The board of directors of Taste Gourmet Group Limited announced that, the Group through a wholly owned subsidiary of the company entered into an offer letter for a new lease (New Lease) for the opening of a new Moments Together Restaurant in Hong Kong (New Restaurant). The landlord is a major property developer and operator of premium shopping malls in Hong Kong. To the best of the Directors' knowledge, information and belief having made all reasonable enquiries, as at the date of this announcement, the landlord is an independent third party of the Company.

The basic terms of the New Lease are as follows: Location: Shop 1103, 11th Floor; Lease Term: 5 years; Lease Commencement Date: 15 February 2023. The new restaurant is expected to commence operations in second quarter of 2023. This will be the group's fifth Moments Together Restaurant in Hong Kong and Shanghai.

The terms of the New Lease were determined after arm's length negotiations between the Landlord and the Group, with reference to the prevailing market rentals for properties of similar type, age and location. Located in Causeway Bay, Times Square is one of the largest shopping malls in Hong Kong and one of the most popular tourist destinations (source: timessquare.com.hk). Time Square is managed by a major property developer in Hong Kong that also manages a diversified portfolio of investment properties.