1957 & Co. (Hospitality) Limited announced that with effect from 19 August 2022: 1. Mr. Leung Chi Tien Steve resigned as the non-executive Director, the Chairman of the Board (the Chairman) and the chairman of the nomination committee of the Board (the Nomination Committee), 2. Mr. Kwan Wing Kuen Tino resigned as the executive Director and the Vice- chairman, 3. Ms. Chan Siu Wan resigned as the non-executive Director, 4. Mr. How Sze Ming resigned as the independent non-executive Director, the chairman of the audit committee of the Board (the Audit Committee) and a member of the remuneration committee of the Board (the Remuneration Committee), 5. Mr. Ng Wai Hung resigned as the independent non-executive Director, a member of the Audit Committee and a member of the Nomination Committee, 6. Mr. Chan Kam Kwan Jason resigned as the independent non-executive Director, a member of the Audit Committee, a member of the Nomination Committee and the chairman of the Remuneration Committee. 7. Mr. Cai Weike (Mr. Cai) has been appointed as the executive Director, the Chairman and the chairman of the Nomination Committee, 8. Mr. Wong Chi Wing Kinson (Mr. Wong) has been appointed as the executive Director, 9. Mr. Chan Wai Fung (Mr. Chan) has been appointed as the non-executive Director, 10.

Mr. Yim Hong Cheuk Foster (Mr. Yim) has been appointed as the independent non-executive Director, the chairman of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee, 11. Mr. Huen Felix Ting Cheung (Mr. Huen) has been appointed as the independent non-executive Director, the chairman of the Audit Committee and a member of the Remuneration Committee, 12. Ms. Cheang Ana (Ms. Cheang) has been appointed as the independent non-executive Director, the member of the Audit Committee and a member of the Nomination Committee.

Executive Directors Mr. Cai Weike Mr. Cai, aged 39, is a seasoned investor and operator with over 10 years' experience in the area of PRC Internet, e-commerce, logistics trade, operation of restaurants and catering management related industries. Mr. Cai was one of the founders and a shareholder of Hong Huan Group Limited, a private company with limited liability incorporated in Hong Kong in 2018 which is principally engaged in, among others, financial investment, real estate development, catering business, film entertainment, tourism and construction engineering in Hong Kong indirectly through its subsidiaries in Hong Kong. In 2018, Mr. Cai also was the founder and a shareholder of Loksan Inc. Limited, a private company with limited liability incorporated in Hong Kong which is principally engaged in the operation of restaurants and catering management.

The company is engaged in the provision of Japanese, Cantonese and Shanghainese cuisines to customers in Hong Kong. The company's self-owned brands restaurants include God of Teppanyaki, Yakiniku King, Henning House and King's Delicacy . From 2007 to 2017, Mr. Cai had invested in and managed businesses as a business partner of a trading company in education products, Shenzhen Sanhefeng Culture Trading Co.

Ltd. (now known as Shenzhen Guangtun Jianheng Electromechanical Equipment Co. Ltd. a logistics company, Shenzhen Shi Rijia International Freight Forwarding Co. Ltd. and a website design and server rental company, Shenzhen Xuanzhen Advertising Design Co.

Ltd. Mr. Cai obtained his Bachelor of Applied Computer Science degree at the Guangdong Lingnan Institute of Technology (formerly known as the Guangzhou Lingnan Business College) and his Master of Business Administration degree at the Apollos University. Mr. Cai will enter into a service agreement with the Company for a term of three years, and is subject to retirement by rotation and re-election at the next general meeting of the Company in accordance with the articles of association of the Company. Mr. Cai is entitled to a remuneration of HKD 90,000 per annum.

The remuneration package of Mr. Cai was determined with reference to his duties, responsibilities as well as the Company's remuneration policy and the prevailing market conditions, and will be reviewed by the Board on an annual basis. Mr. Wong Chi Wing Kinson Mr. Wong, aged 48, is a managing director of M&F Capital Ltd. and being responsible to group institutional investment business. Mr. Wong possess 20 years of banking experience and held various senior management positions in both Hong Kong and China.

Wong was a general manager and the head of small and medium-sized enterprises (SME) and equipment finance in Dah Sing Bank Ltd. from October 2015 to August 2020. Wong served as a deputy general manager and the head of commercial banking from October 2014 to October 2015. and a deputy general manager and the head of SME and equipment finance from April 2012 to October 2014, respectively in Dah Sing Bank (China) Ltd, a subsidiary of Dah Sing Bank Ltd. Mr. Wong obtained his degree of Bachelor of Arts (Honors) from the Hong Kong Polytechnic University in 1997 and the degree of Master of Commerce in Finance from the University of New South Wales, Australia, in 1999.

Mr. Wong will enter into a service agreement with the Company for a term of three years, and is subject to retirement by rotation and re-election at the next general meeting of the Company in accordance with the articles of association of the Company. Mr. Wong is entitled to a remuneration of HKD 300,000 per annum. The remuneration package of Mr. Wong was determined with reference to his duties, responsibilities as well as the Company's remuneration policy and the prevailing market conditions, and will be reviewed by the Board on an annual basis.

Non-executive Director Mr. Chan Wai Fung Mr. Chan, aged 37, has extensive experience in the areas of financial market and corporate finance. Mr. Chan is a licensed person registered under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the ``SFO'') to carry out Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activity. He serves as the head of corporate finance and responsible officer (Type 6 (advising on corporate finance) regulated activity under the Securities and Futures Ordinance) in Silverbricks Securities Company Limited (``Silverbricks'') since February 2022, and he was a vice president of the Silverbricks from July 2020 to January 2022.