The board of directors of Mayer Holdings Limited announces that with effect from 18 January 2024, Mr. Chan Chun Kit ("Mr. Chan") has resigned as an independent non-executive Director (the "INED") in order to devote more time to his business engagements and due to his different views with the other two members of the independent investigation committee formed by the Board on 23 May 2023 to conduct an internal investigation on the allegations made by certain complainant(s) (the "II Committee") and accordingly, has ceased to be: the chairman and a member of each of the Board's nomination committee (the Nomination Committee") and remuneration committee (the "Remuneration Committee"); a member of the Board's audit committee (the "Audit Committee"); and a co-chairman and a member of the II Committee. The Board also announces that with effect from 18 January 2024, Mr. Lee Kwok Leung, the chairman of the Board and an executive Director, has been appointed as the chairman of the Nomination Committee and a member of the Remuneration Committee; and Mr. Lu Jianping ("Mr. Lu"), an INED, has been appointed as the chairman of the Remuneration Committee. Update of II Committee: References are made to the Company's announcements dated 15 June and 31 August 2023 in relation to, amongst others, the setting up and development of the II Committee.

The Company wishes to update the Shareholders and its potential investors of the development of the II Committee as follows: with effect from 1 December 2023, Mr. Lu has been appointed as a co-chairman of the II Committee and Mr. Chan has ceased to be the chairman and become the other co-chairman of the II Committee; and following the cessation of Mr. Chan as a co-chairman and a member of the II Committee with effect from 18 January 2024, Mr. Lu has become the chairman of the II Committee and Mr. Lau Kwok Hung, an INED, remains as a member of the II Committee. The Company is in the process of identifying a suitable new INED to fill the vacancy of a member of the II Committee as soon as practicable and in any event, within three months from 18 January 2024. Further announcement(s) will be made by the Company in relation to such appointment as and when appropriate.