The Board of directors of Herald Holdings Limited announced that, with effect from April 1, 2014, Dr. Cheung Tsang Kay Stan will cease to be the Chairman of the Board and the Chairman of the Nomination Committee due to his other personal commitments, but will remain as an executive director and a member of the Nomination Committee of the company. Dr. Cheung has confirmed that he has no disagreement with the Board and there is no matter in relation to the change of the Company's Chairman that needs to be brought to the attention of the shareholders of the company. Mr. Robert Dorfman, an executive director and the Vice Chairman of the company, will be appointed as the Chairman of the Board and the Chairman of the Nomination Committee of the company in place of Dr. Cheung.

Mr. Robert Dorfman joined the Group in 1983 and has been an executive director of the Company since 1992. Mr. Dorfman is a past Chairman of the Americas Area Committee of the Hong Kong General Chamber of Commerce and served from 1999 to 2009 as Chairman of the Vision 2047 Foundation.