The Board of Directors of Lippo Limited announce that Mr. John Luen Wai Lee will be re-designated from the Managing Director and Chief Executive Officer to the Deputy Chairman of the Company with effect from 7 June 2024. He remains as an executive Director of the Company. The company announce that Mr. Kwok Fai Lee will be appointed as Chief Executive Officer of the Company with effect from 7 June 2024.

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 LCR and HKC with effect from 7 June 2024. Mr. Lee is an authorised representative of the Company and an alternate to authorised representative of LCR and HKC.

In addition, he holds directorships in certain subsidiaries of the Company and the Company's controlling shareholders. 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 has been the Secretary of the Company since 22 April 1991 as well as the Secretary of 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 the Secretary of certain subsidiaries of the Company's controlling shareholders and the Company.