The board of directors of Everest Medicines Limited announced that Ms. Kang Lan (Ms. Kang) has resigned as a non-executive director of the Company with effect from 12 January 2024 to devote more time to her other business endeavours. Ms. Kang has confirmed that she has no disagreement with the Board and that there are no matters that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the ``Stock Exchange'') relating to her resignation. The Board announces that Mr. Cho William Ki Chul (Billy) (``Mr. Cho'') has been appointed as a non-executive director of the Company with effect from 12 January 2024.

The biographical details of Mr. Cho are set out below: Mr. Cho, aged 46, is currently a Senior Managing Director of CBC Group, a controlling shareholder of the Company, where he is a member of the Management Committee and helps lead the portfolio management and private equity investments functions of CBC Group. Prior to joining CBC Group in 2023, he was the Chief Financial Officer of Zai Lab Limited (stock code: 9688.hk) from March 2018 to July 2023. Mr. Cho also served as Managing Director and Head of Asia Healthcare Investment Banking at Citigroup from 2011 to 2018.

Based in Hong Kong since 2011, Mr. Cho was responsible for healthcare client coverage at Citigroup across the Asia Pacific region and led many biopharma transactions in China. Prior to this, he was based in the United States, involved in healthcare investment banking and also spent time in corporate development for a pharmaceutical services company. Mr. Cho started his career at Ernst & Young LLP as an auditor in the healthcare group.

Mr. Cho obtained his MBA degree from the Wharton School of the University of Pennsylvania, his Master degree in Accounting from the University of Virginia, and his Bachelor's degree in Business Administration from the University of Southern California's Marshall School of Business. Mr. Cho has entered into an appointment letter with the Company for a term of three years from 12 January 2024, subject to (i) retirement from office and re-election at the first annual general meeting of the Company after his appointment and (ii) retirement by rotation and re- election at least once every three years, in accordance with the articles of association of the Company and the corporate governance code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ``Listing Rules''). According to the terms of Mr. Cho's appointment, Mr. Cho will not receive any remuneration or benefits in his capacity as a non-executive Director but is entitled to the reimbursement of all reasonable out-of-pocket expenses incurred in the performance of his duties in connection with the business of the Company.