MTR Corporation Limited announced that Mr. Rex Auyeung Pak-kuen has been appointed as a NED of the Company with effect from 7 March 2019. The Company further announces that, pursuant to Article 117(a) of the Articles, the FSI has notified the Company that, subject to his election as a Director of the Company at the Company's 2019 AGM, Mr. Auyeung is appointed as Chairman of the Company with effect from 1 July 2019 until 31 December 2021 (both dates inclusive). The Company also announces that at the same time of Mr. Auyeung becoming Chairman of the Company, he will also become chairman of the Corporate Responsibility Committee and a member of each of the Nominations Committee and the Remuneration Committee, of the Company.

Mr. Auyeung is an independent non-executive director of Standard Life (Asia) Limited, Sompo Insurance China Co. Ltd. and China Construction Bank (Asia) Corporation Limited, and the Senior Strategy and Business Advisor at Athenex Inc. Mr. Auyeung has over 40 years of experience in the insurance industry in Canada and Hong Kong. Before his retirement in June 2017, Mr. Auyeung was Chairman ­ Asia of the Principal Financial Group Inc. During his time with PFG, Mr. Auyeung represented PFG and its member companies across Asia in building and expanding PFG's relationship with clients, joint venture partners and strategic investors, and assisting in business development across all products lines of PFG.

Mr. Auyeung also actively serves the public sector and is currently the chairman of the Council of Lingnan University, an observer of the Independent Police Complaints Council Observers Scheme, and a member of the Executive Committee of the Investor and Financial Education Council under the Securities and Futures Commission. In addition, he is a member of the Investment Sub-committee of The Community Chest of Hong Kong, a board member of Bo Charity Foundation (Food Angel) and a convenor of the Jockey Club Community eHealth Care Project. Mr. Auyeung was previously the chairman of Hong Kong Strategy for Financial Literacy Sub-committee on Stakeholder Coordination and Collaboration and a member of the Independent Review Committee on Hong Kong's Franchised Bus Service.

The company announced that Professor Frederick Ma Si-hang will be retiring from the position of Chairman, and will also retire as a member of the Board, chairman of the Corporate Responsibility Committee and a member of each of the Nominations Committee and the Remuneration Committee, of the Company when his tenure expires after 30 June 2019. The Company announced that Dr. Jacob Kam Chak-pui, currently Managing Director ­ Operations and Mainland Business of the Company, will be appointed as the CEO, a member of the Board, and a member of the Corporate Responsibility Committee, of the Company, all with effect from 1 April 2019. He will continue to be a member of the Company's Executive Directorate.

As the CEO, Dr. Kam will be responsible for the overall performance of the Company and its group companies both in and outside of Hong Kong, including in the Mainland of China. In the company's announcement dated 7 August 2018, the Company announced that Mr. Lincoln Leong Kwok-kuen, the current CEO of the Company, wished to early retire from his role as CEO, a member of the Board, the Corporate Responsibility Committee and the Executive Directorate, of the Company. The company hereby announced that Mr. Leong will retire from the position of CEO and as a member of the Board, the Corporate Responsibility Committee and the Executive Directorate, of the Company, all with effect from 1 April 2019.

The Company would like to express its sincerest gratitude to Mr. Leong for his valuable contributions and service to both the Board and the Company over the past 17 years.