The board of directors of Macau Legend Development Limited announced that: Mr. Li Chu Kwan ("Mr. Li"), the chairman of the Board (the "Chairman") and an executive Director has been appointed as a member of the remuneration committee of the Company (the "Remuneration Committee") in replacement of Ms. Chan Mei Yi, Melinda ("Ms. Chan") with effect from 15 December 2022; Ms. Chan will cease to be the chief executive officer (the "CEO") of the Company and will remain as an executive Director; and Mr. Li has been appointed as the CEO in replacement of Ms. Chan, both with effect from 1 January 2023; and Ms. Chan has been appointed as the vice chairman of the Company and is responsible for assisting Mr. Li in the overseas business development of the Group with effect from 1 January 2023; and Mr. Li Chi Keung ("Mr. Li Chi Keung"), a substantial shareholder (as defined under The Rules Governing the Listing of Securities on Stock Exchange (the "Listing Rules")) of the Company, has been appointed as the chief consultant of the Company and is responsible to provide commercial and strategic advices and suggestions in the business and marketing development of the Group with effect from 1 January 2023. Mr. Li Chu Kwan, aged 46, has been an executive Director since 29 December 2020 and a chairman of the Board since 1 March 2022. He has studied finance at University of South Australia and has extensive experience in the commercial and gaming industry in Macau.

He was the chief executive officer of the Macau Jockey Club from 2007 to 2021. He has also actively participated in public and community services in Macau, including the roles of being a member of the 12th Chinese People's Political Consultative of Guangzhou Province -- Macau district from 2012 to 2017; a member of the 12th Chinese People's Political Consultative of Sichuan Province -- Macau district since 2018; a director of Tung Wah Group of Hospital in Hong Kong from 2006 to 2010; the vice-president of Associacao Geral de Ciclismo de Macau, China since 2012; a committee member of the central committee of the Macau Red Cross since 2014; a committee member of Conselho do Desporto since 2018; and the president of the Macau Association of Young Employees in the Gaming Industry from 2016 to 2021. Mr. Li entered into service agreements with the Company on 20 December 2020 and 1 March 2022 (the "Existing Service Agreements") on his appointment as an executive Director for a term of three years with effect from 29 December 2020 and a co-chairman of the Board from 1 March 2022 to 28 December 2023, respectively.

On 15 December 2022, the Company and Mr. Li entered into a new service agreement to replace the Existing Service Agreements with effect from 1 January 2023 in relation to the appointment of Mr. Li as the Chairman, an executive Director and the CEO of the Company for a term of three years commencing from 1 January 2023 pursuant to which Mr. Li is entitled to an annual remuneration of HKD 2,880,000 with a bonus of 1% of the Group's positive EBITDA, being the adjusted earnings before interest income, finance costs, income taxes, depreciation, amortisation and certain items, as published in the annual report of the Company for each financial year, which shall be determined by the Board upon recommendation from the remuneration committee of the Company with reference to his duties and responsibilities in the Company. Mr. Li will continue to be subject to retirement by rotation and re- election at annual general meetings in accordance with the amended and restated articles of association of the Company.