limited, a life honorable president of Hong Kong Motion Picture Industry Association Limited, a director of The Real Estate Developers Association of Hong Kong, a trustee of The Better Hong Kong Foundation, a vice chairman of Friends of Hong Kong Association Limited, a director of Hong Kong-Vietnam Chamber of Commerce Limited, an honorary chairman of Federation of HK Jiangsu Community Organisations, the president of Hong Kong Association of Cultural Industries Limited, the chairman of Hong Kong Cultural Development Research Institute Limited, a non-official member of the Trade and Industry Advisory Board, a member of each of the board of West Kowloon Cultural District Foundation Limited (a wholly-owned subsidiary of West Kowloon Cultural District Authority) and the general committee of the Hong Kong General Chamber of Commerce. He was appointed a member under the group of regional and global collaborations of the Chief Executive's Council of Advisers on 17 March 2023.

The Board also announces that Mr. Chew will be re-designated from Chairman of the Board and an Executive Director to Deputy Chairman of the Board and a Non-executive Director ("Re-designation") with effect from 2 June 2023. Following his Re-designation, he will cease to be a member of the executive committee of the Board ("Executive Committee"), and cease to act as an authorised representative of the Company ("Authorised Representative") under Rule 3.05 of the Listing Rules, the chairman of the Nomination Committee and a member of the Remuneration Committee. Mr. Chew, aged 61, was appointed an Executive Director in June 2012 and became Chairman of the Board in November 2012.

He is also a director of a number of subsidiaries of the Company before the Re-designation. Mr. Chew will be re-designated from an executive director to a non-executive director of each of LSG and LSD with effect from 2 June 2023 but will remain to act as the deputy chairman of both LSG and LSD, and will resign as an executive director of eSun on 2 June 2023. Save as disclosed above, Mr. Chew has not held other directorships in the last three years in other listed public companies, the securities of which are listed on any securities market in Hong Kong or overseas.

Prior to joining the Lai Sun Group, Mr. Chew was an executive director and the group chief financial officer of Esprit Holdings Limited ("Esprit") from 1 February 2009 to 1 May 2012, and an executive director and the chief financial officer of The Link Management Limited (now known as Link Asset Management Limited), acting as manager of The Link Real Estate Investment Trust (now known as Link Real Estate Investment Trust ("Link REIT")), from February 2007 to January 2009. He was also the chief financial officer of Kerry Properties Limited ("Kerry Properties") from 1996 to 2004, a director of corporate finance for Kerry Holdings Limited from 1998 to 2004, and an executive director of Kyard Limited in charge of the property portfolio of a private family office from 2004 to 2007. The issued shares of Esprit and Kerry Properties and the issued units of the Link REIT are listed and traded on the Main Board of the Stock Exchange.

Mr. Chew has over 30 years of experience in accounting, auditing and finance in the United Kingdom ("UK") and Hong Kong. He graduated from the London School of Economics and Political Science of the University of London in the UK with a Bachelor of Science (Economics) degree. Mr. Chew is a certified public accountant, a Fellow Member of The Institute of Chartered Accountants in England and Wales (ICAEW), the Hong Kong Institute of Certified Public Accountants ("HKICPA") and The Hong Kong Institute of Directors (HKIoD).

The Board also announces that Dr. Lam will act as Chairman of the Board with effect from 2 June 2023. Dr. Lam will serve as a member of the Executive Committee effective upon his appointment as an Executive Director. With effect from 2 June 2023, Dr. Lam will be appointed the chairman of the Nomination Committee and Mr. Cheng Shin How ("Mr. Cheng"), an Executive Director, will be appointed the alternate to Dr. Lam in his capacity as the chairman of the Nomination Committee.

In addition, Mr. Cheng will be appointed a member of the Remuneration Committee with effect from 2 June 2023. The Board further announces that Mr. Cheng will be appointed the Authorised Representative under Rule 3.05 of the Listing Rules with effect from 2 June 2023 in place of Mr. Chew.