Loto Interactive Limited Board announced that, with effect immediately following the close of the Offers on 9 September 2022: Mr. Yan Hao has resigned as an executive Director; Ms. Huang Lilan has resigned as an executive Director; Ms. Zhang Jing has resigned as a non-executive Director; Mr. Yang Xianfeng has resigned as a non-executive Director; Dr. Lu Haitian has resigned as an independent non-executive Director; Mr. Lin Sen has resigned as an independent non-executive Director; and Mr. Huang Jian has resigned as an independent non-executive Director. The Board announced that, with effect from 9 September 2022 following the close of the Offers, each of Mr. Chu, Howard Ho Hwa ("Mr. Chu"), Mr. Tong, I Tony ("Mr. Tong") and Mr. Sun Yuqiang ("Mr. Sun") has been appointed as an independent non-executive Director. The Board further announces that, with effect immediately following the close of the Offers on 9 September 2022: Ms. Zhang Jing has resigned as the chairman of the Board; and Mr. Li Hongbin, an executive Director, has been appointed as the chairman of the Board.

The Board further announces that, with effect immediately following the close of the Offers on 9 September 2022, Mr. Lin Sen has resigned as the chairman of the Audit Committee, and each of Mr. Yang Xianfeng and Dr. Lu Haitian has resigned as a member of the Audit Committee; and Mr. Sun has been appointed as the chairman of the Audit Committee, and each of Mr. Chu and Mr. Tong has been appointed as a member of the Audit Committee. Mr. Huang Jian has resigned as the chairman of the Remuneration Committee, and each of Mr. Yang Xianfeng and Mr. Lin Sen has resigned as a member of the Remuneration Committee; and Mr. Chu has been appointed as the chairman of the Remuneration Committee, and each of Mr. Tong and Mr. Sun has been appointed as a member of the Remuneration Committee. Ms. Zhang Jing has resigned as the chairman of the Nomination Committee, and each of Dr. Lu Haitian and Mr. Huang Jian has resigned as a member of the Nomination Committee; and Mr. Li Hongbin, an executive Director and the chairman of the Board, has been appointed as the chairman of the Nomination Committee, and each of Mr. Chu, Mr. Tong and Mr. Sun has been appointed as a member of the Nomination Committee.

Mr. Chu, aged 58, graduated from University of Rochester in the United States of America with a bachelor's degree in electrical engineering in 1986 and Columbia University in the United States of America with a master's degree in business administration in 1990. Mr. Chu has approximately 30 years of business experience and more than 10 years of experience in corporate governance. Currently, Mr. Chu is a partner of Go Capital Limited who takes lead in the overseas investment projects of the fund and is responsible for, among others, the due-diligence and the processing of the legal documents of the projects.

Mr. Chu had held various positions including but not limited to, the head of Hong Kong origination of ABN AMRO Asia Corporate Finance Ltd., the corporate finance director of HSBC Markets (Asia) Limited, the consultant of Shanghai Century Acquisition Corporation, the chief executive officer of mReferral Corporation (HK) Limited, the assistant to chairman of United Energy Group Limited, the chief financial officer of China Smart Electric Group Limited and the chief financial officer of Trony Solar Holdings Company Limited. From June 2016 up to and including the date of this joint announcement, Mr. Chu has been an independent non-executive director of BOE Varitronix Limited. From June 2019 up to and including the date of this joint announcement, Mr. Chu has been an independent non-executive director of Guolian Securities Co.

Ltd. Prior to that, Mr. Chu was an independent non-executive director of each of Directel Holdings Limited, China Kingsone Mining Holdings Limited and Weichai Power Co. Ltd. Mr. Tong, aged 54, graduated from the University of Minnesota in the United States of America with a bachelor's degree in mechanical engineering in 1992. Mr. Tong has more than 20 years of experience in the information technology field and approximately eight years in corporate governance.

Mr. Tong is the co-chairman of Hong Kong Blockchain Association. Mr. Tong served as an adjunct professor in the Institute of Technology at the University of Minnesota in the United States of America in 1999. From December 2019 to September 2020, Mr. Tong was an independent non-executive director of Yi Hua Holdings Limited.

Prior to that, Mr. Tong was an independent non-executive director of each of China Investment and Finance Group Limited and Sinofortune Financial Holdings Limited. Mr. Sun, aged 54, graduated from Sun Yat-Sen University in the PRC with a bachelor's degree in auditing in 1989. Mr. Sun has over 20 years of experience in auditing field.

Mr. Sun is a certified public accountant and a qualified lawyer in the PRC. Mr. Sun worked at the commissioner's office of the National Audit Office of the PRC in Guangzhou. From 2002 up to and including the date of this joint announcement, Mr. Sun has been working as a certified public accountant at Guangdong Shucheng Certified Public Accountants Co.

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