The board of directors of Far East Hotels and Entertainment Limited announces that Mr. Derek Chiu ("Mr. Chiu"), an executive director, managing director (the "MD") and chief executive of the Company (the "CE") had been appointed as the chairman of the Board with effect from 19 July 2023. The Board believes that vesting the roles of the Chairman and the MD as well as the CE in the same person has the benefit of ensuring strong consistent leadership with the Company and its subsidiaries (the "Group") and enable more effective and efficient planning and implementation of business decisions and strategies. The Board also believes that it will not impair the balance of power and authority between the Board and the management of the Company since all major decisions are made in consultation with members of the Board and relevant Board committees.

In addition, there are three independent non-executive directors of the Company (the "INEDs") offering independent perspectives, the Board is of the view that there are adequate safeguards in place to ensure sufficient balance of powers within the Board. Aged 57. He was appointed as a director of the Company (the "Director") in 1989.

He is theMD and the CE and a member of each of the remuneration committee (the "Remuneration Committee") and the nomination committee (the "Nomination Commitee") of the Company. He is also a director of various subsidiaries of the Company. He has extensive experience in the operation of amusement parks and entertainment business.

He is a son of Madam Chiu Ju Ching Lan, a non-executive Director. He is also the father of Mr. Alex Chiu, a non-executive Director, and Ms. Amanda Chiu, an executive Director. Mr. Chiu is the sole director of Energy Overseas Ltd., a substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance, Chapter 571 of the laws of Hong Kong (the "SFO").

Save as disclosed above, he does not have any relationship with any Directors, senior management, substantial shareholder or controlling shareholder of the Company, nor has he held other positions in the Company or other members of the Group. Mr. Chiu did not hold any directorship in the last three years in public companies, the securities of which are listed on any securities market in Hong Kong or overseas. The Board further announces that Mr. Ng Chi Kin ("Mr. Ng") has been appointed as an INED and a member of each of the audit committee of the Company, the Nomination Committee and the Remuneration Committee with effect from 19 July 2023.

Aged 61. He has over 20 years of experience in finance and accounting in the hospitality and entertainment industry. He holds a master's degree in business administration from the University of Strathclyde.

He is a member of the Hong Kong Institute of Certified Public Accountants and a fellow member of the Association of Chartered Certified Accountants. Mr. Ng joined the Company in 1991 and gained promotion as the financial controller of the Company in August 2012 and subsequently retired in January 2020 and was a director of subsidiaries of the Company from July 2012 to July 2020 (collectively the "Employment").