The Board of directors of the Pacific Century Premium Developments Limited announced that with effect from the conclusion of the AGM held on May 8, 2019, Mr. Lee Chi Hong, Robert ("Mr Lee") has been appointed as Non-Executive Chairman of the Company and re-designated from an Executive Director to a Non-Executive Director of the Company. As a result of re-designation of position and for good corporate governance purpose in accordance with code provision A.2.1 of the Corporate Governance Code, Mr. Lee has retired from his position of Chief Executive Officer of the Company with effect from the conclusion of the AGM held on May 8, 2019. In conjunction with the appointment of Mr. Lee as Non-Executive Chairman of the Company, Mr. Li Tzar Kai, Richard has ceased to be Chairman of the Company with effect from the conclusion of the AGM held on May 8, 2019.

Mr. Li Tzar Kai, Richard remains as an Executive Director. The Board announced that Mr. Lam Yu Yee ("Mr Lam"), currently Group Managing Director of the Company, has been appointed as an Executive Director and Deputy Chairman of the Company with effect from the conclusion of the AGM held on May 8, 2019. Upon the retirement of Mr. Lee as Chief Executive Officer, Mr. Lam as Group Managing Director of the Company has assumed overall responsibility of the role of Mr. Lee as Chief Executive Officer.

Following the re-designation of Mr. Lee from an Executive Director to a Non-Executive Director, Mr. Lee has ceased to be a member of the Company's Executive Committee of the Board and Mr. Lam has been appointed as a member of the Company's Executive Committee of the Board with effect from the conclusion of the AGM held on May 8, 2019.