Gold Estate Limited and Paradise Pinetree Development Limited entered into the JV Agreement on 16 March 2018. The JV Company name is Easy Treasure Limited. In light of the Transactions to be entered into between the Group and Dr. Allan Zeman's associates, in the interest of maintaining good corporate governance, Dr. Zeman will be re-designated from an independent non-executive director to a non-executive director of the Company; and will be re-designated from Chairman of the Company's Nomination Committee of the Board to a member of the Nomination Committee; and will cease to be a member of the Company's Audit Committee of the Board, all with effect from the date of this announcement. The Board announced that Dr. Vince Feng has been appointed as an independent non-executive director of the Company, Chairman of the Company's Nomination Committee of the Board and a member of the Company's Audit Committee of the Board, all with effect from the date of this announcement. Feng, aged 45, is a Cofounder and Managing Director of Ocean Arete Limited. Feng is also a Non-Executive Independent Director of TIH Limited where he also serves as Chairman of the Remuneration Committee and a member of the Audit Committee and Board Investment Committee. Dr. Feng also serves as a director of various funds and asset management firms. The Board announces that following the re-designation of Dr. Zeman as a non-executive director, and the appointment of Dr. Feng as an independent non-executive director, the composition of the Company's Nomination Committee and Audit Committee of the Board has been changed as follows with effect from the date of this announcement: Feng will replace Dr. Zeman as Chairman of the Company's Nomination Committee of the Board and Dr. Zeman will be re-designated as a member of the Nomination Committee; Dr. Feng will be appointed as a member of the Company's Audit Committee of the Board; and Dr. Zeman will cease to be a member of the Company's Audit Committee of the Board.