The board of directors of International Housewares Retail Company Limited announced that due to other business commitments, both Dr. LO Wing Yan William, J.P. and Mr. HUANG Lester Garson, J.P. retired as independent non-executive directors of the company at the conclusion of the annual general meeting of the company held on 25 September 2015 and did not offer themselves for re-election. The board further announced that Dr. LO Wing Yan William, J.P. also retired as a member of the audit committee, the nomination committee and the remuneration committee of the Company upon his retirement as a director of the Company from the conclusion of the Annual General Meeting and Mr. HUANG Lester Garson, J.P. also retired as the chairman of the remuneration committee and a member of the nomination committee of the Company upon his retirement as a director of the Company from the conclusion of the Annual General Meeting. The Board also announced that with effect from 25 September 2015, Mr. LAU Wai Pun, Raymond was appointed as an independent non-executive director of the company and a member of the audit committee, the nomination committee and the remuneration committee of the Company.

The board further announced that with effect from 25 September 2015, Mr. YEE Boon Yip was appointed as an independent non-executive director of the company and a member of the audit committee and the nomination committee of the company. The Board further announced that Mr. MANG Wing Ming Rene, the existing independent non-executive director of the Company, has been appointed as the chairman of the remuneration committee of the Company with effect from 25 September 2015.