The Board of directors of Applied Development Holdings Limited announced that, with effect from 23 May 2023, Mr. Chiu Kit Man, Calvin has resigned as an independent non-executive Director, the chairman of remuneration committee of the Company and a member of each the audit committee of the Company and nomination committee of the Company as he desires to devote more time to his personal affairs and other business commitments. The Board further announces that, with effect from 23 May 2023, the composition of the following Board committees shall be changed as follow: Remuneration Committee: Mr. Chiu shall cease to be a chairman and Mr. Zhu Xinhui (an independent non-executive Director) shall become a chairman in place of Mr. Chiu. Nomination Committee: Mr. Chiu shall cease to be a member and Mr. Zhu Xinhui (an independent non-executive Director) shall become a member in place of Mr. Chiu.