Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PYI Corporation Limited

(Incorporated in Bermuda with limited liability)

(Stock code: 498) VOLUNTARY ANNOUNCEMENT DESPATCH OF CIRCULAR OF PAUL Y. ENGINEERING GROUP LIMITED

Reference is made to the joint announcement of PYI and PYE dated 19 November
2012 and the circular of PYI dated 21 December 2012 (the "PYI Circular"). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the PYI Circular.
The Board is pleased to announce that PYE has scheduled to despatch a circular in relation to, amongst others, the Transactions, on 5 January 2013 (the "PYE Circular"). PYI Shareholders may wish to refer to the PYE Circular for more information.
Those PYI Shareholders who wish to view the PYE Circular electronically may click on the following links:
HKEx website http://www.hkexnews.hk/listedco/listconews/advancedsearch/search_active_main.aspx
PYE website
http://www.pyengineering.com/pyeCms/en/circulars.jsp
Those PYI Shareholders who wish to receive hard copy of the PYE Circular are requested to contact our Company Secretary, Mr. Ko Hiu Fung, at 2831 8328 and cosec@pyicorp.com. Hard copies of the PYE Circular are available for collection at the head office and principal place of business of PYI in Hong Kong at 33rd Floor, Paul Y. Centre, 51 Hung To Road, Kwun Tong, Kowloon, Hong Kong during office hours from the date of the PYE Circular (5 January 2013) up to and including the date of the PYI SGM (18 January 2013).
Hong Kong, 4 January 2013
By Order of the Board PYI Corporation Limited Lau Ko Yuen, Tom

Chairman and Managing Director

As at the date of this announcement, the composition of the Board is as follows:

Mr. Lau Ko Yuen, Tom : Chairman and Managing Director

Mr. Chan Yiu Lun, Alan : Executive Director

Dr. Chan Kwok Keung, Charles : Non-Executive Director

(with Mr. Chan Yiu Lun, Alan as alternate)

Mr. Chan Shu Kin : Independent Non-Executive Director Mr. Leung Po Wing, Bowen Joseph GBS, JP : Independent Non-Executive Director Mr. Li Chang An : Independent Non-Executive Director Ms. Wong Lai Kin Elsa : Independent Non-Executive Director

distributed by