The Board of Hongkong Chinese Limited announced the following changes with effect from 7 June 2024: Mr. John Luen Wai Lee will be re-designated from the Chief Executive Officer to the Deputy Chairman; and Mr. Kwok Fai Lee will be appointed as an Executive Director. Mr. John Luen Wai Lee, BBS, JP ("Mr. Lee"), aged 75, was appointed a Director of the Company on 1 September 1992. Mr. Lee has been the Chief Executive Officer of the Company since 25 March 2011.

Mr. Lee is the Managing Director and the Chief Executive Officer of Lippo Limited ("Lippo", an intermediate holding company of the Company). He is an executive director and the Chief Executive Officer of Lippo China Resources Limited ("LCR", a fellow subsidiary of the Company), as well as an independent non-executive director of New World Development Company Limited and UMP Healthcare Holdings Limited, all are listed public companies in Hong Kong. With effect from 7 June 2024, Mr. Lee will be re-designated from the Managing Director and the Chief Executive Officer to the Deputy Chairman of Lippo.

Also, with effect from 7 June 2024, Mr. Lee will be re-designated from the Chief Executive Officer to the Deputy Chairman of LCR. He is a director of Hennessy Holdings Limited ("Hennessy") which, together with Lippo, has discloseable interests in the Company under the provisions of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO"). Mr. Lee is an authorised representative of the Company, Lippo and LCR.

In addition, he holds directorships in certain subsidiaries of the Company, Lippo and LCR. Save as disclosed herein, Mr. Lee had not held any directorship in other listed public companies for the last three years. Mr. Lee is a Fellow of The Institute of Chartered Accountants in England and Wales, the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants.

He was a partner of Price Waterhouse (now known as PricewaterhouseCoopers) in Hong Kong and has extensive experience in corporate finance and capital markets. Mr. Lee is an Honorary Fellow of the City University of Hong Kong, a Justice of Peace in Hong Kong and an awardee of the Bronze Bauhinia Star by the Government of the Hong Kong Special Administrative Region. Mr. Lee is active in public service.

Over the years, he served as a member or chairman of different government boards and committees in Hong Kong, including a member of the Hong Kong Hospital Authority and the Chairman of the Hospital Governing Committee of the Queen Elizabeth Hospital and Hong Kong Children's Hospital. Mr. Kwok Fai Lee (alias: Davy) ("Mr. Lee"), aged 65, is a fellow member of The Chartered Governance Institute and The Hong Kong Chartered Governance Institute. He will also be appointed as an executive director and the Chief Executive Officer of each of Lippo and LCR with effect from 7 June 2024.

Mr. Lee is an authorised representative/alternate to authorised representative (as the case may be) of the Company, Lippo and LCR. In addition, he holds directorships in certain subsidiaries of the Company, Lippo and LCR. Mr. Lee had not held any directorship in listed public companies for the last three years.

Mr. Lee has over 30 years' experience in treasury investments, corporate administration and company secretarial field. Mr. Lee holds a Bachelor of Arts in Chinese Humanities (First Class Honours) from The Open University of Hong Kong (now known as Hong Kong Metropolitan University), a Master of Science in Investment Management from The Hong Kong University of Science and Technology and a Doctor of Business and Administration from The Hong Kong Polytechnic University. Mr. Lee has served the Lippo group of companies for over 40 years.

Mr. Lee is a director of Hennessy as well as the Secretary of Hennessy, Lippo, Lippo Capital Limited, Lippo Capital Holdings Company Limited and Lippo Capital Group Limited which have discloseable interests in the Company under the provisions of the SFO. He is also a director and the Secretary of certain subsidiaries of the Company's controlling shareholders.