500.com appoints Jeffrey Williams to its Board as Independent Director

– CHINA, Shenzhen –  500.com Limited (NYSE:  WBAI), a leading online sports lottery service provider in China, today announced the appointment of Jeff Williams to its Board as a new independent director, effective November 22, 2014.

“On behalf of the Board of Directors, I would like to express our sincerest gratitude to Mr. Fu, Mr. Fan and Mr. Ma for their outstanding contributions to the Company over the past year,” said Man San Law, Chairman and CEO. “We wish them success in their future endeavors. I would also like to extend my warmest welcome to Mr. Williams whose extensive experience and expertise in corporate matters will surely benefit the Company over the long-term.”

Mr. Williams will also join the Audit committee.

In addition, current directors Mr. Jiepin Fu, Mr. Min Fan, and Mr. Jinping Ma have stepped down from the Board of Directors effective November 22, 2014.

About Jeffrey R. Williams

Mr. Williams currently serves as president of Shenzhen Development Bank. Mr. Williams was the first person of a non-PRC nationality to lead a Chinese bank since the founding of the PRC. Mr. Williams is an independent director at China Universal Asset Management, a Shanghai-based mutual fund company, and a director of Shanghai F-Road Commercial Services Co., a provider of mobile banking solutions to smaller banks across China. Mr. Williams is also a trustee of the China Medical Board. Mr. Williams had previously worked in TaiwanHong Kong, and Shenzhen for Citibank and as the Taiwan general manager for American Express Company and Standard Chartered Bank. Mr. Williams formerly served as the chairman of the American Chamber of Commerce in Taipei and the chairman of Taipei American School. Mr. Williams graduated magna cum laude in East Asian Languages and Civilizations from Harvard College in 1978 and received his MBA from Harvard Business School in 1982.

About 500.com Limited

500.com Limited is a leading online sports lottery service provider in China. The Company offers its users a comprehensive and integrated suite of online lottery services, information, user tools, and virtual community venues. 500.com was among the first companies to provide online lottery services in China and is one of two entities that the Ministry has approved of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.

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