The Board of New World Development Company Limited announced the following changes in directors of the Company and members of board committees as Mrs. Law Fan Chiu-Fun, Fanny has been appointed as an independent non-executive director of the Company and a member of the Sustainability Committee with effect from 1 December 2022; Ms. Lo Wing-Sze, Anthea has been appointed as an independent non-executive director of the Company and a member of the Audit Committee with effect from 1 December 2022; Ms. Wong Yeung-Fong, Fonia has been appointed as an independent non-executive director of the Company and a member of the Sustainability Committee with effect from 1 December 2022; Mr. Cheng Chi-Ming, Brian has been appointed as a non-executive director of the Company with effect from 1 December 2022; Mr. Cheng Chi-Heng will be re-designated from executive director of the Company to non-executive director of the Company and cease to be a member of the Executive Committee of the Board with effect from 1 December 2022; Mr. Yeung Ping-Leung, Howard will retire as an independent non-executive director of the Company and cease to be a member of the Audit Committee and the Remuneration Committee with effect from 1 December 2022; Mr. Ho Hau-Hay, Hamilton will retire as an independent non-executive director of the Company and cease to be the chairman and a member of the Remuneration Committee and a member of the Audit Committee with effect from 1 December 2022; Mr. Liang Cheung-Biu, Thomas will retire as independent non-executive director of the Company with effect from the conclusion of the AGM to be held on 22 November 2022 and cease to be a member of the Audit Committee, the Nomination Committee and the Sustainability Committee upon retirement; Mr. Lee Luen-Wai, John has been appointed as the chairman of the Remuneration Committee with effect from 1 December 2022; and Mr. Chan Johnson Ow has been appointed as a member of the Remuneration Committee with effect from 1 December 2022. Mrs. Law Fan Chiu-Fun Fanny, aged 69, has been appointed as an independent non-executive director of the Company, and will serve as a member of the Sustainability Committee, both with effect from 1 December 2022. Mrs. Law is an independent non-executive director of China Taiping Insurance Holdings Company Limited, CLP Holdings Limited, China Unicom (Hong Kong) Limited, Nameson Holdings Limited and Minmetals Land Limited, all being listed public companies in Hong Kong.

She was an external director of China Resources (Holdings) Co. Ltd. from 2016 to 2022. Except as disclosed, Mrs. Law did not hold directorship in other listed public companies in the past three years or any position with the Company or other members of the Group.

Mrs. Law holds a Bachelor Degree (Honours) in Science from the University of Hong Kong, a Master Degree in Public Administration from Harvard University and a Master Degree in Education from the Chinese University of Hong Kong. Mrs. Law was appointed as a Justice of Peace and awarded the Grand Bauhinia Medal and the Gold Bauhinia Star by the Government of the Hong Kong Special Administrative Region. She was a Hong Kong Deputy to the National People's Congress and a member of the Executive Council of HKSAR Government.

During her 30 years in the civil service, Mrs. Law had worked in many fields, including medical and health, economic services, housing, land and planning, home affairs, social welfare, civil service, transport, education and manpower. Mrs. Law was the Commissioner of the Hong Kong Independent Commission Against Corruption before her retirement. Mrs. Law does not have any relationship with any directors, senior management or substantial Or controlling shareholders of the Company.

As at the date of this announcement, Mrs. Law does not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance. Mrs. Law will enter into a letter of appointment with the Company as an independent non-executive director of the Company for a fixed term of three years commencing from 1 December 2022, subject to retirement by rotation in accordance with the articles of association of the Company. The director's fee for Mrs. Law will be determined by the Board with the authorisation granted by the shareholders of the Company at the annual general meeting of the Company.

Mr. Lo Wing-Sze, Anthea aged 51, has been appointed as an independent non-executive director of the Company, and will serve as a member of the Audit Committee Committee, both with effect from 1 December 2022. Ms. Lo is an independent non-executive director of Virtual Mind Holding Company Limited and Finsoft Financial Investment Holdings Limited, both being listed public companies in Hong Kong. Except as disclosed, Ms. Lo did not hold directorship in other listed public companies in the past three years or any position with the Company or other members of the Group.

Ms. Lo holds a Bachelor of Economics Degree from the University of Sydney and a Master of Commerce in Finance Degree from the University of New South Wales in Australia. She is a Certified Public Accountant of the Hong Kong Institute of Certified Public Accountants and a Fellow Certified Practicing Accountant of CPA Australia. She is the general manager and financial director of Million Tour Limited and the founder and financial director of M1 Hotel Group.